Bitcoin ETF Outflows Hit BlackRock!

On Aug. 29, BlackRock's iShares Bitcoin Trust ETF (IBIT) registered its second-ever outflow.

Danielle du Toit
August 30, 2024

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The iShares Bitcoin Trust ETF (IBIT) recorded $13.5 million in net outflows on Aug. 29, its second since May.

On Aug. 29, the 11 U.S.-based Bitcoin ETFs collectively experienced net outflows of $71.8 million.
The largest outflows were recorded by Fidelity Wise Origin Bitcoin Fund (FBTC) with $31.1 million, followed by the Grayscale Bitcoin Trust (GBTC) with $22.7 million.
Cathie Wood’s ARK 21Shares Bitcoin ETF was the only fund to see positive inflows of $5.3 million.

The lawsuit was thrown out on Aug. 29 by US District Judge Alvin Hellerstein of the Southern District of New York.

The judge dismissed the accusations against Musk regarding his tweets about Dogecoin, and ruled that his statements were "aspirational and puffery," but not factual or reliable for investment advice.
The lawsuit was filed in June of 2022 by Dogecoin investors, who accused Musk of inflating Dogecoin's price before letting it crash.
Despite the high-profile nature of the case, Dogecoin's price remained relatively unchanged after the lawsuit's dismissal.

Bitcoin reserves on exchanges hitting new lows for the year could indicate reduced selling pressure.

The amount of Bitcoin stored on crypto exchanges has hit a new low, which could help Bitcoin retest and move above $60,000.
CryptoQuant data shows that there has been a 12.9% decrease in Bitcoin reserves on exchanges since Jan. 1, leaving 2.62 million Bitcoin across major exchanges.
This trend of Bitcoin moving to cold wallets suggests that investors are committed to holding long-term and are more optimistic about its future price potential.

United States Republican presidential candidate Donald J. Trump’s recently-launched fourth NFT collection saw impressive sales.

Donald Trump announced the "Series 4: The America First Collection" NFT trading cards in mid-July during a Bloomberg interview.
The collection saw over $2.17 million in sales, with each token minted at a price of $99 and over 22,000 sales processed.
Despite these sales, only 6% of the total supply of 360,000 tokens has been sold so far.

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