BlackRock ended its spot Bitcoin ETF inflow streak with its largest outflow on record, nearly $12.7 million more than its previous biggest outflow day. The world’s largest asset manager, BlackRock, has ended its 31-day spot Bitcoin exchange-traded fund (ETF) inflow streak with its biggest recorded outflow day since the product launched in January 2024. On May 30, BlackRock’s iShares Bitcoin Trust (IBIT) ended its significant inflow streak with its largest daily outflow of $430.8 million, according to Farside data. Before this, IBIT’s largest outflow day was on Feb. 26, with $418.1 million in outflows. ETF analyst Nate Geraci said in a May 31 X post, “What a run over the past 30+ days, though.” Geraci highlighted that BlackRock is “now pushing” approximately $70 billion in Bitcoin (BTC) holdings since it launched. “Not sure I have words to describe how ridiculous this is,” Geraci said. Read more
Ehsan Malik, Pakistan Business Council CEO KARACHI: Business leaders have advised the government to avoid surprises in the upcoming federal budget by proposing significant relief for the salaried class, including a reduction in the general sales tax (GST) and the phasing out of the super tax. In addition to balancing the external account and managing the fiscal deficit, Pakistan Business Council CEO Ehsan Malik stated that there is now an urgent need to augment defence spending through higher export earnings. The PBC’s budget proposals aimed to fiscally incentivise the rapid growth of exports and the indigenisation of inputs. Given the constraints on the fiscal account, the council sought a gradual reduction in corporate and super taxes, as well as the withdrawal of multiple taxation on inter-corporate dividends. Relief was requested for salaried employees, as was a reduction in GST, which at 18pc incentivised evasion. He emphasised that a higher tax-to-GDP ratio should be the result of business growth, not t...