BlackRock clients pull $300M from Bitcoin ETF amid wave of institutional outflows
IBIT redemptions reflect portfolio rebalancing tied to rising Treasury yields, not a broad retreat from Bitcoin
BlackRock’s iShares Bitcoin Trust recorded another significant redemption event, with clients pulling over $300 million from the fund, according to data from Farside Investors.
The numbers behind the selloff
US spot Bitcoin ETFs recorded $231 million in net outflows on Monday, bringing their cumulative net outflows for the month to approximately $4.3 billion.
BlackRock’s IBIT accounted for the majority of the withdrawals, with roughly $3.3 billion in net outflows during the period. That means the fund represented about 77% of all redemptions across the US spot Bitcoin ETF market since June 1.
The pressure was also evident on a daily basis. On June 26, IBIT posted a single-day net outflow of $444.5 million, marking its largest daily redemption of the month.
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Why institutions are selling now
Rising Treasury yields have created pressure on large institutional portfolios to rebalance.
Money allocated to Bitcoin exposure becomes a candidate for rotation into assets that now offer more attractive yields with far less volatility.
Bitcoin remained under pressure, falling to $59,558 after briefly climbing above $60,600 earlier in the day.