BlackRock's iShares Bitcoin Trust Faces Second Day of Outflows Since Launch

New data shows that BlackRock's iShares Bitcoin Trust, known as IBIT, has faced outflows for the second time since its launch in January.

According to information from Farside Investors, a London-based investment firm, BlackRock manages over $10 trillion in assets. This week, IBIT experienced its second day of outflows.

On August 29th, IBIT saw $13.5 million leave the fund. The last time this happened was on May 1st, when the outflow was $36.9 million. Interestingly, May 1st was the only day when all major Bitcoin ETFs reported outflows.

The data reveals that IBIT averages $130.7 million in daily inflows, making it the leader among Bitcoin ETFs. On its best day, it brought in a whopping $849 million.

In contrast, Grayscale's Bitcoin Trust (GBTC) is struggling, with an average of $123 million in outflows each day.

Bitcoin ETFs allow traders to gain exposure to Bitcoin without purchasing it directly. The U.S. Securities and Exchange Commission (SEC) approved these ETFs in January after years of rejections. Following that, Ethereum-based ETFs also received the green light, and now the industry is looking for approval for Solana-based ETFs.

As of now, Bitcoin is trading at $58,071, reflecting a 4.2% drop in the last 24 hours.