BlackRock’s (BLK) leading Bitcoin (BTC) exchange-traded fund (ETF) continues to see record outflows as cryptocurrency markets remain volatile.
Another $113 million U.S. was pulled from the fund on Dec. 4, putting it on track for a sixth week of redemptions, its longest losing streak since its debut in January 2024.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) has now seen $2.7 billion U.S. pulled from it over the past five weeks as institutional investors continue to unwind their positions.
The iShares Bitcoin Trust had $71 billion U.S. of assets under management when Bitcoin was trading at a record high of $126,000 U.S. in early October.
The withdrawals from the fund managed by BlackRock, the world’s largest asset manager, mirror a broader decline in the crypto sector since the October peak.
Bitcoin is currently trading at $91,300 U.S. after falling as low as $84,000 U.S. in the last two weeks.
The IBIT ETF had been the largest single fund among about a dozen that track the spot price of Bitcoin.
However, institutional fund managers continue to cut exposure to cryptocurrencies as macroeconomic uncertainty rises in the U.S.
BTC is now down about 2% on the year amid a broader rout in digital assets.
