BlackRock’s IBIT Drives 94% of U.S. Spot Bitcoin ETF Withdrawals

BlackRock’s iShares Bitcoin Trust ETF (IBIT) represented 94% of net withdrawals from U.S. spot Bitcoin ETFs during the November 2–6 week, making a single fund responsible for the bulk of the category’s retreat. The key question for any near-term recovery is whether IBIT outflows will ease.

The 12 funds monitored by Farside Investors saw combined net outflows of $1.282 billion for the week. IBIT alone posted $1.210 billion in net withdrawals. By contrast, Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded $93 million in net inflows.

IBIT accounted for 94.4% of the aggregate net withdrawal after inflows elsewhere partially offset the outflows. These figures reflect net fund flows across the group, not gross redemptions or total Bitcoin selling.

Excluding IBIT, all other funds collectively experienced $72 million in net outflows for the week. Stripping out IBIT’s withdrawals would significantly narrow the shortfall, though the remaining group would still finish negative.

IBIT saw withdrawals in all five trading sessions, while the broader group ended positive only on November 4. U.S. spot Bitcoin ETFs recorded $412 million in net outflows on November 6.

Fidelity acted as a counterweight during the week despite Thursday withdrawals. Three other funds also finished positive, making the picture more uneven than a broad exodus from Bitcoin funds, though those gains did not offset IBIT’s outsized outflows.

Wednesday’s Fidelity-led inflows did not last; Thursday withdrawals returned the aggregate to negative territory, and Friday closed the week with another outflow.

iShares reported IBIT net assets of roughly $61 billion as of November 6. The week’s withdrawals represented about 2% of that ending asset base.

Connecting fund flows to Bitcoin sales requires care. The IBIT prospectus allows both cash and in-kind settlements. Cash redemptions require the trust to sell Bitcoin and distribute cash; in-kind redemptions deliver Bitcoin to an authorized participant or its designated agent or client.

Farside’s flow data does not reveal which settlement route funded the withdrawals or what recipients did with the Bitcoin afterward. It cannot prove equivalent open-market sales, reveal investor motives, or confirm a proprietary bearish stance by BlackRock.

The demand test around Tuesday’s inflation release

Bitcoin traded near $75,759 at 10:44 UTC on November 8, per CryptoSlate data.

The Bureau of Labor Statistics will release the October CPI on Tuesday, November 10, at 8:30 a.m. Eastern (13:30 UTC). Monday’s completed session offers one more data point before the release, with later sessions providing the post-release comparison.

The Federal Reserve notes that policy rates affect borrowing costs and overall financial conditions. Whether CPI shifts policy expectations enough to support Bitcoin is still uncertain.

For ETF demand, the signal is observable. Smaller IBIT withdrawals paired with a negative aggregate total would indicate easing redemption pressure at IBIT. Positive aggregate flows would signal net ETF inflows for that session; broad participation and sustained inflows over multiple sessions would offer stronger evidence of durable fund demand.

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