BlackRock’s iShares Bitcoin Trust has logged its longest streak of weekly withdrawals since its January 2024 debut, underscoring waning institutional enthusiasm for Bitcoin even as the cryptocurrency’s price steadies. More than $2.7 billion exited the fund over the five weeks ending Nov. 28, according to Bloomberg-compiled data. Another $113 million in redemptions on Thursday put the ETF on track for a sixth consecutive week of net outflows.
The IBIT fund, which manages over $71 billion in assets, has long been a primary entry point for traditional investors seeking Bitcoin exposure. The persistent outflows mirror Bitcoin’s descent into a bear market following a sharp October liquidation that erased more than $1 trillion in overall crypto market value. BlackRock did not immediately comment on the trend.
Although Bitcoin has recaptured some ground this week, the ongoing retreat from the ETF points to a notable shift in sentiment within a market historically driven by momentum. Glassnode, a blockchain analytics firm, described the pattern as a clear reversal from the steady inflows that buoyed prices earlier in the year and as evidence of cooling capital allocation toward the asset.
Bitcoin traded near $92,000 in London on Friday morning, down 27% from its October peak, highlighting the lingering caution among investors amid continued volatility.
