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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.
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.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
