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BlackRock’s Bitcoin ETF Records Its Largest Outflow
BlackRock's IBIT started the new year on a rough note, losing millions in net outflows on Thursday.
Jan 3, 2025, 6:41 a.m.
What to know:
- Data shows that BlackRock’s IBIT, which holds over $53 billion in net assets, saw over $332 million leave the fund.
- Thursday's tally exceeds the short-held previous record outflow of $188 million in late December.
The largest public fund tracking bitcoin recorded its highest outflows on Thursday, nearly one year after going live.
BlackRock’s Nasdaq-listed IBIT, which holds over $53 billion in net assets, saw over $332 million leave the fund on Thursday, according to data source SoSoValue. These exceed a short-held previous record of $188 million in late December.
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IBIT has recorded a string of outflows since Dec. 20 for the first time in its history, data shows, ranging from $17 million to as much as Thursday’s figures.
Large outflows can be seen as a lack of confidence in the ETF's strategy, sector, or broader market segment. However, it could also be due to investors rebalancing their portfolios or taking profits, not necessarily a negative outlook on the ETF.
Other ETFs recorded inflows, however, with Bitwise’s BITB taking on $48 million and Fidelity’s FBTC taking in $36 million. Grayscale’s GBTC was the only other ETF with outflows at $23 million.
Bitcoin trades just under $97,000 at writing time, up 1.5% in the past 24 hours.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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