Investors yanked a net US$333 million (HK$2.6 billion) from BlackRock's iShares Bitcoin Trust ETF on Thursday, the most withdrawn from the record-breaking fund since its launch.
The fund also suffered a third consecutive day of outflows, its longest losing streak, according to data compiled by Bloomberg.
As the largest spot Bitcoin fund with over US$53 billion in assets and nearly US$37 billion in inflows, IBIT proved a major hit with institutional investors after a January launch and helped push the largest digital asset to an all-time high of US$108,315 in mid-December.
The tapering of flows to IBIT is another sign of Bitcoin’s record-breaking run in 2024 taking a breather. The group of a dozen Bitcoin exchange-traded funds in the US have posted a net outflow of about US$2 billion since December 19, according to data compiled by Bloomberg.
Open interest — or outstanding contracts — for Bitcoin futures hosted by Chicago-based CME Group, seen as a measure of US institutional demand, also fell nearly 20 percent from its December peak.
(Bloomberg)
