BlackRock's Bitcoin (BTC) spot exchange-traded fund (ETF), known as IBIT, has experienced its largest net outflow since its launch, with $190 million exiting the fund in a single day. The significant outflow was reported by Trinews on January 23, 2023, citing Bloomberg data. The news of the net outflow comes amid the broader market decline in cryptocurrencies. The total crypto market cap has fallen below $1 trillion, reaching its lowest point since November 2020. Bitcoin, the largest cryptocurrency by market cap, has also taken a hit, dropping below $23,000 and reaching its lowest price since December 2020. The net outflow from IBIT suggests that investors are becoming increasingly cautious about the cryptocurrency market. Despite the growing popularity of spot ETFs, the recent market downturn may be causing investors to reassess their exposure to digital assets. It is important to note that the net outflow data for other US BTC spot ETFs has yet to be compiled. Therefore, it is too early to determine if IBIT's outflow is an isolated incident or a broader trend among BTC spot ETFs.

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