BlackRock Leads Record Bitcoin ETF Outflows as Price Slips Below $60,000
Key Facts
Amid a cooling appetite for digital assets, U.S. spot Bitcoin ETFs recorded significant net daily outflows totaling $113.78 million. BlackRock's IBIT led the decline with $182 million exiting the fund, signaling a notable shift in institutional investment momentum. According to reports, this weakening demand contributed to breaching key psychological support levels as Bitcoin's price slipped below the $60,000 mark.
This downturn occurs as cryptocurrencies face pressure from rising bond yields, with peer instruments such as the Fidelity Wise Origin Bitcoin Fund (FBTC) seeing a sharp deceleration in inflows over recent weeks per market data. Compared to the first quarter of 2024, Bloomberg data indicates that the current outflow pace is the most aggressive since the ETFs' January launch, placing further strain on major asset managers.
Looking ahead, upcoming catalysts including Japan's inflation data and the Bank of England's interest rate decision on June 18-19 may provide further cues on global liquidity and its impact on high-risk assets.
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Update: On-chain analysts have spotted BlackRock transferring $256 million in digital assets, specifically BTC and ETH, to Coinbase. These movements raise concerns regarding potential further liquidation, which could intensify selling pressure on major cryptocurrencies in the near term.