The outflow signals a broader shift in sentiment across the cryptocurrency ETF market. On the same day, Bitcoin ETFs collectively saw $347 million in outflows, ending a two-week stretch of net inflows.

IBIT, which has amassed over $48 billion in assets under management, had previously led the market with nearly $9 billion in inflows during its month-long streak.

On May 29, just one day before the sharp reversal, IBIT attracted $125 million in inflows while peer funds posted net redemptions—highlighting its previous resilience.

However, analysts now point to rising market volatility, unwinding of the popular basis trade strategy, and declining open interest in Bitcoin futures on the Chicago Mercantile Exchange as contributing factors behind the outflows.

IBIT has drawn approximately $37.2 billion in net inflows year-to-date, placing it among the top-performing U.S. ETFs of 2024 and securing over half of the U.S. spot Bitcoin ETF market share.

The fund’s performance comes amid price turbulence for Bitcoin, which has recently traded between $83,000 and $112,000. Market watchers view the pullback as a potential entry point. Analysts at AllianceBernstein and Standard Chartered have projected Bitcoin could reach $200,000 by the end of 2025, citing growing institutional adoption and a supportive U.S. regulatory backdrop.

Since receiving approval from the U.S. Securities and Exchange Commission in January 2024, BlackRock’s IBIT has become a cornerstone for institutional exposure to Bitcoin. Its low 0.25% expense ratio and Coinbase Prime integration have made it a top choice for investors.

The fund also expanded internationally with the launch of a European Bitcoin exchange-traded product (ETP) in March 2025, listed in Paris, Amsterdam and Frankfurt.

Earlier in May, IBIT’s assets under management peaked at $72 billion. During a recent 10-day inflow run, it captured $4.09 billion of the $4.2 billion that flowed into Bitcoin ETFs. “IBIT’s scale is unprecedented,” said Sumit Roy, senior analyst at . “It’s essentially responsible for the majority of spot crypto ETF inflows this year.”

Market analysts largely interpret the recent outflows as short-term profit-taking rather than a shift in long-term conviction. A Cointelegraph report cited the unwinding of leveraged positions and broader correction trends as probable drivers.

Despite the setback, sentiment around Bitcoin’s trajectory remains strong. Social media commentary and research notes continue to project long-term gains, with some forecasts eyeing $180,000 by year’s end.

As BlackRock’s IBIT weathers this volatility, its position at the center of the crypto ETF market remains secure. The fund’s response to the record outflow will be closely monitored as Bitcoin continues its evolution from speculative asset to institutional mainstay.