BlackRock Bitcoin ETF Loses $420M in a Day

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Investors withdrew a record $420 million from BlackRock’s iShares Bitcoin Trust in a single day as Bitcoin reached its lowest value of the year.

On February 26, BlackRock’s spot Bitcoin ETF (IBIT) experienced an outflow of 5,000 BTC, marking its largest withdrawal to date and surpassing the $332 million outflow on January 2.

This significant withdrawal follows another record outflow on February 24, when more than $1.1 billion was collectively pulled from the products.

This activity is part of a seven-day streak of withdrawals totaling nearly $3 billion across these products. BlackRock’s outflow contributed to a total of $756 million in withdrawals for that day, according to preliminary data from CoinGlass. However, Nate Geraci, President of ETF Store, suggested this might be a “shorter-term blip.”

Additionally, the Fidelity Wise Origin Bitcoin Fund (FBTC) faced a seven-day streak of outflows, with an additional $145.7 million withdrawn on February 26.