Data shows that BlackRock's iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, saw a net outflow of $202.48 million, equivalent to approximately 3,130 bitcoins, in a single day. This change ended the fund's previous streak of inflows and also led to a total net outflow of $225.18 million from the US spot Bitcoin ETF market that day.
This capital has not significantly withdrawn from the crypto asset market. During the same period, US spot Ethereum ETFs recorded a total net inflow of $26.32 million, with BlackRock's Ethereum fund attracting $11.39 million and Fidelity's related products seeing inflows of $14.93 million, indicating that some institutional funds are adjusting their allocation between Bitcoin and Ethereum.
Funds are shifting to Ethereum
Looking at the daily fund flows, the market is less concerned with the redemptions of IBIT itself and more focused on where the funds went afterward. Data shows that some funds flowed into the spot Ethereum ETF, rather than leaving crypto assets.
This means that institutional investors are currently more likely to be rotating their positions rather than reducing their overall holdings. For the ETF market, this kind of cross-asset reallocation usually affects short-term sentiment, but it may not change the trend of funds remaining in the crypto market in the medium term.
- IBIT net outflow for the day: $202.48 million
- Net outflow from all spot Bitcoin ETFs: $225.18 million
- Net inflow into all spot Ethereum ETFs: $26.32 million
Bitcoin price decline limited
Despite the large outflows, Bitcoin's daily decline was only about 1%, and the price remained above $65,400. The article noted that on the same day, the US technology sector experienced a significant sell-off, with major tech companies losing approximately $800 billion in market capitalization, but Bitcoin did not see a correspondingly larger drop.
This performance has been seen by some market participants as a sign of resilience. At least in the short term, ETF redemption pressure has not yet broken Bitcoin's current price range, nor has it immediately triggered a broader sell-off in risky assets.
Market divergence continues
Market sentiment remains divided around the $65,400 mark. Some believe the current sideways movement is more of a consolidation phase before a new upward move, arguing that Bitcoin's price is still above the average institutional buying cost of approximately $53,000.
Another viewpoint suggests that if the spot Bitcoin ETF continues to experience outflows, buying support may weaken, and price support will face a greater test.
However, in terms of fund size, BlackRock's position in the spot Bitcoin ETF sector remains unchanged. IBIT currently manages over $60 billion in assets, while US spot Bitcoin ETFs have seen cumulative net inflows exceeding $51.63 billion since their inception.
