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Blackrock’s IBIT sheds $183.6 million draining Bitcoin ETFs
BlackRock’s Insight Investment Trust (IBIT) has recorded a significant outflow of funds amounting to $183.6 million, causing a drain on the Bitcoin ETFs market. This monumental outflow occurred on January 10th, as per the latest data from Farside Investors UK.
The IBIT loss is indeed staggering, and it appears that investors have retreated from the cryptocurrency space. According to reports, this massive withdrawal contributed to a net outflow of $149 million across all eleven Bitcoin ETFs. The market remained relatively quiet on January 10th, with only four out of the 11 products recording transactions for the day, while seven others witnessed no activity.
The data suggests that IBIT’s substantial loss may have been a major factor in the bleak outlook for the Bitcoin ETFs market. Despite this, it is essential to acknowledge the fact that three other ETFs showed relatively minor inflows, with Fidelity’s FBTC, Grayscale’s GBTC, and Ark ARKB registering $16.6 million, $13.5 million, and $5.7 million respectively.
These modest inflows were insufficient to offset the significant losses experienced by IBIT, leading to a net outflow across the entire market. The consequences of this outcome are far-reaching, as it may further exacerbate an already fragile market situation.
As the crypto space continues to navigate these uncertain times, it remains to be seen how this latest development will impact prices and the overall sentiment in the community.
Source: www.crypto-news.net
