BlackRock’s marquee Bitcoin ETF is undergoing its most intense stretch of redemptions since launch, with institutional investors pulling more than $2.7 billion over the past five weeks as year-end positioning turns defensive. The iShares Bitcoin Trust (IBIT), which expanded to $71 billion in assets during Bitcoin’s rally to record levels, has now recorded five straight weeks of outflows through Nov. 28, Bloomberg data shows.
The withdrawals continue to mount. An additional $113 million left the fund on Thursday, putting IBIT on pace for a sixth consecutive week of net redemptions—its longest losing streak since it debuted in early 2024.
The steady outflows align with the broader rotation seen across crypto markets since October’s sweeping liquidation event, which erased over a trillion dollars in digital-asset value and pushed Bitcoin firmly into a bear-market pattern. Earlier this year, IBIT served as the biggest channel for institutional inflows, but that trend has reversed as asset managers trim exposure ahead of bonus season and growing macro uncertainty.
Bitcoin has climbed back into the low $92,000 range this week, yet flows remain decisively negative—something analysts say carries more weight for market direction than short-term price fluctuations. According to Glassnode, the current redemption cycle represents a clear break from the accumulation phase that powered Bitcoin’s rise into October, signaling a slowdown in new capital deployment rather than a deeper structural withdrawal.
Despite the recent bounce, Bitcoin is still down about 27% from its early-October peak, and IBIT’s shifting flow profile is increasingly seen as a real-time gauge of broader U.S. appetite for the asset.
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