BlackRock’s IBIT Bitcoin ETF Sees Record $2.7 Billion Exodus
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BlackRock Inc.(NYSE:BLK) is seeing persistent withdrawals from its iShares Bitcoin Trust(NASDAQ:IBIT) as investors pulled more than $2.7 billion over five consecutive weeks.
IBIT is facing its longest run of withdrawals since it began trading in January 2024, Bloomberg reported on Friday.
Bloomberg data shows more than $2.7 billion left the fund over the five weeks through Nov. 28, with another $113 million exiting on Thursday.
The steady pullback follows Bitcoin’s(CRYPTO: BTC) deeper correction in October, when a rapid liquidation erased more than $1 trillion in cryptocurrency market value.
With more than $71 billion in assets, the ETF has been a key vehicle for institutional exposure, making the reversal in flows notable.
The sustained withdrawals also erase the institutional inflow regime that acted as Bitcoin’s primary macro advantage for most of the year.
Earlier this week, blockchain analytics firm Glassnode said the pullback shows a “clear transition away from the strong inflow regime that supported price earlier in the year.”
Shares of BlackRock Inc. have bounced from steep October lows near $986 but now face key Fibonacci resistance.
The $1,073–$1,075 area marks the first major hurdle, aligning with the 0.382 retracement of the prior decline.
A larger cluster of resistance sits between $1,100 and $1,127, an area that corresponds with a prior breakdown zone.
Clearing this region would require strong buying conviction and may signal a more durable trend shift.
Support sits around $1,040, followed by psychological backing near $1,000.
Momentum indicators have improved, with the Supertrend flipping positive and the Parabolic SAR now printing below price.
Image: Shutterstock
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