BlackRock's Bitcoin (BTC) Fund Records Largest Outflows Almost a Year After Going Live

IBIT has recorded a string of outflows since Dec. 20 for the first time in its history, data shows, ranging from $17 million to as much as Thursday's figures.

Nasdaq-listed IBIT from BlackRock, which contains over $53 billion in net assets, saw over $332 million leave the fund on Thursday, data from SoSoValue shows. This dwarfs a previous record set late December, which saw the fund net outflows of $188 million over a short period.

The fund has seen outflows for a string of days since Dec. 20 for the first time in its history, data shows, ranging from $17 million to as much as Thursday’s figures.

Large outflows can be seen as a lack of confidence in the ETF's strategy, sector, or broader market segment. However, it could also be due to investors rebalancing their portfolios or taking profits, not necessarily a negative outlook on the ETF.

Other ETFs saw inflows, however, with Bitwise’s BITB taking on $48 million and Fidelity’s FBTC taking in $36 million. Grayscale’s GBTC was the only other ETF with outflows at $23 million.

Bitcoin trades just under $97,000 at writing time, up 1.5% in the past 24 hours.