BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw net outflows of US$332.6 million on Friday, the largest daily outflow since its launch last year.
It surpassed its previous record of US$188.7 million on December 24.
With a trading volume of US$2.26 billion, the outflows are likely attributed to institutional portfolio rebalancing or reactions to bitcoin’s price movements, according to Neal Wen of Kronos Research.
Despite these outflows, IBIT remains the largest spot bitcoin ETF globally, with total net inflows of US$36.9 billion and assets nearing US$53.5 billion.
Meanwhile, other U.S. spot bitcoin ETFs such as Bitwise and Fidelity reported inflows, while Grayscale’s GBTC saw outflows.
The overall United States bitcoin ETFs experienced net outflows of US$242.3 million on Friday while ethereum ETFs saw US$77.5 million in outflows.
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