A major cryptocurrency market player finds itself on the unusual side of history after experiencing the largest outflows in months.

Leading asset manager BlackRock ended its Bitcoin exchange-traded fund’s inflow streak after recording a $72.7 million outflow on December 20.

The biggest outflow in history

Data showed that the BlackRock Bitcoin ETF (IBIT) saw its biggest outflow since its launch in January this year.

According to Investors from FarsideThe global asset manager’s Bitcoin ETF saw an outflow of 72.7 million in December, the highest in IBIT’s history. They added that this came a day after IBIT reported zero flows, prompting investor concern over the listed fund.

Source: Farside Investors

IBIT is not alone, as on December 19, a day before the same event, another ETF issuer, Fidelity Wise Origin Bitcoin Fund (FBTC), also saw its highest-ever outflow of $208.5 million.

Analysts say that the next day, on December 20, FBTC saw another outflow of approximately $71.9 million, causing EFT to go on a two-day streak of outflows.

IBIT and FBTC are among the most effective funds listed on the stock exchange in the United States. After a month of presence on the market, ETF issuers took 1st and 2nd place among the 25 largest ETFs in terms of assets.

Market observers say the US Spot ETF on Bicoin record outflows in the market for two consecutive days were driven by record high outflows from BlackRock and Fidelity.

The data showed that the ETF market lost $671.9 million on December 19, with another $277 million flowing out the next day, December 20.

Some investors are concerned

The massive outflows experienced by two of the largest ETF issuers in the US have left cryptocurrency investors concerned about the outlook for ETFs in the coming months.

However, analysts said the arduous experiences faced by BlackRock and Fidelity should not surprise traders as both international asset management companies were largely responsible for the vast inflow of funds.

Some investors fear that recent developments in ETFs could become a tipping point that could lead to a significant reduction in institutional investor appetite for Bitcoin exposure.

Market observers argued that outflows may not continue, adding that after Bitcoin previously fell to $92,710. alpha crypto it bounced and soared up again.

Bitcoin Volume Down

Trade analysts said Bitcoin market volume fell to $59.50 billion, a 52% decline in its total volume, belying the surge the cryptocurrency enjoyed following Donald Trump’s US election victory last month.

During the cryptocurrency bull market, Bitcoin reached its all-time high of $108,000 per coin in November.

In the same month, the US spot Bitcoin ETF also benefited from the cryptocurrency bull market after achieving record net inflows of $6.2 billion.

At the time of publication, Bitcoin is traded $95,359 per coin, down 1.3% over the past 24 hours, with a total market capitalization of $1.9 trillion.

Featured image from CNN, chart from TradingView