• Traders pulled $333 million from BlackRock’s iShares Bitcoin Trust ETF on Thursday, marking a record daily outflow.
• It marked the third straight day of outflows, the fund’s longest stretch ever.
• Bitcoin had been on a tear since Trump’s election win but has slowed its in recent weeks.

BlackRock’s spot bitcoin ETF saw record outflows yesterday as crypto takes a breather from its blockbuster rally.

Investors pulled $333 million from the iShares Bitcoin Trust ETF on Thursday, marking a record daily outflow since the fund debuted last January, according to Bloomberg data. The losses also make for a three-day losing streak, its longest stretch of consecutive outflows ever.

Bitcoin and the broader crypto market embarked on a big rally in the wake of Donald Trump’s election win in November.

Trump, a staunch crypto advocate along the campaign trail, elected several crypto advocates to lead his administration in the weeks after his win, helping push bitcoin above a key $100,000 threshold for the first time ever in early December.

The coin hit an all-time high of $108,315 in mid-December, marking a 59% gain since Election Day, while IBIT rose around 54% over the same period.

Since peaking in the middle of last month, though, the rally has slowed. Bitcoin’s price fell 3.2% in December for its first monthly drop since August, while daily outflows from BlackRock’s ETF hit a then-record of $189 million on December 24 before the latest plunge.

Other bitcoin ETFs are also seeing outflows. According to Bloomberg data, the broader group of a dozen bitcoin ETFs has seen net outflows totaling around $2 billion since December 19.

Some of that selloff came after the Federal Reserve‘s latest meeting, which resulted in a 25-basis point rate cut alongside a hawkish outlook for further easing next year.

Chair Jerome Powell’s hawkish stance, along with commentary from other Fed officials in recent weeks, has dented traders’ risk appetites and hopes for significant further monetary policy easing next year.