The largest public fund tracking bitcoin (BTC) recorded its highest outflows on Thursday, nearly one year after going live.

BlackRock’s Nasdaq-listed IBIT, which holds over $53 billion in net assets, saw over $332 million leave the fund on Thursday, according to data source SoSoValue. These exceed a short-held previous record of $188 million in late December.

IBIT has recorded a string of outflows since Dec. 20 for the first time in its history, data shows, ranging from $17 million to as much as Thursday’s figures.

Large outflows can be seen as a lack of confidence in the ETF's strategy, sector, or broader market segment. However, it could also be due to investors rebalancing their portfolios or taking profits, not necessarily a negative outlook on the ETF.

Other ETFs recorded inflows, however, with Bitwise’s BITB taking on $48 million and Fidelity’s FBTC taking in $36 million. Grayscale’s GBTC was the only other ETF with outflows at $23 million.

Bitcoin trades just under $97,000 at writing time, up 1.5% in the past 24 hours.

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