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Stock impact report

Investors pull record $523 million from BlackRock's flagship bitcoin ETF [Yahoo! Finance]

Siebert Financial Corp. (SIEB) 
US:NASDAQ Investor Relations: siebertnet.com
Company Research Source: Yahoo! Finance
(Reuters) -Investors pulled roughly $523 million from BlackRock's flagship iShares Bitcoin Trust on Tuesday, according ?to data from Farside Investors, marking the fund's largest single-day withdrawal ?since its launch. Bitcoin , a bellwether for crypto markets, fell below $90,000 this week, its lowest level ?in seven months. IBIT, the largest spot bitcoin ETF, has attracted strong investor demand since its launch in January 2024 and has been central to the crypto ETF boom. The fund outflows highlight the severity of the selloff in bitcoin, which has corrected sharply after hitting a record high ?in October, and underscore how ?deep the pullback has been across risk assets. In contrast, gold has remained resilient, calling into question bitcoin's status as a hedge ?or as a replacement for the yellow metal. Some analysts have said the moves point to investors swapping bitcoin exposure for gold. "The crypto market entered a hangover in August," said Kraken's ?Global Economist Show less Read more
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