Asset manager BlackRock’s (BLK) leading iShares Bitcoin Trust (IBIT) has seen a record one-day outflow of $418.1 million as the selloff in cryptocurrencies gathers steam.
The price of Bitcoin (BTC), the largest crypto by market capitalization, has fallen as low as $82,000 in the past 24 hours, down 25% from an all-time high of $109,000 reached on Jan. 20, the day of U.S. President Donald Trump’s inauguration.
Consequently, U.S. spot exchange-traded funds (ETFs) that track the price movements of BTC saw total daily outflows of $754.6 million on Feb. 26, with outflows from BlackRock’s Bitcoin Trust leading the selling. According to market data, a total of $3.60 billion has now flowed out of about a dozen spot Bitcoin ETFs since Feb. 7 of this year.
Biggest Decline Since 2022
The ETF outflows come as Bitcoin registers its biggest decline since the last “crypto winter” occurred in November 2022 following the bankruptcy of the FTX crypto exchange. Other crypto also continues to fall, with Ethereum’s (ETH) price down 30% on the year and trading at $2,295.
The selloff comes as investors turn risk averse and move out of speculative assets such as crypto, say analysts. Expectations are for the crypto market to continue its decline in the near-term, especially if President Trump makes good on his threat to impose 25% tariffs on Canadian and Mexican imports starting March 4.
Bitcoin is currently trading at $84,900.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has declined 11.79% in the last 12 weeks.
