BlackRock says $2.34 billion in November outflows from IBIT are normal as demand once pushed the ETF near $100 billion.
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BlackRock’s spot Bitcoin exchange-traded fund (ETF) closed November under pressure after experiencing heavy withdrawals, but the asset manager remains confident in its long-term outlook for the product.
Speaking in São Paulo, BlackRock business development director Cristiano Castro the company’s Bitcoin () ETFs had become one of its biggest revenue drivers, calling their growth “a big surprise” given how fast allocations surged this year.
Castro’s comments followed a rough month for BlackRock’s US-listed IBIT, which logged an estimated $2.34 billion in net outflows across November. The two largest withdrawals came mid-month, with about $523 million leaving on Nov. 18 and roughly $463 million on Nov. 14.
“ETFs are very liquid and powerful instruments,” Castro reportedly said after his panel at the Blockchain Conference 2025. “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.”
Related:
BlackRock’s Bitcoin ETFs neared $100 billion in peak assets
Castro added that demand earlier in the cycle speaks for itself. Combined US and Brazil listings under the IBIT nameplate came “very close to $100 billion” in assets at their peak, he said.
As Cointelegraph reported, BlackRock’s spot Bitcoin ETF after Bitcoin climbed back above $90,000 on Thursday.
Investors in BlackRock’s IBIT now sit on a cumulative gain of about $3.2 billion, reversing the losses seen during Bitcoin’s recent pullback. IBIT and BlackRock’s Ether ETF holders were up nearly $40 billion at their peak in early October before profits collapsed to just $630 million last week, meaning most positions were close to break-even until the latest rebound.
Related:
Bitcoin, Ether ETFs snap outflow streak
Spot Bitcoin ETFs of heavy withdrawals with a $70 million weekly inflow, reversing part of the $4.35 billion that left the sector during November.
Spot Ether () ETFs also rebounded, logging $312.6 million in weekly inflows after losing $1.74 billion over the previous three weeks.
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