BlackRock’s %iSharesBitcoinTrust (NASDAQ: $IBIT) saw record outflows of $418.1 million U.S. on Feb. 26 as the selloff in %Cryptocurrencies accelerates.
The price of %Bitcoin (CRYPTO: $BTC), the largest crypto by market capitalization, fell as low as $82,000 U.S., down 25% from an all-time high of $109,000 U.S. reached on Jan. 20, the day of U.S. President Donald Trump’s inauguration.
Consequently, U.S. spot-listed exchange-traded funds (ETFs) saw total daily outflows of $754.6 million U.S. on Feb. 26, with outflows from BlackRock’s Bitcoin Trust leading the selling.
According to market data, a total of $3.60 billion U.S. has now flowed out of about a dozen spot Bitcoin ETFs since Feb. 7 of this year.
The Chicago Mercantile Exchange (CME) reports that open interest in Bitcoin has dropped to 155,270 digital tokens, the lowest level since before the U.S. election last November.
The ETF outflows come as Bitcoin (BTC) registers its biggest decline since the last “crypto winter” occurred in November 2022 following the bankruptcy of the FTX crypto exchange.
Other cryptocurrencies also continue to slump, with %Ethereum (CRYPTO: $ETH) down 30% on the year and trading at $2,350 U.S.
Bitcoin is currently trading at $86,200 U.S., down a total of 8% on the year.
