The fund also suffered a third consecutive day of outflows, its longest losing streak, according to data compiled by Bloomberg.

As the largest spot Bitcoin fund with over US$53 billion in assets and nearly US$37 billion in inflows, IBIT proved a major hit with institutional investors after a January launch and helped push the largest digital asset to an all-time high of US$108,315 in mid-December.

The tapering of flows to IBIT is another sign of Bitcoin’s record-breaking run in 2024 taking a breather.

The group of a dozen Bitcoin exchange-traded funds in the US have posted a net outflow of about US$2 billion since Dec 19, according to data compiled by Bloomberg.

Open interest — or outstanding contracts — for Bitcoin futures hosted by Chicago-based CME Group Inc, seen as a measure of US institutional demand, also fell nearly 20% from its December peak.

“The outflows and decreased open interest is expected with institutions paring back risk and window dressing for year-end balance sheet adjustments,” said Paul Howard, senior director at crypto market maker Wincent.

BlackRock didn’t immediately respond to a request for comment from Bloomberg News.

Bitcoin was trading at US$96,465 at 6.03am today in New York, about 11% below its record high.