BlackRock's IBIT sees a record $523 million in single-day outflows

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

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

This outflow coincides with a significant recent drop in Bitcoin, which fell below $90,000 earlier this week from its all-time high of $126,080 set in early October. Despite the ongoing outflows, Vincent Liu, CIO of Kronos Research, stated that institutional investors are rebalancing rather than completely abandoning Bitcoin.