The cryptocurrency market faced a significant setback on Monday as Bitcoin ETFs recorded a collective net outflow of $435 million. This comes as Bitcoin’s price dipped below $93,000, marking a bearish shift in the market.
BlackRock’s IBIT Defies the Trend
Among the eleven Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) stood out, attracting $268 million in net inflows. Grayscale’s Bitcoin Mini Trust (BTC) also recorded modest inflows of $400,000. However, other prominent funds experienced substantial redemptions.
Bitwise’s Bitcoin ETF (BITB) saw its largest-ever outflow of $280 million, while Grayscale’s flagship Bitcoin Trust (GBTC) recorded $158 million in redemptions, its most significant single-day loss in three months. Fidelity’s Wise Origin Bitcoin Fund (FBTC) and ARK Invest’s Bitcoin ETF (ARKB) also faced notable outflows of $135 million and $111 million, respectively.