BlackRock’s spot Bitcoin ETF, IBIT, experienced significant withdrawals in November, totaling about $2.34 billion.
Despite this, BlackRock maintains confidence in the fund’s long-term prospects, citing earlier explosive growth.
Outflows seen as routine
Speaking at the Blockchain Conference 2025 in São Paulo, Cristiano Castro, BlackRock’s business development director, emphasized that the ETF’s recent outflows are not a cause for concern. Castro stated:
“ETFs are very liquid and powerful instruments. 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.”
November saw two major redemptions for IBIT, with approximately $523 million withdrawn on November 18 and $463 million on November 14.
Nearing $100 billion at peak
Castro noted that demand for BlackRock’s Bitcoin ETFs was exceptionally strong earlier in the year.
Combined US and Brazil IBIT listings nearly reached $100 billion in assets at their highest point.
After Bitcoin rebounded above $90,000, IBIT investors are now up a combined $3.2 billion, recovering losses from earlier pullbacks.
Track IBIT’s historical and current bitcoin holdings->
Bitcoin ETFs reverse outflow trend
After four weeks of persistent sector-wide withdrawals, spot Bitcoin ETFs ended the month with a $70 million weekly inflow, offsetting a portion of the $4.35 billion that left in November.
ETF market dynamics
The volatility in IBIT flows underscores the liquidity and flexibility of ETFs, especially those widely held by retail investors.
Despite recent turbulence, BlackRock points to the ETF’s rapid ascent and ongoing profitability for many holders as evidence of robust underlying demand.
