BlackRock’s Bitcoin ETF Sees Biggest Monthly Withdrawal Since Launch

BlackRock’s flagship spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has just posted its most severe monthly outflow since launching - a staggering $2.2 billion pulled in November - marking a sharp psychological break from the product’s long-running growth trend.

The downturn didn’t arrive suddenly. After a wave of enthusiasm through early and mid-2024, IBIT’s inflow streak began to lose strength as 2025 progressed.

October hinted at trouble with soft demand, but November’s numbers dwarf every previous period of weakness. Earlier redemptions scattered throughout the year now look negligible compared to this month’s retreat.

The chart underscores just how dramatic the shift has been: the November bar plunges far below all others, erasing almost two years of consistent accumulation with a single month’s withdrawal.

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Analysts attribute the reversal to a blend of profit-taking after strong multi-year performance, caution around global macro conditions, and a broad risk-off tilt across markets. Whatever the cause, November has become the clearest sign yet that IBIT’s trajectory is no longer moving in a single direction.

With only one month left in the year, attention has now turned to whether the ETF’s redemptions stabilize in December – or if the November outflow marks the beginning of a deeper trend investors will carry into 2026.