The United States' spot Bitcoin exchange-traded funds (ETFs) have witnessed unprecedented net outflows, with BlackRock's iShares Bitcoin Trust (IBIT) marking its first-ever outflow day.
On May 1, BlackRock's Bitcoin fund saw $36.6 million flowing out, according to HODL15 Capital. Among nine other Bitcoin ETFs, a combined $526.8 million exited, with the Hashdex Bitcoin ETF (DEFI) being the sole exception, recording zero flows as per preliminary Farside Investors data.
The largest outflow was observed in the Grayscale Bitcoin Trust (GBTC), witnessing $167.4 million in net outflows. Following closely, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw a record outflow of $191.1 million, marking the ETF's largest single outflow day.
This significant outflow day coincides with a 10.7% decline in Bitcoin's price over the past week. Despite this, ETF Store president Nate Geraci highlighted that traditional assets like the iShares Gold ETF and SPDR Gold ETFs experienced $1 billion and $3 billion in outflows respectively this year. Notably, gold has seen a 16% increase year-to-date.
Bloomberg ETF analyst James Seyffart emphasized that Bitcoin ETFs continue to operate smoothly, with inflows and outflows being standard occurrences in ETF lifecycle.