Bitcoin ETFs Shed $563 Million as BlackRock's IBIT Marks First Daily Loss

Spot Bitcoin ETFs in the U.S. experienced a record high of $563 million in net outflows on Wednesday, coinciding with Bitcoin's price drop to a two-month low. This massive outflow surpassed the previous record set in mid-March. The Federal Reserve's continued fight against inflation and high-interest rates contributed to the market's volatility.

BlackRock's iShare Bitcoin Trust (IBIT) saw its first outflows, losing $37 million, while Fidelity's spot Bitcoin ETF led with $191 million in outflows. Amid these market conditions, the total assets under management (AUM) of spot Bitcoin ETFs have decreased by 19% to $51.4 billion. Despite this, Bitcoin's year-to-date price is still up by 33%.