Bitcoin's incredible rally in 2024 paused as institutional investors reduced their positions. BlackRock's iShares Bitcoin Trust ETF (IBIT), a spot Bitcoin fund, reported its biggest single-day outflow since its launch, with $333 million withdrawn yesterday (Thursday), according to Bloomberg data.

Third Consecutive Day of Outflows

The withdrawal marked the third straight day of outflows for the fund, highlighting a shift in sentiment. IBIT, which launched in January, had become popular among institutional investors, a factor that pushed Bitcoin to a record high of $108,315 in mid-December.

However, by year-end, the once unstoppable fund began to lose momentum. The decline in IBIT's inflows reflects a broader trend across the cryptocurrency sector.