BlackRock’s iShares Bitcoin Trust (IBIT) experienced outflows for the third consecutive day, with around $9 million being withdrawn on September 9. However, US Bitcoin ETFs broke their eight-day streak of outflows and saw over $28 million in net inflows. This data suggests that while IBIT is facing some challenges, the overall sentiment towards Bitcoin ETFs in the US remains positive.
IBIT, which has accumulated nearly $21 billion in total with holdings of more than 350,000 Bitcoin, reported its first outflow on May 1 when $37 million was withdrawn. It is worth noting that the largest single-day outflow of US spot Bitcoin ETFs also occurred on the same day. Despite these outflows, IBIT has generally attracted consistent inflows.
In contrast, other US Bitcoin ETFs experienced net inflows on September 9. The Fidelity Wise Origin Bitcoin Fund (FBTC) received over $28 million in investments, bringing its total net inflows to nearly $9.5 billion after eight months of trading. The Bitwise Bitcoin ETF (BITB) saw $22 million in inflows, the ARK 21Shares Bitcoin ETF (ARKB) reported approximately $7 million, and the Invesco Galaxy Bitcoin ETF (BTCO) attracted around $3 million. On the other hand, the Grayscale Bitcoin Trust (GBTC) continued to lose assets, with almost $23 million being withdrawn.
Despite the GBTC’s declining assets under management (AUM), Bitcoin ETFs are still seeing organic growth. Investment advisors are integrating spot Bitcoin ETFs into their portfolios at a rapid pace, surpassing the adoption rate of any other ETF in history. Bitwise Chief Information Officer Matt Hougan highlighted that the net flows from advisors alone make IBIT the second fastest-growing ETF launched in 2024. Bloomberg ETF analyst Eric Balchunas also mentioned that over 1,000 institutions now hold Bitcoin ETFs, indicating unprecedented institutional interest in these assets.
Overall, while BlackRock’s IBIT is experiencing outflows, the wider landscape for US Bitcoin ETFs remains positive, with institutional adoption and organic growth being key drivers.