Bitcoin ETFs See $616 Million Outflow on May 30th: Market Volatility & Impact

A significant net outflow of $616 million was observed from Bitcoin exchange-traded funds (ETFs) on May 30th, marking a notable market event. BlackRock’s IBIT witnessed the largest outflow at approximately $430 million. This substantial withdrawal is attributed to normal market corrections and volatility in the cryptocurrency space. The impact of this move was particularly noticeable as it triggered selling pressure resulting in a price drop for Bitcoin from $110,000 to around $103,700. Notably, BlackRock’s fund recorded the largest single-day decline in assets under management.