The longest run of weekly withdrawals from BlackRock Inc.'s iShares Bitcoin Trust since its launch in January 2024 indicates that institutional demand for the biggest cryptocurrency in the world is still low despite price stabilization.
According to data gathered by Bloomberg, investors withdrew more than $2.7 billion from the exchange-traded fund during the five weeks leading up to November 28.
The ETF is currently on track for a sixth consecutive week of net outflows following an extra $113 million in redemptions on Thursday.
The IBIT fund, which manages over $71 billion in assets, has been the main platform for conventional investors looking to gain exposure to Bitcoin.
The prolonged period of withdrawals coincides with Bitcoin's decline into a bear market after a significant liquidation event in early October that caused the value of the cryptocurrency market to plummet by more than $1 trillion.
A request for comment was not immediately answered by BlackRock. Even if Bitcoin has made some progress this week, the persistent ETF withdrawals show how attitude has changed in a market that has always been driven by momentum.
According to a recent statement from blockchain analytics company Glassnode, the pattern "marks a clear reversal from the persistent inflow regime that supported price earlier in the year, and reflects a cooling of new capital allocation into the asset." As of 8:10 a.m. on Friday in London, Bitcoin was selling at about $92,000, a 27% decrease from its October peak.
