BlackRock's IBIT Suffers $300M Outflow as Bitcoin Demand Fades

BlackRock's IBIT fund shed $300 million as investors showed waning interest in bitcoin ETFs on Monday. This outflow was part of a broader trend, with U.S. spot bitcoin ETFs losing a net $231 million that day.

The decline comes at a time when risk appetite is surging elsewhere in the market. Wall Street's technology rally has spread to Asia, pushing the MSCI Asia Pacific index up 1% on the year's final trading day after semiconductor stocks rebounded.

However, this renewed interest in Asian tech hasn't translated to bitcoin ETFs. Samsung and SK Hynix have seen their shares surge, with the former gaining over 100% in the quarter and the latter nearly 240% since April. The yen has also weakened against the dollar, hitting its lowest level since 1986.