BlackRock Executive Calls November Outflows “Perfectly Normal,” IBIT Sees $2.3 Billion Withdrawals

BlackRock's Bitcoin exchange-traded fund (ETF) faced significant pressure in November due to substantial withdrawals. Despite this, the asset management company holds a positive long-term view on the product.

Key Takeaways

BlackRock's Bitcoin ETF experienced approximately $2.34 billion in net outflows in November.
Company executive Cristiano Castro stated that such market fluctuations are typical in actively managed assets, particularly those influenced by retail investors.
Despite recent outflows, BlackRock's Bitcoin ETFs saw high demand earlier in the year, reaching nearly $100 billion in combined assets at their peak.
Recent recovery in Bitcoin prices has led to more favorable returns for investors.

BlackRock exec says ‘perfectly normal’ as IBIT sees $2.3B outflows in Nov

Heavy Withdrawals for IBIT in November

At a recent conference in São Paulo, BlackRock's business development director, Cristiano Castro, discussed the issue of the company’s IBIT, which saw approximately $2.34 billion in net outflows in November. The largest withdrawals occurred mid-month, with around $523 million leaving on November 18 and about $463 million exiting on November 14.

“ETFs are highly liquid and effective financial instruments,” Castro commented after a panel discussion at the Blockchain Conference 2025. “They permit individuals to allocate their capital and manage cash flow. The trends we are observing are completely normal; whenever an asset starts to show signs of price compression, similar effects are likely, especially with instruments predominantly held by retail investors.”

IBIT performance over the past month. Source: SoSoValue

Peak Demand for BlackRock’s Bitcoin ETFs

Castro further remarked on the robust demand earlier this year, stating that the combined listings of IBIT in the US and Brazil approached “very close to $100 billion” in assets at their peak. According to Cointelegraph, BlackRock’s Bitcoin ETF holders began to see profits again as the price of Bitcoin surpassed $90,000 recently.

Investors in the IBIT ETF collectively gained about $3.2 billion as cryptocurrency prices rebounded, recovering losses incurred during Bitcoin's recent downturn. In early October, IBIT and BlackRock's Ether ETF holders together saw gains nearing $40 billion but suffered a sharp drop to around $630 million last week. Many investments were near break-even until the latest price rebound.

Positive Turn for Bitcoin and Ether ETFs

After enduring four weeks of significant outflows, spot Bitcoin ETFs recorded a weekly inflow of $70 million, partially reversing the $4.35 billion that exited the sector in November. Similarly, spot Ether ETFs rebounded with $312.6 million in weekly inflows, recovering from a loss of $1.74 billion over the preceding three weeks.

In summary, while the short-term outlook for BlackRock’s IBIT ETF has faced challenges, the long-term demand and growth potential remain strong, bolstered by recent market recoveries.