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BlackRock sees $2.34B in IBIT outflows during November
BlackRock's spot Bitcoin ETF, IBIT, experienced significant net withdrawals in November, totaling approximately $2.34 billion. Despite the drawdown, the asset manager maintains a long-term, bullish outlook for its ETF suite and views the movement as a normal market adjustment following rapid inflows earlier in the year.
Context from BlackRock leadership
Speaking in São Paulo at the Blockchain Conference 2025, BlackRock business development director Cristiano Castro highlighted how quickly allocations to Bitcoin ETFs expanded this year, calling that growth 'a big surprise' and noting the ETFs have become a major revenue driver for the firm.
Castro emphasized the structural role ETFs play in capital allocation and liquidity management, saying that short-term compression and withdrawals are a routine part of ETF lifecycle dynamics — particularly for vehicles with heavy retail participation. 'ETFs are very liquid and powerful instruments,' he said after his panel. 'They exist to let people allocate capital and manage cash flow. What we’ve been seeing is perfectly normal; any asset that starts to experience compression usually has this effect, especially in an instrument that is heavily controlled by retail investors.'
Recent flow details and market reaction
IBIT's outflows were concentrated mid-month, with the two largest single-day redemptions estimated at about $523 million on Nov. 18 and roughly $463 million on Nov. 14. These withdrawals came after a period of record demand that pushed combined listings under the IBIT nameplate near $100 billion in assets at peak.
IBIT performance over the past month
Performance recovery and broader ETF flows
As Bitcoin climbed back above $90,000, holders of BlackRock’s spot Bitcoin ETF moved back into aggregate profitability. According to market data, IBIT investors returned to a cumulative gain of roughly $3.2 billion, reversing losses from the recent pullback.
BlackRock’s Ether ETF also experienced substantial swings: ETF holders were up nearly $40 billion at their October peak before profits compressed to under $1 billion during the market correction. The latest rebound in crypto prices helped restore many positions toward break-even.
Spot Bitcoin ETFs snapped a multi-week outflow streak with about $70 million in weekly inflows, partially offsetting the $4.35 billion that left the sector in November. Spot Ether ETFs recorded $312.6 million in weekly inflows following several weeks of heavy redemptions.
BlackRock’s view remains that episodic outflows are a typical part of ETF market cycles. For investors, short-term volatility in ETF flows does not necessarily signal a change in long-term demand for Bitcoin or Ether exposure via regulated spot ETFs.
Source: cointelegraph
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