BlackRock’s Bitcoin ETF posts record outflow after banner year

(Bloomberg) — Investors took a net $333 million from BlackRock Inc.’s iShares Bitcoin Trust ETF (IBIT) on Thursday, the largest amount withdrawn from the benchmark fund since its launch.

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The fund also suffered a third straight day of outflows, its longest losing streak, according to data compiled by Bloomberg.

As the largest bitcoin spot fund with assets of more than $53 billion and inflows of nearly $37 billion, IBIT was a hit with institutional investors after its launch in January and helped push the largest digital asset to an all-time high of $108,315 in mid-December. .

Reducing inflows to IBIT is another sign of Bitcoin’s record-breaking break in 2024. A group of dozens of U.S. exchange-traded funds have recorded net outflows of about $2 billion since Dec. 19, according to data compiled by Bloomberg.

Open interest – or pending contracts – for bitcoin futures hosted by CME Group Inc. also fell. The Chicago-based stock, seen as a barometer of US institutional demand, is down nearly 20% from its peak in December.

“Outflows and lower open interest are expected as institutions trim risks and window dressing for year-end balance sheet adjustments,” said Paul Howard, senior director at cryptocurrency market maker Wincent.

BlackRock did not immediately respond to a request for comment from Bloomberg News.

Bitcoin was trading at $96,465 at 6:03 a.m. Friday in New York, about 11% below its record high.

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