Bitcoin ETFs See Record Daily Net Outflows Amid BTC Slump

• Bitcoin ETFs braced a rough trading day on Wednesday.
• The funds posted record outflows.
• BlackRock’s IBIT fund bled for the first time.

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) posted record net outflows on Wednesday, with BlackRock’s $15B IBIT fund bleeding for the first time since its launch in January.

The development comes as BTC has shed 3.42% in the past 24 hours following a near 17% plunge in April, its worst monthly drop since FTX’s implosion in November 2022. As of press time, the crypto asset exchanged hands at a two-month low of $57,608, CoinMarketCap data shows.

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Bitcoin ETFs Bleed Over Half a Billion

According to preliminary data by Farside Investors, spot Bitcoin ETFs in the U.S. recorded a massive combined net outflow of $563.7 million on Wednesday, making May 1 the largest single outflow day for the funds.

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Fidelity’s FBTC led the day’s outflows, with $191.1 million exiting the fund. This eclipsed the $167.4 million drawn from Grayscale’s GBTC, which has seen total outflows of over $15 billion in the last three months.

Ark Invest’s ARKB saw the third-largest outflow of the day, bleeding $98.1 million as BlackRock’s IBIT hemorrhaged for the first time since its debut. The fund recorded a daily net outflow of $36.9 million, ahead of Bitwise BITB’s $29 million.

All the Nasdaq-listed spot Bitcoin ETFs posted daily net outflows on the day except for Hashdex’s DEFI, which saw $0 net inflows.

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Franklin Templeton’s EZBC fund bled $13.4 million, while Valkyrie’s BRRR, VanEck’s HODL, WisdomTree’s BTCW, and Invesco’s BTCO posted daily net outflows of $9.7 million, $6.5 million, $6.2 million, and $5.4 million, respectively.

Read about the debut of Hong Kong Bitcoin ETFs from the perspective of analysts:
Analysts Evaluate Hong Kong Bitcoin ETFs’ Disappointing Debut

Stay updated on a new Bitcoin money laundering pattern uncovered by Elliptic:
Elliptic Uncovers ‘Novel’ Bitcoin Money Laundering Pattern

　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.