BlackRock's Bitcoin ETF recorded its longest consecutive week of net outflows, accumulating to $2.7 billion over five weeks.

BlackRock's iShares Bitcoin Trust (IBIT) has recorded its longest consecutive weekly net outflow since its launch in January 2024, indicating that institutional interest in Bitcoin remains weak even as prices stabilize.

Data shows that investors redeemed over $2.7 billion from the ETF in the five weeks ending November 28th. With another $113 million in redemptions on Thursday, the ETF is now heading for its sixth consecutive week of net outflows.

A recent report from Glassnode noted that this trend "marks a clear reversal of the sustained inflows that previously supported price increases, reflecting a cooling of new capital allocation enthusiasm for the asset."

[PANews]