What to Know

• BlackRock’s IBIT, which manages over $53 billion in assets, recorded over $332 million in outflows on Thursday.
• This figure surpasses the previous record outflow of $188 million recorded in late December.

The largest public fund tracking Bitcoin (BTC) experienced its highest outflows on Thursday, almost a year after its launch. BlackRock’s Nasdaq-listed IBIT witnessed over $332 million exit the fund, as reported by data provider SoSoValue. These outflows have been ongoing since December 20 for the first time in its history, with amounts fluctuating from $17 million to the latest total.

Large outflows might indicate a lack of investor confidence in the fund’s strategy or the wider market, but they can also reflect portfolio rebalancing or profit-taking, rather than a strictly negative sentiment.

In contrast, other ETFs such as Bitwise’s BITB and Fidelity’s FBTC saw inflows of $48 million and $36 million, respectively, although Grayscale’s GBTC also suffered outflows amounting to $23 million. Bitcoin is currently trading just below $97,000, reflecting a 1.5% increase over the past 24 hours.