The post Bitcoin ETFs See $1.63B Outflows as BlackRock Leads Selling Pressure appeared first on Coinpedia Fintech News
U.S. spot Bitcoin ETFs continued seeing heavy outflows for the straight five days with total withdrawals reaching nearly $1.63 billion. The biggest selling came from BlackRock’s Bitcoin ETF, (IBIT), as institutions continued reducing exposure. Meanwhile Bitcoin price continues to struggle below the $78,000 level.
BlackRock Leads Bitcoin ETF Outflows
On May 21 alone, the Bitcoin ETF saw around $101 million outflow. Meanwhile, over the past few days, BlackRock Bitcoin ETF recorded as outflow of,
$448.4 million in outflows on May 18
$325.6 million on May 19
$61.5 million on May 20
$103.7 million on May 21.
n total, BlackRock has now seen more than $1.15 billion leave its Bitcoin ETF in just four trading days. That represents nearly 75% of all Bitcoin ETF outflows during the recent selloff.
Other Bitcoin ETFs also saw investors pulling money out. ARK Invest’s ARKB lost around $163 million, while Fidelity Investments’ FBTC recorded roughly $114 million in outflows during the same period.
Why Are Investors Selling Bitcoin ETFs?
The recent ETF outflows are mainly linked to growing market uncertainty. Higher inflation data in the U.S. has increased fears that interest rates could stay high for longer. When interest rates rise, investors usually move away from risky assets like crypto.
At the same time, global tensions and weak stock markets have also pushed institutions to reduce risk.
Bitcoin Price Still Holds Above Key Support
Despite the heavy selling from ETFs, Bitcoin prices have not collapsed. As of now BTC continued trading near $77,500 during the latest session, showing that buyers are still active around lower support levels.
Meanwhile, Ethereum ETFs also continued seeing money leave the market, recording another $32.5 million in outflows.Thus, XRP and Solana ETFs continued attracting fresh inflows, showing that some investors are still actively buying select altcoins. Solana ETFs alone recorded nearly $3.86 million in daily net inflows.