BlackRock's Bitcoin ETF Sees Record Daily Outflow as the Basis Trade Starts to Unwind

BlackRock's iShares Bitcoin Trust (IBIT) saw record outflows of $418.1 million on Wednesday as bitcoin (BTC) dropped to around $82,000.

All U.S. spot-listed exchange-traded funds saw a total outflow of $754.6 million. According to Farside data , there have been $3.6 billion of outflows since Feb. 7.

Coinglass data shows that IBIT had $4.19 billion worth of volume traded during Wednesday's session, the sixth-highest ETF traded in the US.

The Chicago Mercantile Exchange (CME) is also seeing open interest drop to 155,270 BTC, the lowest level since November. This is a sign that the basis trade is starting to unwind. UPDATE (Feb. 27, 14:35 UTC): Adds bullet points