Key Takeaways:
BlackRock’s iShares Bitcoin Trust (IBIT) has witnessed a remarkable turnaround, experiencing a historic outflow of $430.8 million on May 30, thereby concluding its 31-day inflow streak—the longest since its inception in January.
This outflow sets a new record for IBIT, eclipsing its previous high of $418.1 million recorded on February 26, according to data from Farside. The recent decline follows a robust month for BlackRock, which had seen the fund amass nearly $6.2 billion in additional Bitcoin assets.
IBIT Holds $70 Billion in Bitcoin
ETF analyst Nate Geraci took to social media platform X to comment on this notable shift, stating, “What a run over the past 30+ days, though.” He pointed out that IBIT now manages approximately $70 billion in Bitcoin, a figure he deemed “ridiculous” given the fund’s relatively brief operational history.
iShares Bitcoin ETF no outflows streak comes to an end…
$400+mil exits fund.
What a run over past 30+ days though.
IBIT now pushing $70bil in assets < 17 months since launch.
*$70bil*
Not sure I have words to describe how ridiculous this is.
— Nate Geraci (@NateGeraci) May 31, 2025
Meanwhile, the broader U.S. spot Bitcoin ETF market faced similar challenges. A collection of 11 funds reported $616.1 million in outflows on the same day, marking the second consecutive day of net redemptions. Prior to this, May 29 saw $346.8 million in outflows, which ended a 10-day influx period.
Notably, BlackRock managed to defy the downward trend on May 29 by recording an inflow even as other issuers experienced exits. “Every other issuer saw red. BlackRock kept buying… big brain energy right there,” remarked Kyle Chasse, founder of Master Ventures.
Chasse argued that the recent selloff wasn’t merely a response to retail investor panic but rather indicative of a “quiet transfer of supply to the strongest hands.”
Amid these ETF developments, Bitcoin’s spot price continues to face downward pressure, with BTC trading at $103,700—a 2.27% decline over the last 24 hours, according to CoinMarketCap.
In the seven days leading up to May 23, spot Bitcoin ETFs had recorded inflows totaling $2.75 billion.
Bitcoin Consolidates Below $110K
Following its recent all-time high, Bitcoin is currently stabilizing around crucial levels, with traders keenly observing potential signals for the next significant price movement, as noted in Hyblock Capital’s latest market report.
Hyblock’s CEO Shubh Varma highlighted that Open Interest (OI) remains elevated in the 95th percentile, and combined order book liquidity stands at an impressive 96%. This suggests a market environment ripe for increased volatility.
“The longer this range holds, the greater the odds of a sharp breakout or stop hunt,” Varma explained.
Additionally, retail stop-losses are reportedly concentrated at the edges of the current trading range, making them likely targets for liquidity-driven wicks. On the Binance exchange, resistance levels are forming between $109.5K and $110.5K, while support is identified around $105K to $105.5K. A breach below these support levels could potentially lead to prices dropping to $98K.
A parallel situation is emerging on Bybit, with significant resistance found at $110.5K–$111K, and support zones resembling those on Binance.
Varma observed a shift in market sentiment, indicating that retail long positions are currently at 48%, with leverage predominantly leaning towards short positions.
This configuration could lead to heightened volatility, especially if impatient traders rush to enter new positions. “The passive order book is highly stacked, and leverage indicators are leaning bearish,” Varma noted.
Nonetheless, retail positioning at the 48% long mark has historically aligned with bullish price reversals.
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