BlackRock's Bitcoin Trust Bleeds $122M as Investors Cut Losses

The US spot crypto ETF market has experienced its first net capital outflow in three weeks, with BlackRock's iShares Bitcoin Trust (IBIT) at the epicenter of the sell-off.

The fund, which holds a total net asset value of $46.18 billion, saw investors lock in losses en masse after its one-year return dipped to -45.62%.

The scale of IBIT's clients has turned their actions into a market-wide trigger, with a net outflow of $122.06 million recorded during the latest trading session.

This accounted for almost half of the market-wide outflow of $265.37 million, with other competitors such as Fidelity's FBTC and Ark 21Shares' ARKB also experiencing withdrawals.