Bitcoin ETF outflows have nearly amounted to $750 million in the last two days as the crypto market consistently fell. BlackRock, the largest issuer, has offloaded around 2,000 BTC in the previous 24 hours.
Together, the ETF issuers sold off enough BTC that they collectively hold less than Satoshi. They surpassed him three months ago and continued buying huge amounts of Bitcoin, indicating truly massive sales.
Bitcoin ETF Outflows Continue
Since the Bitcoin ETFs first got SEC approval last year, they’ve had a transformative impact on the market. Lately, however, they’ve been turning bearish.
Towards the end of February, the market saw $2.7 billion in outflows, and this trend continued. The last four consecutive weeks had outflows, and the market already lost nearly $750 million this week alone.
This marks the seventh consecutive day of outflows for this ETF market. IBIT, BlackRock’s product, led these losses with $151 million in the last 24 hours.
In mid-February, some analysts began speculating that BlackRock would begin selling its Bitcoin, and ETF analyst Shaun Edmondson noticed how large of a trend it’s becoming:
“I know the markets are very ‘risk off’ at the moment with the Tariff uncertainty, but this is yet another outflow day from the US Spot ETFs, collectively now falling below Satoshi again. Given the bullish narrative from the SEC, Strategy raising 21 billion, State [Bitcoin Reserve] race and National [Bitcoin Reserve] bill, I find this a little surprising,” Edmondson claimed.
BlackRock alone has offloaded around 2,000 BTC since Edmondson posted yesterday’s daily tallies. It’s unclear how far the ETF issuers want to take this trend, but these Bitcoin sales are very concerning.
These issuers surpassed Satoshi’s Bitcoin holdings in December, so these outflows have already eaten up three months’ worth of vociferous purchasing.
Still, despite this ETF pessimism, Bitcoin’s actual price could be doing a lot worse. The entire crypto market has been hit with massive outflows, and BTC fell accordingly.
However, the US CPI report this morning was better than anticipated, which allowed Bitcoin a little breathing room. It’s anyone’s guess, however, how long this reprieve will actually last.
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