BlackRock’s IBIT sells 100,000 BTC as ETF outflows hit demand

BlackRock’s IBIT sold nearly 100,000 BTC to meet redemptions, cutting holdings to just over 733,000 BTC, while BTC rebounded ~10% off sub-$57,000 lows in early July 2026.

Bloomberg’s Eric Balchunas says gold ETF history best maps Bitcoin ETFs. Both are wrappers on non-yielding assets. Flows track sentiment, not cash flow fundamentals. GLD once topped ETFs in 2011, then lagged for years before new highs. He notes US spot Bitcoin ETFs drew ~$38B net since Jan 2024, among the fastest launches.

IBIT’s redemptions show stress. Outflows hit price fast in weak macro. Bitfinex analysts warn more outflows could stall recovery. XS.com’s Simon-Peter Massabni counters that institutional demand is sturdier than headline flows and cushions sell pressure.

The roadmap: gold endured an ~8-year stagnation before setting higher peaks. Balchunas frames BTC similarly: long-term bullish “high-water mark” cycles, but near-term path depends on flows and macro, including the Fed. The bounce from sub-$57,000 helps his case, but confirmation is pending.

Key data and sources:
- IBIT holdings and redemptions reported across market trackers
- Balchunas’ thesis shared via X post and Bloomberg piece Eric Balchunas on X
- Gold price history context gold.co.uk long-term chart
- US spot Bitcoin ETF cumulative flows since Jan 2024 referenced by Bloomberg
- ETF flow dashboards CoinGlass Bitcoin ETF flows