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Amid widespread volatility in the digital currency market, BlackRock’s iShares Bitcoin Trust recorded a net outflow of US$114 million on November 28.
The notable exit reflects a segment of investors continuing to reduce exposure to cryptocurrencies during the current period.
The move signals declining investor interest in U.S. spot Bitcoin funds, which have seen sharp selloffs over the past few weeks.
BlackRock data shows that many clients reduced their Bitcoin positions as the market fell broadly.
Affected by high market uncertainty and cryptocurrency price volatility, other major funds have also experienced intense selling waves, which is consistent with the hedging strategies of institutional investors during turbulent times.
Despite outflows from IBIT funds, U.S. spot Bitcoin funds closed higher on Friday, benefiting from new inflows from funds managed by Fidelity, Ark Invest and Grayscale, which raised $71 million in value.
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