BlackRock Bitcoin Trust Records $527.8M Outflow as Bitcoin Falls 2.7%
IBIT•BlackRock’s iShares Bitcoin Trust suffered $527.8 million of outflows on Wednesday, marking its largest single-day withdrawal since inception and contributing to a $733 million total from U.S.-listed spot Bitcoin ETFs. This selloff coincided with Bitcoin’s 2.7% decline to about $72,800 following a downward Q1 GDP revision to 1.6% despite PCE meeting forecasts.
1. Macroeconomic Update
First-quarter U.S. GDP growth was revised down to 1.6%, below forecasts of 2%, while the PCE Index rose 3.8% and core PCE increased 3.3% annualized in April. The softer growth data, despite stable inflation readings, weighed on risk assets including cryptocurrencies.
2. ETF Outflow Trends
U.S.-listed spot Bitcoin ETFs recorded their eighth consecutive day of outflows, totaling $733 million on Wednesday and pushing second-week withdrawals past $1.26 billion. This marks the longest losing streak for these products since December.
3. BlackRock Bitcoin Trust Outflows
BlackRock’s iShares Bitcoin Trust accounted for $527.8 million of Wednesday’s ETF redemptions, its largest single-day withdrawal since launch. The day before, a dark-pool block trade of 29 million shares worth roughly $1.29 billion added further selling pressure on the fund.
4. Price and Sentiment Reaction
Bitcoin’s price fell 2.7% over 24 hours to around $72,800, dropping below $73,000 as ETF outflows accelerated. Retail sentiment on social platforms shifted from bearish to extremely bearish even as discussion volume spiked to high levels.
