• BlackRock’s IBIT Bitcoin ETF saw $2.34 billion in outflows in November.
• BlackRock exec says the withdrawals are normal for highly liquid ETFs.
• IBIT demand previously pushed assets close to $100 billion.
• Investors recently returned to profit after Bitcoin moved above $90,000.
• Bitcoin and Ether ETFs broke a four-week outflow streak with new inflows.

BlackRock is downplaying concerns after its spot Bitcoin ETF, IBIT, faced significant selling pressure throughout November. Despite recording more than $2.3 billion in outflows during the month, the firm says the movement is normal for a product that has experienced rapid growth and heavy retail participation.

Cristiano Castro, BlackRock’s business development director, spoke in São Paulo about the recent volatility. He emphasized that the Bitcoin ETFs have quickly become one of the company’s biggest revenue generators and that their adoption has exceeded early expectations. According to Castro, ETFs are designed to allow investors to rebalance capital freely, and periods of outflows are a natural part of that process—especially when the underlying asset experiences price compression.

The largest withdrawals from IBIT occurred mid-November, when $523 million exited the fund on Nov. 18 and another $463 million on Nov. 14. Even with these heavy moves, Castro said the ETF’s earlier performance highlights its strength. At peak demand, BlackRock’s US and Brazil Bitcoin ETFs under the IBIT brand came close to $100 billion in combined assets, showing just how strong inflows were earlier in the cycle.

Recent price action has also eased concerns. With Bitcoin climbing back above $90,000, IBIT investors returned to profit, sitting on an estimated $3.2 billion in cumulative gains. Earlier in October, investors across BlackRock’s Bitcoin and Ether ETFs were up close to $40 billion before profits nearly disappeared during the market pullback. The latest rebound has pushed most positions back into positive territory.

The broader ETF market is also beginning to stabilize. After four straight weeks of withdrawals that totaled more than $4.3 billion, spot Bitcoin ETFs finally recorded a weekly inflow of $70 million. The renewed demand signals that investor confidence may be improving after a volatile month across the crypto market.

BlackRock remains confident in the long-term role of its crypto ETFs, arguing that short-term outflows do not change the strong structural demand the products have already demonstrated.

Final Thought

Despite headline withdrawals, BlackRock sees IBIT’s November outflows as routine ETF behavior. With Bitcoin recovering and inflows returning across the sector, the company believes the long-term growth story remains firmly intact.