Bitcoin ETFs See $750 Million Outflows in Two Days

Bitcoin ETF outflows have reached nearly $750 million in the past two days as the crypto market continues to decline. BlackRock, the largest issuer, has sold approximately 2,000 BTC in the last 24 hours. The collective holdings of ETF issuers have fallen below the level of Satoshi, who they surpassed three months ago with significant purchases, indicating substantial sales.

Since receiving SEC approval last year, Bitcoin ETFs have had a transformative impact on the market. However, they have recently turned bearish. Towards the end of February, the market experienced $2.7 billion in outflows, and this trend has continued. The last four consecutive weeks have seen outflows, with the market losing nearly $750 million this week alone. This marks the seventh consecutive day of outflows for this ETF market, with IBIT, BlackRock’s product, leading the losses with $151 million in the last 24 hours.

In mid-February, some analysts began speculating that BlackRock would start selling its Bitcoin. ETF analyst noticed how large of a trend it’s becoming. “I know the markets are very ‘risk off’ at the moment, but this is yet another outflow day from the US Spot ETFs, collectively now falling below Satoshi again. Given the bullish narrative from the SEC, Strategy raising 21 billion, State [Bitcoin Reserve] race and National [Bitcoin Reserve] bill, I find this a little surprising,” the analyst claimed.

BlackRock alone has offloaded around 2,000 BTC since the analyst posted yesterday’s daily tallies. It’s unclear how far the ETF issuers want to take this trend, but these Bitcoin sales are very concerning. These issuers surpassed Satoshi’s Bitcoin holdings in December, so these outflows have already eaten up three months’ worth of vociferous purchasing.

Despite this ETF pessimism, Bitcoin’s actual price could be doing a lot worse. The entire crypto market has been hit with massive outflows, and BTC fell accordingly. However, the US CPI report this morning was better than anticipated, which allowed Bitcoin a little breathing room. It’s anyone’s guess, however, how long this reprieve will actually last.