At a glance
- IBIT's own net outflows were $1.21 billion, and the other 11 funds combined lost $72 million after $93 million of net inflows into Fidelity's Wise Origin Bitcoin Fund (FBTC).
- For advisors holding bitcoin through a single fund, the week's outflows equaled about 2% of IBIT's $61 billion in net assets on Nov. 6.
- IBIT posted withdrawals in all five sessions, and Nov. 6 alone saw $412 million leave the category.
BlackRock's iShares Bitcoin Trust ETF (IBIT) accounted for 94% of the $1.28 billion that left US spot bitcoin ETFs in the week ended Nov. 6, according to Farside Investors data cited by CryptoSlate.
IBIT's own net outflows were $1.21 billion, and the other 11 funds combined lost $72 million after $93 million of net inflows into Fidelity's Wise Origin Bitcoin Fund (FBTC).
For advisors holding bitcoin through a single fund, the week's outflows equaled about 2% of IBIT's $61 billion in net assets on Nov. 6. The same concentration means the daily category flow figure is largely one issuer's redemption schedule.
IBIT posted withdrawals in all five sessions, and Nov. 6 alone saw $412 million leave the category. The group finished positive only on Nov. 4. Four funds, FBTC among them, ended the week with net inflows, though Fidelity's fund still recorded a withdrawal on Thursday. On Oct. 30 the funds shed $643 million and the week turned negative, as Digital Capital Daily previously reported.
Whether the trust sold bitcoin depends on how redemptions were settled. The IBIT prospectus describes cash and in-kind redemption routes. In a cash redemption the trust sells bitcoin and delivers cash to the authorized participant. In an in-kind redemption it delivers bitcoin to the participant, its designated agent or its client. The flow figures do not separate cash and in-kind redemptions.
Reported by the Crypto ETFs & funds desk from CryptoSlate, citing Farside Investors and Digital Capital Daily archive. Published . Corrections