BlackRock Executive Discusses $2.3 Billion Outflows from IBIT in November
BlackRock reported that $2.34 billion in withdrawals from its Bitcoin ETF, IBIT, during November is not unusual, considering past demand was nearing $100 billion.
BlackRock’s cryptocurrency-focused exchange-traded fund (ETF) faced significant withdrawals in November, totaling approximately $2.34 billion, a trend seen as typical by the asset management firm. Despite this, BlackRock maintains a positive outlook for their Bitcoin products, which previously saw demand close to $100 billion.
In a recent statement made in São Paulo, BlackRock’s business development director, Cristiano Castro, noted that the company’s Bitcoin ETFs have significantly contributed to revenue, highlighting their unexpected growth due to rapid allocation increases this year.
“ETFs represent highly liquid and effective investment vehicles,” Castro shared after participating in a panel discussion at the Blockchain Conference 2025. “The fluctuations observed are quite normal; assets that undergo significant adjustment typically show similar behavior, especially those driven largely by retail investor activity.”
Throughout November, BlackRock’s US-listed IBIT experienced substantial net outflows, with major withdrawals occurring on November 18 and November 14, totaling around $523 million and $463 million, respectively.
IBIT performance over the previous month
IBIT performance over the past month. Source: SoSoValue
Castro also emphasized that the growth in demand earlier in the cycle was notable, with US and Brazil listings almost reaching the $100 billion mark at their peak.
As previously reported, holders of BlackRock’s spot Bitcoin ETF recently returned to profitability as Bitcoin surged back above $90,000. Current investors in the IBIT are sitting on a cumulative gain of about $3.2 billion, recovering from earlier losses during Bitcoin’s price decline.
Further, spot Bitcoin ETFs witnessed a turnaround with a weekly inflow of $70 million, breaking a streak of heavy withdrawals during November, while spot Ether ETFs also rebounded with a significant weekly inflow.
