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BlackRock’s IBIT Defies Trend with Net Inflows Amidst Widespread Bitcoin ETF Outflows

On Thursday, BlackRock’s IBIT was the only exchange-traded fund (ETF) to post a net inflow, while most other funds experienced significant outflows.

U.S.-listed bitcoin (BTC) ETFs saw over $226 million in net outflows on Thursday, marking the third consecutive day of outflows this week. This trend echoes the wave of withdrawals observed at the end of April. According to preliminary data from SoSoValue, Fidelity’s FBTC faced the highest outflow, with $106 million withdrawn. Grayscale’s GBTC saw $62 million in outflows, and Ark Invest’s ARKB experienced $53 million in withdrawals.

In contrast, BlackRock’s IBIT recorded a net inflow, gaining $18 million. ETFs from Valkyrie, Franklin Templeton, Hashdex, and WisdomTree reported no significant inflow or outflow activity.

This week, Wednesday was the only day to see a net inflow for these U.S.-listed products, adding $100 million. The overall activity coincides with a volatile week for bitcoin and the broader crypto market, centered around Wednesday’s critical U.S. inflation report and the Federal Reserve meeting.

The total net outflows over the past three days amount to $564 million, which is nearly half of the $1.2 billion withdrawn during a six-day period at the end of April. The U.S. inflation report came in lower than expected, momentarily boosting bitcoin prices to $70,000 from $68,000, before prices fell below $67,000 as traders likely took profits on the surge.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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