Investors pulled millions from BlackRock’s iShares Bitcoin Trust ETF (IBIT) on Thursday, marking the fund’s largest daily outflow since going live last January. The recent record-high outflow beats its previous record of roughly $189 million posted on Christmas Eve.
Despite the hiccups in the new year, IBIT had a blockbuster run in 2024.
BlackRock’s IBIT Kicks Off 2025 With Jaw-Dropping $332 Million Outflow
As U.S. trading resumed following the New Year’s Day closure, BlackRock’s Nasdaq-listed IBIT reported net outflows of over $332.6 million, data from Farside Investors shows.
The huge IBIT outflows drove U.S. spot Bitcoin exchange-traded funds overall flows into the negative territory on Thursday, even as several other BTC ETFs recorded moderate inflows. In total, the dozen Bitcoin ETFs reported net outflows of $242 million.
Bitwise’s BITB led daily inflows with $48.3 million, followed by Fidelity FBTC’s $36.2 million. ARK Invest and 21Shares’ ARKB, Grayscale mini Bitcoin Trust, and VanEck’s HODL also posted net inflows on Dec. 2.
The only other fund that saw a net outflow was Grayscale’s GBTC, totaling $23.13 million.
IBIT has experienced a series of net outflows since Dec. 20. While massive outflows can be seen as a sign of a lack of confidence in the ETF, BlackRock’s ETF still ranks third for inflows among all ETFs in the US in 2024 with $37 billion, as per data shared by Bloomberg’s senior ETF analyst, Eric Balchunas.
The Vanguard 500 Index Fund, with $116 billion in inflows for the year, leads the charge. The iShares Core S&P 500 ETF ranks second with $89 billion in inflows.
“So maybe in 2025, Bitcoin ETFs take top spot via more inflows and higher prices,” posited Bitcoin pioneer Adam Back.
Bitcoin Price Languishes Below $100,000
Meanwhile, the price of Bitcoin has been struggling below the $100K mark amid the record outflows from the largest public fund tracking BTC and an increasingly hawkish U.S. Federal Reserve.
As of press time, CoinGecko data indicates that Bitcoin is changing hands for roughly $97,156 after gaining 0.1% over the last 24 hours and 1.9% in the past seven days. The current price is nearly 10.3% below the alpha crypto’s current all-time high of $108,135 posted on Dec. 17.
Traders anticipate Bitcoin’s price movement to remain rangebound until late January, with a significant upsurge expected from February going forward as pro-crypto President-elect Donald Trump officially takes office.
