BlackRock Inc. (NYSE:BLK) is seeing persistent withdrawals from its iShares Bitcoin Trust (NASDAQ:IBIT) as investors pulled more than $2.7 billion over five consecutive weeks.
Largest Outflow Stretch Since IBIT’s Launch
IBIT is facing its longest run of withdrawals since it began trading in January 2024, Bloomberg reported on Friday.
Bloomberg data shows more than $2.7 billion left the fund over the five weeks through Nov. 28, with another $113 million exiting on Thursday.
The steady pullback follows Bitcoin’s (CRYPTO: BTC) deeper correction in October, when a rapid liquidation erased more than $1 trillion in cryptocurrency market value.
With more than $71 billion in assets, the ETF has been a key vehicle for institutional exposure, making the reversal in flows notable.
The …Full story available on Benzinga.com
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