BlackRock Bitcoin ETF Sheds $2.7-B in Record Outflows

BlackRock Inc.’s iShares Bitcoin Trust has posted its longest streak of weekly withdrawals since its January 2024 debut — a sign that institutional demand for the world’s largest cryptocurrency remains weak even as prices stabilize, Sidharta Shukla reported for Bloomberg News.

The sustained withdrawals follow Bitcoin’s recent slide into a bear market. (Photo: iShares X) 

Investors withdrew more than $2.7 billion from the exchange-traded fund in the five weeks leading up to Nov. 28, according to Bloomberg-compiled data. Another $113 million in redemptions on Thursday puts the ETF on track for a sixth straight week of net outflows.

The IBIT fund manages more than $71 billion in assets and is considered the flagship vehicle for traditional investors seeking Bitcoin exposure.

The sustained withdrawals follow Bitcoin’s slide into a bear market after an early-October liquidation event that triggered a wipeout of more than $1 trillion in crypto market value.