On Thursday (January 2), investors net raised $333 million from BlackRock's iShares Bitcoin Trust ETF (IBIT), the most money withdrawn from the fund since its record-breaking launch.
According to data compiled by Bloomberg, the fund has also suffered losses for the third consecutive day, marking its longest losing streak.
As the largest spot Bitcoin fund with over $53 billion in assets and nearly $37 billion in inflows, IBIT faced significant blows from institutional investors after its launch in January and helped propel the largest digital asset to a historic high of $108,315 in mid-December.
The decrease in inflows to IBIT is another sign of Bitcoin's record-breaking run in 2024. According to data compiled by Bloomberg, net outflows from several U.S. Bitcoin exchange-traded funds since December 19 have amounted to approximately $2 billion.
The open interest or outstanding contracts for Bitcoin futures managed by CME Group Inc., based in Chicago, is seen as an indicator of U.S. institutional demand and has also declined by nearly 20% from the peak in December.
Paul Howard, senior director at crypto market maker Wincent, stated, 'As institutions reduce risk for year-end balance sheet adjustments, outflows and unsettled decreases are expected.'
BlackRock did not immediately respond to a request for comment from Bloomberg News.
On Friday morning, Bitcoin was trading at $96,421 in London, about 11% below its historical high.
