BlackRock’s iSharesBitcoinTrust (NASDAQ: $IBIT) experienced record withdrawals of $418.1 million U.S. on February 26 as the selloff of cryptocurrencies accelerated.
After reaching an all-time high of USD 109,000 on the day of U.S. President Donald Trump‘s inauguration on January 20, the price of Bitcoin (CRYPTO: $BTC), the biggest cryptocurrency by market capitalization, dropped as low as USD 82,000, a 25% decline.
As a result, U.S. spot-listed exchange-traded funds (ETFs) had total daily outflows of $754.6 million U.S. on February 26, with BlackRock’s Bitcoin Trust leading the selling.
According to market statistics, USD 3.60 billion has already flowed out of about a dozen spot Bitcoin ETFs since February 7th of this year.
According to the Chicago Mercantile Exchange (CME), open interest in Bitcoin has decreased to 155,270 digital tokens, the lowest level since before last November’s US election.
The ETF outflows come as Bitcoin (BTC) experiences its steepest drop since the previous “crypto winter,” which happened in November 2022 following the collapse of the FTX cryptocurrency exchange.
Other cryptocurrencies continue to fall, with Ethereum (CRYPTO: $ETH) down 30% this year and trading around $2,350 U.S. Bitcoin is presently valued at $86,200 USD, down 8% this year.
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