BlackRock Fund is witnessing the longest series of losses… and Bitcoin continues to dissipate gains

Investors withdrew a net amount of approximately $333 million from the iShares Bitcoin Trust ETF, affiliated with BlackRock, yesterday, Thursday, which is the largest amount withdrawn from the fund since its launch.

This is the third day in a row in which the Fund witnessed outflows, thus witnessing the longest series of losses.

As the largest spot Bitcoin fund with assets of more than $53 billion and inflows of about $37 billion, iShare Bitcoin Trust (IBIT) proved a huge hit with institutional investors after its launch last January and helped push the largest digital asset Bitcoin (BTC) to an all-time high of… 108.32 thousand dollars in mid-December.

The reduction in flows to the iShare Bitcoin Trust (IBIT) fund is another sign that Bitcoin’s record rally in 2024 is taking a break.

A group of 12 U.S.-based Bitcoin exchange-traded funds have recorded net outflows of about $2 billion since December 19.

Open interest, or outstanding contracts, for BTC futures hosted by Chicago-based CME Group Inc, which is seen as a measure of US institutional demand, has also fallen by about 20% from its peak in December.

“Outflows and lower open interest are expected as institutions reduce risk and decorate the façades for year-end balance sheet adjustments,” said Paul Howard, senior director at cryptocurrency market maker Wincent.

BlackRock declined media agencies’ requests to comment on that event.

Bitcoin BTC is trading at 12:43 pm GMT at $96,631.45 per currency, down 0.43% in 24 hours, and up 0.69% in a week, and rose by 0.5% in a month, by 65.48% in 6 months, and by 124.86% in a year. complete