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BlackRock's Bitcoin ETF Sees Record Daily Outflow as the Basis Trade Starts to Unwind
BlackRock's IBIT saw a record outflow on Wednesday of over $418 million.
Feb 27, 2025, 9:18 a.m.
What to know:
BlackRock's iShares Bitcoin Trust (IBIT) saw record outflows of $418.1 million on Wednesday as bitcoin (BTC) dropped to around $82,000.
All U.S. spot-listed exchange-traded funds saw a total outflow of $754.6 million. According to Farside data, there have been $3.6 billion of outflows since Feb. 7.
Coinglass data shows that IBIT had $4.19 billion worth of volume traded during Wednesday's session, the sixth-highest ETF traded in the US.
The Chicago Mercantile Exchange (CME) is also seeing open interest drop to 155,270 BTC, the lowest level since November. This is a sign that the basis trade is starting to unwind.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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