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BlackRock\u2019s iShares Bitcoin Trust (IBIT) recorded $523 million in net outflows on Tuesday, its most significant single-day withdrawal since launching in January 2024. <\/p>\n
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The fund has now posted five consecutive days of outflows totaling $1.43 billion, contributing to four straight weeks of withdrawals amounting to $2.19 billion. The accelerating outflows coincide with Bitcoin\u2019s drop below $90,000, extending a steep decline from its early-October all-time high near $126,000.<\/p>\n
The update, courtesy of SoSoValue data<\/a>, comes on the heels of Abu Dhabi\u2019s sovereign wealth fund increasing its Bitcoin exposure just before the crypto market downturn. <\/p>\n Sovereign wealth and crypto don\u2019t often mix, but that\u2019s changing fast. Gulf-region funds, in particular, are increasingly allocating to digital assets as part of long-term diversification plays. Yet, new filings show that the crypto volatility remains a significant risk. <\/p>\n The Abu Dhabi Investment Council significantly increased its Bitcoin exposure in Q3, just before the Bitcoin (BTC) crash. Specifically, the fund acquired nearly 8 million<\/a> shares of BlackRock Inc.\u2019s iShares Bitcoin Trust (IBIT) ETF on September 30, according to disclosures to the U.S. Securities and Exchange Commission.<\/p>\n This purchase alone was worth about $518 million at the time, and it tripled its Bitcoin exposure. Just three months earlier, the fund held 2.4 million shares of the Bitcoin ETF. In a separate disclosure, the Mubadala fund stated that it owned 8.7 million shares of the IBIT ETF, valued at $567 million. <\/p>\n <\/p>\n Following this purchase, Bitcoin rallied to its all-time high of $126,198 on October 6. Shortly after, Bitcoin saw a major correction and is currently trading at $92,015. Yet, despite the crash, Abu Dhabi Investment Council stated it\u2019s not backing down from its strategy. <\/p>\nAbu Dhabi won\u2019t back down on Bitcoin<\/h2>\n
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