BlackRock Inc. (NYSE: BLK) is seeing persistent withdrawals from its iShares Bitcoin Trust (NASDAQ: IBIT) as investors pulled more than $2.7 billion over five consecutive weeks.
Largest Outflow Stretch Since IBIT's Launch
IBIT is facing its longest run of withdrawals since it began trading in January 2024, Bloomberg reported on Friday.
Bloomberg data shows more than $2.7 billion left the fund over the five weeks through Nov. 28, with another $113 million exiting on Thursday.
The steady pullback follows Bitcoin's (CRYPTO: BTC) deeper correction in October, when a rapid liquidation erased more than $1 trillion in cryptocurrency market value.
With more than $71 billion in assets, the ETF has been a key vehicle for institutional exposure, making the reversal in flows notable.
The sustained withdrawals also erase the institutional inflow regime that acted as Bitcoin's primary macro advantage for most of the year.
Earlier this week, blockchain analytics firm Glassnode said the pullback shows a "clear transition away from the strong inflow regime that supported price earlier in the year."
IBIT Technical Structure Weakens After Trendline Breakdown
IBIT has slipped below a rising trendline that supported price throughout last year, marking a notable change in structure.
The breakdown turned former support into resistance and left IBIT trading beneath the major EMAs.
The recent rebound toward $52–$53 appears to be a routine oversold reaction rather than a confirmed reversal.
The 20-day EMA near $53.3 remains the first major barrier.
Failure to close above this level keeps momentum tilted lower.
The $47–$48 region acted as a temporary base, but losing that floor on another rejection may expose IBIT to the broader support range near $44–$45.
RSI remains below 50, reinforcing weak upside momentum.
BlackRock Shares Attempt Recovery As Technical Tests Loom
Shares of BlackRock Inc. have bounced from steep October lows near $986 but now face key Fibonacci resistance.
The $1,073–$1,075 area marks the first major hurdle, aligning with the 0.382 retracement of the prior decline.
A larger cluster of resistance sits between $1,100 and $1,127, an area that corresponds with a prior breakdown zone.
Clearing this region would require strong buying conviction and may signal a more durable trend shift.
Support sits around $1,040, followed by psychological backing near $1,000.
Momentum indicators have improved, with the Supertrend flipping positive and the Parabolic SAR now printing below price.