BlackRock's IBIT Drives Bitcoin ETF Outflows Into a Seventh Straight Session
BlackRock's iShares Bitcoin Trust accounted for 94% of US spot Bitcoin ETF net withdrawals in the November 2-6 week, according to Farside Investors data, while sources differ on the size of its outflow streak. The sustained redemptions leave the category's recovery dependent on whether IBIT's withdrawals slow ahead of the October CPI release.
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The Week's Net Flows
IBIT recorded net outflows of $1,210 million in the November 2-6 week, representing 94.4% of the $1,282 million net withdrawal across the 12 US spot Bitcoin ETFs tracked by Farside Investors. Fidelity's Wise Origin Bitcoin Fund (FBTC) was the largest offset, with net inflows of $93 million, and three other funds also finished the week positive.
Excluding IBIT, the remaining funds recorded net outflows of $72 million for the week. The group finished positive only on November 4, and US spot Bitcoin ETFs recorded net outflows of $412 million on November 6.
Streak Length and Year-to-Date Context
Bitcoinist reported that IBIT posted its seventh consecutive session of net withdrawals, totaling $1.66 billion across those sessions, and that US spot Bitcoin ETFs lost $201 million on the Monday that followed, with year-to-date flows turning negative. CryptoSlate's account of the November 2-6 week describes IBIT withdrawals in each of the five sessions in that week. The two accounts are not directly reconcilable from the material available: the seven-session figure covers a longer window than the five-session weekly data, and the sources do not give a shared start date for the streak.
IBIT net assets were about $61 billion as of November 6, according to iShares. The week's withdrawals equal roughly 2% of that ending base.
Settlement Mechanics and What Flows Do Not Show
The IBIT prospectus permits both cash and in-kind redemptions. In a cash redemption, the trust sells bitcoin and delivers cash to the authorized participant. In an in-kind redemption, bitcoin itself is delivered to the authorized participant or its designated agent or client. Farside's net-flow figures do not disclose which route funded the week's withdrawals, so they cannot establish how much open-market selling occurred or what recipients did with delivered bitcoin.
Price Backdrop and Upcoming Data
Bitcoin traded at about $75,759 at 10:44 UTC on November 8, according to CryptoSlate's Bitcoin data. The Bureau of Labor Statistics is scheduled to release the October Consumer Price Index on Tuesday, November 10, at 8:30 a.m. Eastern (13:30 UTC). Monday's completed fund session will provide one more flow observation before that release.
Why It Matters
For Traders
Monday's flow data and the October CPI release on November 10 are the next observable inputs for whether IBIT's outflow streak is slowing.
For Investors
IBIT's dominance of category flows means the trajectory of one vehicle now largely determines whether spot Bitcoin ETFs add or subtract demand over multi-month periods.
For Builders
Cash versus in-kind redemption paths determine whether ETF outflows translate into on-chain bitcoin movement, so tooling that tracks issuer flows should model both settlement routes.
This article is for information only and is not financial advice. Read the full disclaimer.
