BlackRock Inc. (NYSE: BLK) saw its iShares Bitcoin Trust (IBIT) dump more than $265 million in Bitcoin (BTC) on Thursday.
BlackRock’s IBIT recorded a net cash outflow of $265.68 million on June 25, according to data from SoSoValue, analyzed by Finbold on June 26. As such, the fund held a total net asset of approximately $44.43 billion at the time of reporting.
IBIT daily cash flow. Source: SoSoValue
The IBIT fund has registered six consecutive days of cash outflows totaling about $985.69 million. As such, BlackRock’s IBIT is about to record seven consecutive weeks of cash outflows of more than $4.89 billion.
On Friday, the firm deposited 4,577 BTC, valued at over $271 million, into Coinbase Prime. Earlier this week, Robbie Mitchnick, the head of digital assets at BlackRock, warned that the Artificial Intelligence (AI) boom has been sucking the oxygen out of Bitcoin, as Finbold reported.
Moreover, Mitchnick noted that AI stocks have been rallying at the expense of BTC, gold, and precious metals. As such, BlackRock investors could be rotating their funds from Bitcoin ETFs to AI stocks to capitalize on the ongoing boom.
Bitcoin price outlook as BlackRock’s IBIT dumps
Bitcoin price has faced heightened selling pressure over the past few weeks, largely driven by the ongoing selloff in U.S. spot BTC exchange-traded funds (ETFs), led by BlackRock’s IBIT, as Finbold explained. Moreover, the flagship coin has plunged by more than 20% over the past 30 days, trading at around $59,400 at press time.
BTC/USD 30-day chart. Source: Finbold
As such, BTC price could continue to fall further if BlackRock’s IBIT exercises more selloffs in the near term. However, if the IBIT leads other U.S. spot BTC ETFs in accumulation, a potential BTC price reversal could occur.