BlackRock Drives $616 Million Bitcoin ETF Outflow

BlackRock’s significant withdrawal from its Bitcoin ETF on May 30, amounting to $616 million, highlights a shift in investor sentiment toward the cryptocurrency. This sudden outflow follows a period of consistent inflows for the assets, raising questions about market stability and potential shifts in investment strategies among institutional investors. The move led to a price dip for Bitcoin, dropping from its weekly high of $110,000 to $103,700 during the day. BlackRock’s ETF outflow contributed significantly to this decline.