The largest public fund tracking bitcoin (BTC) recorded its largest outflows on Thursday, almost a year after its launch.
BlackRock’s IBIT, which is listed on Nasdaq and has more than $53 billion in net assets, saw more than $332 million leave the fund on Thursday, according to data source SoSoValue. These surpass a previous record held short of $188 million at the end of December.
IBIT has recorded a series of outflows since December 20 for the first time in its history, data shows, ranging from $17 million to Thursday’s figures.
Large capital outflows can be seen as a lack of confidence in the ETF’s strategy, sector or broader market segment. However, it could also be due to investors rebalancing their portfolios or taking profits, not necessarily a negative outlook for the ETF.
However, other ETFs saw inflows: Bitwise’s BITB received $48 million and Fidelity’s FBTC received $36 million. Grayscale’s GBTC was the only other ETF with outflows of $23 million.
Bitcoin is trading just under $97,000 at the time of writing, up 1.5% in the last 24 hours.
