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BlackRock's IShares Blockchain ETF Sees Record $523 Million Single-Day Outflow
BlockBeats News, November 19, BlackRock's iShares Bitcoin Trust (IBIT) recorded its largest single-day net outflow since its inception in January 2024.
IBIT saw a fund outflow of $523.15 million yesterday, exceeding the previous record of $463 million set on November 14. The ETF has seen net outflows for 5 consecutive days, totaling $1.43 billion. As the world's largest physically backed Bitcoin ETF (with net assets of $72.76 billion), IBIT has been experiencing a trend of outflows since late October. On a weekly basis, the fund has seen 4 consecutive weeks of outflows, totaling $2.19 billion.
This outflow of funds comes as Bitcoin has recently experienced a sharp decline, with the cryptocurrency falling from its all-time high of $126,080 in early October to below $90,000 earlier this week. Despite the continued outflow of funds, Vincent Liu, CIO of Kronos Research, stated that institutional investors are rebalancing rather than fully abandoning Bitcoin.
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