Net outflows from BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), exceeded $2 billion across nine consecutive trading sessions. On Wednesday, investors withdrew $269.7 million from IBIT, accounting for about 90% of the $300 million in net outflows recorded across US spot Bitcoin ETFs. The funds saw $1.44 billion in net outflows over five consecutive sessions, while Bitcoin traded near $73,000, down 8.5% over the past week. According to Bitfinex, slowing outflows could be an early sign of market stabilization but are not sufficient on their own to establish a recovery. Laser Digital cited weak spot demand, a persistently negative Coinbase premium and large liquidations of leveraged long positions.
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