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BlackRocks IBIT Faces Unprecedented Exits, Bitcoin ETFs Mark Seventh Straight Day of Net Exits
According to figures from SoSoValue, the 12 spot Bitcoin ETFs collectively saw net exits of $754.53 million on Wednesday. This comes after the previous day’s net liquidations of $1.14 billion.
Notably, not a single Bitcoin ETF registered positive entries on Wednesday. Here is a summary of the exits across different ETFs:
* ARK and 21Shares’ ARKB: $60.46 million
* Grayscale’s Mini Bitcoin Trust: $55.97 million
* Grayscale’s GBTC: $22.66 million
* Invesco Galaxy’s BTCO: $16.83 million
* Bitwise’s BITB: $13.65 million
* WisdomTree’s BTCW: $11.52 million
* Franklin Templeton’s EZBC: $9.69 million Shiba Inu (SHIB) Value Displays Indications of Recovery – But Can This Pattern Last?
Fidelity’s FBTC was not far behind, with exits of $145.69 million, denoting its seventh successive day of liquidations. However, the biggest casualty was BlackRocks IBIT, which witnessed an astounding $418.06 million departure, setting a new benchmark for its largest single-day net exit since its beginning.
As of the time of reporting, the daily trading volume for spot Bitcoin ETFs was $5.79 billion. Since their introduction, these ETFs have still been able to amass a total net entry of $37.12 billion.
So far in February, approximately $3.1 billion has streamed out of the 12 ETFs, with only four days recording net entries.
The U.S. spot Bitcoin ETFs marked their seventh successive day of exits on February 26th, with BlackRocks IBIT bearing the brunt of the withdrawals, undergoing its largest single-day exit since launch.
ETF Store President Nate Geraci voiced his annoyance on X (previously Twitter) on February 26th, concerning the stance of traditional finance toward Bitcoin and cryptocurrency. He conveyed his continued amazement at “how much TradFi detests Bitcoin and crypto.” Despite the considerable price declines, he underscored that Bitcoin is “not disappearing” and pointed out that some in the industry are “profiting handsomely on every dip.”
Bloombergs chief ETF expert, Eric Balchunas, remarked that Bitcoin ETFs are experiencing strain, as one-day capital drain surpassed $1 billion, and considerable capital drain occurred all week. Though, he highlighted a ray of hope, noting that the capital drain is “less than 2% of total holdings” and that even during a bear market, “over 98% of the holdings are still secure.”
Balchunas restated his enduring perspective on the Bitcoin market trend, declaring, “Like I’ve mentioned before, market fluctuations will involve gradual advancement followed by occasional setbacks. Adapt to it.”
