BlackRock’s iShares Bitcoin Trust just posted its heaviest week of outflows yet, with about $1.01 billion pulled from the product between May 18 and May 22. Over that same stretch, the broader group of U.S. spot Bitcoin ETFs saw roughly $1.26 billion in net outflows.
That made it one of the sharpest weekly pullbacks for the category this year, and the scale stood out because IBIT has usually been a main source of fresh money into the ETF complex. Earlier in the week, daily redemptions from IBIT reached $448.36 million in one session, underscoring how concentrated the selling became.
The immediate backdrop was a rise in U.S. Treasury yields, which lifted returns on government debt and coincided with weaker appetite for risk assets. Bitcoin briefly fell below $77,000 before recovering, even as the ETF group logged heavy withdrawals led by BlackRock’s fund.