BlackRock’s iShares Bitcoin Trust ETF (IBIT) logged record-breaking outflows on Tuesday, haemorrhaging $418 million in a single day, according to data provided by SoSoValue
This sum dwarfs the outflows that were recorded by competing products
For comparison, the Fidelity Wise Origin Bitcoin Fund (FBTC) recorded $145 million worth of outflows while the ARK 21Shares Bitcoin ETF (ARKB) and the Grayscale Bitcoin Mini Trust ETF (BTC) lost $60.46 million and $55.97 million, respectively
The overall outflows reached $754.53 million on Wednesday. On Tuesday, they bled more than $1 billion for the first time
As reported by U.Today, crypto naysayer Peter Schiff recently predicted that Bitcoin ETFs could eventually face mass redemptions
Extremely negative sentiment
In the meantime, the Fear and Greed Index, a popular tracker of market sentiment, has now plunged to just 10, which is the lowest level since 2022
On Wednesday, the leading cryptocurrency collapsed to $82,455. However, it has since recovered to $89,191.
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