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In November, BlackRock’s Spot Bitcoin ETF Lost Around $2.2 Billion
BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest monthly outflow since launch. In November, the Bitcoin fund saw a total withdrawal of $2.2 billion.
After a period of steady growth in early and mid-2024, including several months of strong inflows, IBIT’s performance began to weaken toward the end of 2025. Demand had already started to cool in October, but in November outflows surged sharply and exceeded the $1 billion mark for the first time.
The chart also shows that previous declines earlier this year were minimal compared to the current wave of withdrawals. The small outflows recorded in spring and summer now appear insignificant against the backdrop of November’s steep decline, which is far lower than any other data point on the timeline.
Market analysts note that such a large wave of selling typically results from multiple factors: profit-taking, macroeconomic caution, and shifting risk sentiment. Regardless of the cause, the data confirms that November became a defining month for IBIT — breaking nearly two years of overall growth and marking the most aggressive pullback since the fund’s inception.
The combined net outflow from 12 Bitcoin ETFs in November amounted to $3.57 billion, in sharp contrast to the strong positive inflows of the previous two months: $3.53 billion in September and $3.42 billion in October.
See also: "Bitcoin: Moderate Rise to $87.5K Amid Rate-Cut Expectations"
