BlackRock Bitcoin ETF sees outflows for the fifth consecutive week, totaling over $2.7 billion.

According to data compiled by Bloomberg, BlackRock's iShares Bitcoin Trust (IBIT) experienced its longest weekly outflow since its launch in January 2024, with investors withdrawing over $2.7 billion from the ETF in the five weeks ending November 28. As of Thursday, the ETF saw another $113 million in redemptions, potentially marking its sixth consecutive week of net outflows. IBIT currently manages over $71 billion in assets. Blockchain analytics firm Glassnode stated that this trend signifies a significant reversal of the previous sustained inflow mechanism supporting the price, reflecting a cooling of new capital allocation to the asset. Bitcoin is currently trading at approximately $92,000, down 27% from its October peak.