In June, significant capital outflows were observed in all Bitcoin ETFs, with Grayscale Bitcoin Trust leading the way. BlackRock’s Global Allocation Fund disclosed ownership of 43,000 shares of IBIT stock, amounting to $559 million.
We are about to grant final approval for the Ethereum (ETH) spot ETF on July 4th. However, according to a recent report by CNF, Bitcoin (BTC) ETFs have experienced significant outflows this month.
Underperforming Bitcoin ETFs
Indeed, data from Farside Investors shows that most Bitcoin ETFs have performed similarly in June. As of the time of writing, the Grayscale Bitcoin Trust (GBTC) has seen a leading outflow of nearly $559 million since June 10th.
As of June 27th, GBTC is the only BTC ETF that has experienced an outflow of $11.4 million, while other ETFs have recorded inflows or remained neutral with zero inflows or outflows.
BlackRock’s surprising move
Despite the considerable volatility in the BTC spot ETF market since its approval, it is worth noting that BlackRock’s iShares Bitcoin Trust (IBIT) is the only company that has experienced zero outflows since June 10th.
However, what is surprising is that a recent filing submitted by the U.S. Securities and Exchange Commission reveals that BlackRock’s Global Allocation Fund currently holds 43,000 shares of IBIT stock. This makes it the third internal fund of BlackRock to invest in BTC.
Blockchain analysis company MacroScope highlighted this for the first time. Their tweet stated,
“In a filing submitted to the U.S. Securities and Exchange Commission today, BlackRock’s Global Allocation Fund disclosed that as of April 30th, it held 43,000 shares of iShares Bitcoin Trust.”
The company further expanded on the same basis,
“Prior to this, BlackRock submitted two filings on May 28th, disclosing Bitcoin exposure in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio (see my tweet from that day).”
Other ETFs in the pipeline
This news comes after VanEck submitted an S-1 registration statement for its “VanEck Solana Trust” on Thursday, marking the first public attempt to launch a spot Solana [SOL] ETF in the United States.
Needless to say, the cryptocurrency community is now eagerly awaiting the launch of a Spot Ethereum ETF, and BlackRock’s surprising discovery has caused ripples throughout the market with the support of VanEck’s Solana update.
User X, Bam, reiterated this by saying,
“Does this mean they own Bitcoin themselves and not just on behalf of clients? That’s news, right?”
However, it is worth noting that some have also come to BlackRock’s defense. One person claimed,
Impact on Bitcoin price
Behind these updates, BTC has seen a slight increase of 0.35%, with the cryptocurrency trading at $61,401 at the time of writing.
However, Bitcoin is still struggling to break through the bullish zone on the charts, with the RSI remaining well below the neutral level, confirming this point.