BlackRock IBIT sees net outflows for two consecutive weeks for the first time

U.S. spot bitcoin ETFs generally recovered over the past week as bitcoin prices rebounded. The 12 funds recorded $245 million in weekly net inflows, the third-smallest total so far, but an improvement from last week's $388 million in net outflows, according to SoSoValue data. However, the largest such fund by net asset value, BlackRock IBIT, saw weekly net outflows for the second consecutive week, despite both trading weeks being only four days due to the holidays. This is the first time the market's largest spot bitcoin ETF has seen such a losing streak; its $54.3 billion net asset value (NAV) still far exceeds its largest competitors, Fidelity FBTC and Grayscale GBTC, which both have NAVs of about $20 billion.