As the largest spot Bitcoin fund with over $53 billion in assets and nearly $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 $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 $2 billion since Dec. 19, according to data compiled by Bloomberg.

Open interest — or outstanding contracts — for Bitcoin futures hosted by Chicago-based CME Group Inc., seen as a measure of US institutional demand, also fell nearly 20% from its December peak.