Crypto
BlackRock's Bitcoin Trust Sees Massive $122M Outflow
US spot Bitcoin ETFs saw significant outflows on July 31, totaling $265.4 million. BlackRock's iShares Bitcoin Trust (IBIT) led these redemptions with $122.7 million in withdrawals. This reversal comes after a brief inflow trend the previous day.
Despite the substantial outflows, IBIT remains strong with assets valued at $46.52 billion and holding 739,066 BTC. The quarterly outflow trend has persisted for three consecutive quarters, raising concerns about potential selling pressure on Bitcoin prices and ETF asset values in the coming months.