08:54
BlackRock Bitcoin ETF sees $2.7 billion in net outflows over several consecutive weeks, setting a new record.
According to Bloomberg, BlackRock’s iShares Bitcoin Trust (IBIT) has recently experienced significant outflows, setting a record for consecutive weeks of net outflows since its launch in January 2024, indicating that institutional demand for Bitcoin remains weak. Bloomberg data shows that in the five weeks ending November 28, investors withdrew more than $2.7 billion from the ETF, with another $113 million redeemed on Thursday, putting the fund on track for its sixth consecutive week of outflows.
IBIT manages assets totaling over $71 billion and has long been an important tool for traditional investors to gain exposure to Bitcoin. The ongoing outflows are in line with the bearish trend that followed a major liquidation event in early October, when over $1 trillion was wiped from the crypto market’s capitalization. Although Bitcoin has recently rebounded in price, the persistent ETF outflows highlight a marked shift in market sentiment.
BTC-2.67%
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