Finance Way 
On Thursday, traders took $333 million out of BlackRock’s iShares Bitcoin Trust ETF, setting a new daily withdrawal record.This marks the third consecutive day of withdrawals, the longest such streak for the fund to date.
Bitcoin had been on the rise since Donald Trump’s election victory, but has seen a decline in recent weeks. The BlackRock Spot Bitcoin ETF witnessed a record withdrawal yesterday as the cryptocurrency took a breather from its blockbuster rally.
Bloomberg reports that $333 million was taken out of the iShares Bitcoin Trust ETF by investors on Thursday, the largest daily withdrawal since the fund’s inception in January of last year.This also marks a three-day losing streak, which is the longest consecutive period of withdrawals for the fund.
After Trump’s election victory in November, there was a significant surge in Bitcoin and the broader crypto market. Trump, a staunch crypto supporter during his campaign, appointed several crypto advocates to lead his administration in the weeks following his win, which helped Bitcoin surpass the key $100,000 mark for the first time in early December.
By mid-December, the coin had reached an all-time high of $108,315, reflecting a 59% increase since Election Day, while the IBIT ETF gained about 54% during the same period. There has been a slowdown in the rise since it peaked in mid-December. Bitcoin’s price fell by 3.2% in December, marking its first monthly decline since August, while the daily withdrawals from BlackRock’s ETF reached a record $189 million before the latest dip on December 24.
Withdrawals are also being seen in other Bitcoin ETFs. Since December 19, there have been net outflows of around $2 billion from a larger group of roughly a dozen Bitcoin ETFs, according to Bloomberg statistics.
Some of this selling occurred following the Federal Reserve’s latest meeting, which resulted in a hawkish outlook for more tightening next year, alongside a 25-basis point rate cut.
Chair Jerome Powell’s hawkish stance, along with comments from other Fed officials in recent weeks, has reduced traders’ risk appetite and lowered expectations for significant monetary easing next year.
