Investors yanked more than $2.7 billion from the exchange-traded fund over the five weeks to Nov. 28, according to data compiled by Bloomberg. 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 oversees more than $71 billion in assets and has served as the flagship vehicle for traditional investors seeking exposure to Bitcoin. The sustained period of outflows aligns with Bitcoin’s slide into a bear market following a severe liquidation event in early October, which kicked off a more than $1 trillion wipeout in crypto market value.
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BlackRock didn’t immediately respond to a request for comment.
While Bitcoin has recovered some ground this week, the sustained ETF outflows highlight 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 said in a recent note.
Bitcoin was trading around $92,000 as of 8:10 a.m. in London on Friday, down 27% from its peak in October.