Bitcoin Etfs See Outflows Return As Market Volatility Worsens
U.S. spot Bitcoin ETFs saw combined net outflows of $635.6 million U.S. on Oct. 22, the largest daily outflows since June of this year.
Leading the outflows was BlackRock's (NYSE: $BLK) popular iShares Bitcoin Trust (NASDAQ: $IBIT), which saw net outflows of $254.1 million U.S. on the day.
Other Bitcoin ETFs also saw heavy selling with crypto prices falling between 3% and 5% as investors moved capital out of risk assets and into defensive areas of the market.
The big outflows on Oct. 22 occurred as the technology-laden Nasdaq Composite index fell nearly 700 points or 2.60% as investors fled the artificial intelligence (A.I.) trade.
Growing concerns about a bubble forming in A.I. stocks has led investors to move money into blue-chip stocks and government bonds.
The exodus has impacted the prices of digital assets, with Bitcoin down 5% for the month of October.
Despite the outflows seen on Oct. 22, Bitcoin ETF flows remain positive for the past week at $442.7 million U.S. following a surge of inflows several days ago.
Since spot Bitcoin ETFs received U.S. regulatory approval in January 2024, the funds have attracted more than $57 billion U.S. in combined net inflows.
About a dozen spot Bitcoin ETFs in the U.S. currently have more than $100 billion U.S. of assets under management (AUM), according to market data.
BTC is trading at $81,800 U.S. on Oct. 23.
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