BlackRock’s flagship Bitcoin ETF is now enduring its most sustained redemption wave since its launch, with more than $2.7 billion withdrawn over the past five weeks as institutional investors continue to trim exposure into year-end. The iShares Bitcoin Trust (IBIT), which swelled to $71 billion in assets during Bitcoin’s surge to record highs, has posted five consecutive weeks of outflows through Nov. 28, according to Bloomberg data.

Redemptions show no sign of easing. Another $113 million exited the fund on Thursday, putting IBIT on course for a sixth straight week in the red—its longest such stretch since debuting in early 2024.

The exodus reflects a broader recalibration across crypto markets following October’s sharp liquidation event, when leveraged washouts erased more than a trillion dollars in digital-asset value and pushed Bitcoin decisively into a bear-phase structure. IBIT, once the single largest magnet for institutional inflows earlier in the year, has seen that demand flip as fund managers reduce risk ahead of bonus season and rising macro uncertainty.

Bitcoin has rebounded into the low $92,000s this week, but ETF flows remain firmly negative—something analysts argue carries more directional weight than short-term price swings. On-chain analytics firm Glassnode noted that the current outflow cycle marks a clear departure from the steady accumulation trend that fueled Bitcoin’s advance into October, framing the shift as a cooling in new capital allocation rather than a deeper structural unwind.

Bitcoin remains roughly 27% below its early-October all-time high, and IBIT’s flow trajectory is increasingly being watched as a key barometer of broader U.S. demand for the asset.