BlackRock’s flagship Bitcoin ETF is seeing its heaviest redemption cycle since launch, with more than $2.7 billion pulled over the past five weeks as institutional flows continue to unwind into year-end.

The iShares Bitcoin Trust (IBIT), which ballooned into a $71 billion vehicle during Bitcoin’s run to record highs, has now logged five straight weeks of outflows through Nov. 28, Bloomberg data shows.

Another $113 million exited on Thursday, putting the fund on track for a sixth week in the red, its longest streak since debuting in early 2024.

The withdrawals mirror the broader shift in crypto positioning since October’s liquidation shock, when leveraged wipeouts erased over a trillion dollars in digital-asset market value and pushed Bitcoin into a confirmed bear phase.

IBIT was the largest single conduit for institutional inflows earlier this year, but that bid has reversed as fund managers cut exposure ahead of bonus season and macro uncertainty picks up.

Bitcoin has recovered to the low $92,000s this week, yet flows remain negative. Analysts say that matters more for directionality than short-term price action. Glassnode noted that the outflow cycle marks a clear break from the steady accumulation regime that underpinned BTC’s climb into October, describing the current trend as a cooling in fresh capital allocation rather than a structural exit.

Bitcoin remains down about 27% from its all-time high set in early October, and IBIT’s flow data is increasingly viewed as a proxy for broader U.S. demand.