Bitcoin’s recent sharp decline has caused the largest spot Bitcoin ETF, iShares Bitcoin Trust, to fall into negative territory. Dollar-weighted returns are now below zero as Bitcoin’s price slid into the mid-$70,000 range. The fund peaked at $35 billion in October, making it BlackRock’s fastest fund to reach $70 billion in assets.

Investors are pulling out of Bitcoin ETFs and other crypto investment products, with nearly $1.1 billion in outflows from Bitcoin funds in one week. Total crypto fund outflows hit $1.73 billion, the largest weekly withdrawal since mid-November. Dwindling expectations of interest rate cuts and negative price momentum are driving the withdrawals.

Bitcoin was expected to act as a hedge against inflation and currency dilution but has not attracted as much interest as gold. Gold, which recently hit record highs above $5,400 per troy ounce, has remained in a sustained uptrend for over a year. Despite recent pullbacks, gold continues to attract investors seeking a safe haven.

Read more at Cointelegraph: Bitcoin Sell-Off Pushes IBIT Investor Returns Into the Red, CIO Says