Market Reaction: Blackrock’s IBIT Suffers $219 Million Loss Amid Waning Investor Activity

Blackrock’s IBIT Lost $219 Million as Investor Activity Wanes

In a shocking turn of events, it has been revealed that Blackrock’s IBIT (iPath Bitcoin Strategy ETF) suffered a significant loss, amounting to $219 million in outflows yesterday. This staggering figure marks the heaviest outflow recorded for the day, casting a shadow over the already uncertain cryptocurrency market.

The data indicates that five of the 11 Bitcoin ETFs reported transactions, with the remaining six funds recording no activity whatsoever. In an attempt to mitigate these losses, Wisdomtree BTCW led the inflows for the day, pulling in $10.2 million. Vaneck HODLs and Ark 21 shares ARKB recorded the other two inflows of $5.5 million and $2.2 million respectively.

The Bitcoin price analysis reveals that despite a brief dip below $90,000, the crypto asset has recovered, currently trading at $96,866, with a surge of 0.2% in the past 24 hours. On a more substantial scale, the cryptocurrency is up 1.5% and 3.9% on a 7-day and 14-day basis respectively.

This alarming trend of poor investor activity has left many experts questioning the future prospects of these funds.

Source: www.crypto-news.net