BlackRock Bitcoin ETF sees $2.7 billion in net outflows over several consecutive weeks, setting a new record.

According to Bloomberg, BlackRock’s iShares Bitcoin Trust (IBIT) has recently experienced significant outflows, setting a record for consecutive weeks of net withdrawals since its launch in January 2024, indicating that institutional demand for Bitcoin remains weak. Bloomberg data shows that over the five weeks ending November 28, investors pulled more than $2.7 billion from the ETF, including a $113 million redemption on Thursday, putting the fund on track for its sixth consecutive week of outflows.

IBIT manages more than $71 billion in assets and has been an important vehicle for traditional investors to gain exposure to Bitcoin. The ongoing outflows are consistent with the bearish trend that followed a major liquidation event in early October, when the crypto market lost more than $1 trillion in market value. Although Bitcoin prices have rebounded recently, the trend of ETF outflows highlights a marked shift in market sentiment.

Blockchain analytics firm Glassnode noted in a report that this phenomenon marks a reversal in the inflow patterns that previously supported prices, reflecting a slowdown in new capital allocations to Bitcoin by investors. The cautious attitude of institutional investors may delay a market recovery, making it difficult for Bitcoin prices to sustain upward momentum.

As of 8:10 a.m. London time on Friday, Bitcoin was trading at around $92,000, down 27% from its October peak. Analysts say outflows from BlackRock’s ETF not only reveal weak institutional demand but could also exert ongoing pressure on Bitcoin’s short-term price volatility. As the market waits for new inflows, Bitcoin’s price trajectory remains uncertain, and investors should pay close attention to ETF fund movements and potential liquidation risks.