BlackRock's iShares Bitcoin Trust (IBIT) recorded more than $2 billion in net outflows over nine consecutive trading sessions through November 11, as investors continued withdrawing capital f
BlackRock's iShares
Bitcoin Trust (IBIT) recorded more than $2 billion in net outflows over nine consecutive trading sessions through November 11, as investors continued withdrawing capital from US spot Bitcoin exchange-traded funds amid declining cryptocurrency prices and weak spot demand. IBIT registered $269.7 million in net redemptions on Wednesday, accounting for nearly 90% of the $299.8 million withdrawn across US spot Bitcoin ETFs, according to Farside Investors. The latest withdrawals followed three sessions of moderating outflows, bringing the broader ETF market's five-day redemption total to approximately $1.44 billion. Bitcoin traded near $73,000 as the selling continued, with Bitfinex warning that persistent ETF withdrawals and leveraged futures positioning were complicating prospects for a sustained recovery.
How Much of the ETF Selling Is Concentrated in BlackRock?
Farside Investors data show that
IBIT has recorded negative flows in every trading session since October 30, accumulating approximately $2.00 billion in net withdrawals through November 11. The largest individual withdrawals during the period included $405.3 million on November 2 and $403 million on November 6. After moderating to $78.2 million on Tuesday, IBIT outflows accelerated again on Wednesday. Grayscale's Bitcoin Trust ETF (GBTC) recorded another $39.1 million in withdrawals on November 11, while Morgan Stanley's Bitcoin Trust ETF (MSBT) attracted $9 million. The latter extended its three-session inflow total to $51.1 million, demonstrating that demand has not disappeared uniformly across providers. However, inflows into smaller products have been insufficient to offset withdrawals from BlackRock's much larger fund. The latest figures extend a pattern identified earlier in the week, when
BlackRock led combined Bitcoin and Ethereum ETF withdrawals of $385.6 million on November 9. Despite the recent selling, Farside's figures show approximately $55.17 billion in cumulative net inflows across US spot
Bitcoin ETFs since their launch. The current redemption streak therefore represents a reversal in marginal demand rather than the disappearance of the sector's accumulated investment base.
Investor Takeaway
The concentration of withdrawals in IBIT makes BlackRock's fund an important indicator of near-term ETF demand. Net redemptions reflect investor withdrawals from the product, not proprietary Bitcoin selling by BlackRock, while the resulting reduction in fund assets can also affect fee revenue.
Why Are Slowing ETF Outflows Not Enough for Bitcoin?
Bitfinex said in its November 11 market analysis that slowing redemptions may represent an initial step toward a market floor but do not independently establish that demand has recovered. Its historical analysis examined 13 ETF outflow streaks lasting at least three trading sessions earlier in 2026. Five ended with at least three consecutive sessions of net inflows, after which Bitcoin recorded a median gain of 6.4% over the following 10 sessions. The remaining eight streaks ended with only one or two inflow sessions and were followed by a median decline of 1.2%, according to the exchange's research. The distinction matters because a temporary reduction in selling pressure does not necessarily indicate that buyers are returning in sufficient numbers to sustain higher prices. Wednesday's $299.8 million withdrawal followed market-wide outflows of $411.9 million on Friday, $201 million on Monday and $95 million on Tuesday. The renewed acceleration interrupted the preceding moderation in redemptions. The selling has also affected other cryptocurrency investment products.
Solana and XRP ETFs experienced further withdrawals on November 10, indicating that reduced risk appetite has extended beyond Bitcoin investment vehicles.
Investor Takeaway
Bitfinex's historical findings suggest that sustained positive ETF flows provide stronger evidence of recovering demand than a single inflow session. The 6.4% median return is a historical observation, however, and does not establish a forecast for Bitcoin's current correction.
