BlackRock’s flagship Bitcoin ETF is seeing its heaviest redemption cycle since launch, with more than $2.7 billion withdrawn over the past five weeks as institutional flows continue to ease for year-end.
The iShares Bitcoin Trust (IBIT), which ballooned into a $71 billion vehicle during Bitcoin’s run to record highs, has now recorded five straight weeks of outflows through Nov. 28, Bloomberg data show.
Another $113 million left Thursday, putting the fund on track for a sixth week in the red, its longest streak since debuting in early 2024.
The pullbacks reflect the broader shift in crypto positioning since October’s liquidation shock, when leveraged wipeouts erased over a trillion dollars in market value for digital assets and pushed Bitcoin into a confirmed bear phase.
IBIT was the single largest channel for institutional inflows earlier this year, but that bid has reversed as fund managers cut exposure ahead of bonus season and macro uncertainty increases.
Bitcoin has recovered to the lows of $92,000 this week, but flows remain negative. Analysts say that means more for directionality than short-term price action. Glassnode noted that the outflow cycle marks a clear break from the stable accumulation regime that supported BTC’s rise into October, describing the current trend as a cooling in fresh capital allocation rather than a structural exit.
Bitcoin is still down about 27% from its all-time high in early October, and IBIT’s flow data is increasingly seen as a proxy for broader US demand.
