BlackRock’s IBIT ETF Faces Its First Ever Outflow Of $36.6M!

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Blackrock’s Bitcoin ETF, IBIT, on May 1st, 2024 faced its first-ever outflow of $36.6 Million amid the cross-border market correction. The market leader, Bitcoin price, experienced a drop of approximately 9%, from $61,583 to a low of $56,555. Further, it faced a liquidation of $464 Million out of which 86% were long positions and 14% were short positions, totaling a combined outflow of over $500 Million within a single day, indicating increased volatility in the crypto industry.