#What Happened to BlackRock's iShares Bitcoin Trust?
BlackRock’s iShares Bitcoin Trust, also known as IBIT, experienced significant withdrawals recently, totaling over $355 million in net outflows recorded on November 20. This marks a troubling trend as the fund and others focused on US spot Bitcoin ETFs suffered negative flows. So far this week, total withdrawals have approached $964 million, with a notable $523 million removed just on Tuesday.
The situation worsened for Bitcoin-focused funds, as net outflows for all US spot Bitcoin ETFs surged to approximately $903 million on Thursday. This reversal follows a brief period of inflows witnessed just a day prior. The majority of these outflows can be attributed to significant contributions from IBIT, Grayscale’s GBTC, and Fidelity’s FBTC.
#How Did Bitcoin Price React?
The price of Bitcoin saw fluctuations during this time, achieving a peak above $92,000 during intraday trading. However, this momentum dissipated rapidly once US markets opened, leading to a decline that saw Bitcoin drop below $88,000 and further extend to a low of $85,400, according to data from CoinGecko.