BlackRock’s Bitcoin ETF (IBIT) has taken over half the U.S. market, even as investors rush to sell. The asset manager now controls 50.4% of all U.S. Bitcoin ETF holdings, valued at over $56.8 billion, according to Dune data. That’s a staggering level of dominance, considering the ETF market collectively manages $112 billion.
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Yet, the past few days haven’t been smooth sailing. Bitcoin ETFs saw three straight days of outflows, with $364 million exiting on Feb. 20 alone. BlackRock’s iShares Bitcoin Trust ETF (IBIT) took a big hit, losing $112 million, as reported by Farside Investors.
Bitcoin Holds Strong despite ETF Outflows
Bitcoin’s price has managed to stay firm above $99,300, even with the ETF exodus. This challenges the idea that ETF flows alone dictate Bitcoin’s movements. According to Marcin Kazmierczak, co-founder of RedStone, the resilience suggests…
