BlackRock's iShares IBIT Sees Record $523 Million Single-Day Outflow

BlockBeats News, November 19, on Tuesday, iShares Bitcoin Trust (IBIT) under BlackRock recorded its largest single-day net outflow since its establishment in January 2024.

IBIT saw a fund outflow of $523.15 million yesterday, exceeding the previous record of $463 million set on November 14. The ETF has experienced net outflows for 5 consecutive days, totaling $1.43 billion. As the world's largest physically backed Bitcoin ETF (with net assets of $72.76 billion), IBIT has been in a fund outflow trend since late October. On a weekly basis, the fund has seen 4 consecutive weeks of net outflows, totaling $2.19 billion.

This outflow of funds comes as Bitcoin has recently experienced a significant decline, with the cryptocurrency falling from its all-time high of $126,080 in early October to below $90,000 earlier this week. Despite the ongoing outflow of funds, Vincent Liu, CIO of Kronos Research, stated that institutional investors are rebalancing rather than completely abandoning Bitcoin.