BlackRock's IBIT loses $860 million as Bitcoin ETFs suffer $1.3B outflows
Bitcoin exchange-traded funds (ETFs) had a rough week, with investors pulling out over $1.3 billion as the crypto market keeps sliding.
This time, instead of "buying the dip," people are stepping back.
BlackRock's IBIT alone lost $860 million and is on pace to mark its seventh straight week of outflows.
IBIT launched in 2024.
Average ETF investor losses hit 40%
Analysts at Glassnode call this "one of the most persistent periods of capital withdrawal since the ETFs launched."
The whole crypto market has struggled to bounce back after a massive drop from $4 trillion to $2 trillion last October, made worse by a relatively small offload of 32 Bitcoin from Michael Saylor's Strategy Inc.
With average ETF investor losses hitting 40%, though many still believe in crypto's long-term potential.