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BlackRock Bitcoin ETF Sheds $2.7 Billion in Record Outflows Run
BlackRock Inc.’s iShares Bitcoin Trust recorded its longest streak of weekly withdrawals since debuting in January 2024, indicating that institutional appetite for the world’s largest cryptocurrency remains subdued even as prices stabilize.
Investors withdrew more than $2.7 billion from the exchange-traded fund over five weeks to Nov. 28. With an additional $113 million of redemptions on Thursday, the ETF is now on pace for a sixth straight week of net outflows.
The IBIT fund manages over $71 billion in assets and has been the flagship vehicle for traditional investors seeking exposure to Bitcoin. The prolonged outflow period aligns with Bitcoin’s downturn into a bear market following a severe liquidation event in early October, which triggered a more than $1 trillion wipeout in crypto market value.
BlackRock did not immediately respond to a request for comment.
While Bitcoin has regained some ground this week, the continued ETF outflows underscore how sentiment has shifted in a market long dominated by momentum.
The trend “marks a clear reversal from the persistent inflow regime that supported price earlier in the year, and reflects a cooling of new capital allocation into the asset,” blockchain analytics firm Glassnode commented recently.
Bitcoin fell about 1% to $90,967 as of 10:47 a.m. in New York on Friday, down 28% from its peak in October.
This article has been published in Bloomberg via Yahoo News.
