Bitcoin ETF In Red After Historic IBIT Pullback

Thursday, June 6, the asset management giant experienced a record withdrawal of $130.49 million from its spot Bitcoin ETF IBIT, the largest since its launch in January. This shock was enough to push the entire Bitcoin ETF market into the red for the second consecutive session, calling into question the institutional momentum that had supported these bitcoin-backed investment vehicles until then.

A record exodus from BlackRock’s IBIT ETF shakes the markets

After eighteen consecutive days of positive flows on its IBIT, BlackRock recorded a net outflow of $130.49 million last Thursday from its spot Bitcoin ETF, IBIT. This is the largest daily outflow since its launch in January 2024.

This event significantly contributed to tipping the entire Bitcoin ETF market into the red for the second consecutive day. Net outflows on Bitcoin ETFs persisted for a second consecutive day, primarily driven by IBIT.

This movement contrasts with the trend observed in recent months, where IBIT had regularly been among the most attractive ETFs in net inflows.

Here are the detailed flow figures observed that day :

• BlackRock (IBIT) : net outflow of $130.9 million ;
• Grayscale (GBTC) : inflow of $9.24 million ;
• Fidelity (FBTC) : inflow of $22.77 million ;
• ARK 21Shares (ARKB) : inflow of $11.45 million ;
• Vaneck (HODL) : inflow of $7.38 million ;
• Bitwise (BITB) : inflow of $31.81 million.

Despite these positive inflows in some funds, the total daily balance remains negative at $48.2 million. This imbalance highlights how significantly large fund outflows at a major player like BlackRock can affect the entire segment.

The situation is even more perplexing as Bitcoin continues to trade in a consolidation zone, without an obvious triggering event. This apparent disconnection between price behavior and institutional flows is now attracting analysts’ attention.

Between macroeconomics and repositioning : invisible levers behind the outflow

Beyond the numbers, several macroeconomic signals help contextualize this retreat. Indeed, this wave of withdrawals could be explained by a tactical repositioning ahead of upcoming announcements from the U.S. Federal Reserve.

It is possible that some institutional investors preferred to temporarily reduce their exposure while awaiting imminent monetary policy decisions. The move could also reflect targeted profit-taking after Bitcoin’s recent rebound.

Observers mention portfolio rebalancing or short-term adjustment. In a market where passive investment via a crypto ETF becomes standard, these adjustments can have disproportionate effects.

It is also possible that some arbitrages are linked to increased crypto market volatility this week or anticipation of exogenous events such as IPOs of major crypto companies.

This IBIT withdrawal which even led to the freezing of BlackRock’s flows, although dramatic, does not signify a lasting rejection. Rather, it highlights the fragility of institutional balances in an still young market, even as it quickly structures itself. In the short term, it might encourage some actors to be cautious, but in the medium term, it could also offer an entry opportunity for investors seeking a temporary dip.