BlackRock’s Bitcoin ETF Snaps 31-Day Inflow Streak With Record $430M Outflow

BlackRock, the world’s largest asset manager, has officially ended its remarkable 31-day streak of inflows into its spot Bitcoin exchange-traded fund (ETF) — and it did so with a record-breaking outflow.

On May 30, the iShares Bitcoin Trust (IBIT) saw its largest single-day outflow to date, totaling $430.8 million, according to data from Farside. This figure surpasses IBIT’s previous outflow record of $418.1 million set back on February 26.

Historic Outflow Marks the End of a Powerful Run

ETF analyst Nate Geraci took to X (formerly Twitter) on May 31 to reflect on the development, writing:

“What a run over the past 30+ days, though.”

Geraci noted that BlackRock has now amassed approximately $70 billion in Bitcoin holdings since IBIT launched in January 2024 — an achievement he called “ridiculous” in scale.

Spot Bitcoin ETFs have accumulated $44.35 billion net inflows since the products launched in January 2024. Source: Farside

Broad Bitcoin ETF Market Sees Consecutive Outflow Days

The outflows weren’t limited to BlackRock. On May 30, the broader cohort of 11 U.S. spot Bitcoin ETFs recorded a combined net outflow of $616.1 million — marking the second straight day of losses.

Just one day prior, on May 29, the group ended a 10-day net inflow streak with $346.8 million in outflows. Interestingly, despite the overall negative flows that day, BlackRock’s IBIT still posted an inflow, drawing praise from market watchers.

Kyle Chassé, founder of Master Ventures, commented:

“Every other issuer saw red. BlackRock kept buying… big brain energy right there.”

Bitcoin is up 9.14% over the past month. Source: CoinMarketCap

Outflows Aren’t Retail Panic — It’s a Power Shift

Chassé emphasized that the recent sell-offs aren’t due to retail investors panicking.

“The sell-off isn’t retail panic. It’s literally the quiet transfer of supply to the strongest hands,” he said.

Meanwhile, Bitcoin’s spot price is hovering around $103,700, down 2.27% over the past 24 hours, according to CoinMarketCap.

Disconnect Between ETF Inflows and Bitcoin Price

On May 30, Derive founder Nick Forster pointed out to reporters that despite the heavy inflows into Bitcoin ETFs — especially BlackRock’s — the price of Bitcoin hasn’t moved up as expected.

“Despite significant inflows into Bitcoin ETFs, notably over $6.2 billion into BlackRock’s iShares Bitcoin Trust in May, Bitcoin’s price hasn’t experienced a commensurate rise,” Forster explained.

For perspective, during just the trading week ending May 23, spot Bitcoin ETFs saw $2.75 billion in total inflows.