BlackRock sells $9.4 Million worth of Bitcoin

BlackRock's iShares Bitcoin Trust recorded a net outflow of $9.4 million on Feb. 13 as shares in the spot Bitcoin exchange-traded fund (ETF) were redeemed.

The amount equates to the sale of 136 Bitcoin, based on prevailing prices that day.

U.S. spot Bitcoin exchange-traded funds posted a collective net inflow of $15.2 million on the same date, according to data from SoSoValue. 

Fidelity Investments' Wise Origin Bitcoin Fund led gains with an inflow of $12 million. Grayscale Investments' Bitcoin Mini Trust added $7 million. 

BlackRock's fund, ticker $IBIT, has accumulated $61.6 billion in net inflows since it began trading in January 2024 and holds more than 761,000 Bitcoin valued at approximately $50 billion.

The Feb. 13 outflow for IBIT followed outflows of $410 million across all spot Bitcoin exchange-traded funds on Feb. 12, when BlackRock's fund alone lost $158 million.

Total assets in U.S. spot Bitcoin exchange-traded funds stood at $87 billion as of Feb. 13, representing 6.33% of Bitcoin's market capitalization. Cumulative net inflows across the products reached $54.3 billion.

Data from blockchain analytics firm Arkham showed BlackRock transferred Bitcoin to Coinbase to facilitate redemptions in recent sessions.

Robert Mitchnick, head of digital assets at BlackRock, said in a recent statement that perceptions of large-scale hedge fund withdrawals from IBIT were inaccurate.

"Even though the Bitcoin market had a fairly turbulent week last week, only 0.2% of fund assets were redeemed from IBIT," Mitchnick said.

The flows reflect ongoing adjustments in institutional positions amid Bitcoin trading near $69,000.