US spot Bitcoin exchange-traded funds recorded a net outflow of $299.8 million on Wednesday, the fifth consecutive trading day of withdrawals, according to COINOTAG. The streak, which began on Nov. 5, has removed roughly $1.44 billion from the funds in aggregate.

Wednesday's outflow ran at roughly 3.2 times Tuesday's $95 million, the report noted, marking a sharp acceleration in the pace of net withdrawals relative to the prior session. Per COINOTAG, BlackRock's IBIT drove the day's outflows. The report also noted that the price of Bitcoin (BTC) held at the time of publication.

IBIT — the iShares Bitcoin Trust, listed on the Nasdaq exchange under the ticker IBIT — debuted in January 2024 as part of the first group of US spot Bitcoin ETFs approved by the SEC. It has since grown into the largest US spot Bitcoin ETF by assets under management, a scale that gives its daily creations and redemptions outsized influence over the category-wide totals that observers track.

US spot Bitcoin ETFs disclose their daily fund flows, and net outflows indicate that redemptions exceeded creations across the products for the day. Since the funds began trading in January 2024, they have provided investors with exposure to Bitcoin through standard brokerage accounts, and their daily flow figures are widely tracked by market observers because they offer a daily, publicly disclosed read on how much net capital moves into or out of the funds. With each trading session producing a new print, the next disclosure will show whether the withdrawal streak extends to a sixth day or comes to an end.

This content was first published on COINOTAG: https://en.coinotag.com/bitcoin-etf-outflows-fifth-day-ibit-299-million