BlackRock’s iShares Bitcoin Trust (IBIT) is on track for its worst month of outflows since launch, with approximately $2.3–$2.35 billion withdrawn in November 2025, according to fund flow estimates. The world’s largest spot bitcoin ETF has seen sustained redemptions amid heightened market volatility, even as late-month trading produced a mix of inflows and outflows.
Record monthly redemptions for IBIT
IBIT’s November withdrawals are the largest on record for the fund since it began trading in January 2024. Multiple trackers show IBIT’s net outflows topping $2.2 billion for the month and approaching roughly $2.35 billion as the period draws to a close. The heaviest selling arrived mid-month, including one session with an estimated $523 million in redemptions.
The selling pressure was not isolated to a single issuer. U.S.-listed spot bitcoin ETFs collectively saw more than $3 billion in redemptions in November, reflecting broader de-risking and profit-taking by investors following sharp swings in bitcoin’s price.
Late-month flows turn mixed
Daily flows around the U.S. Thanksgiving week highlighted two-way demand:
- Nov. 24: roughly $149–$151 million in outflows
- Nov. 25: approximately $83 million in inflows
- Nov. 28: about $114 million in net inflows
- Later in the week: roughly $113.7 million in outflows, leaving IBIT with an estimated $137 million net weekly outflow despite midweek inflows
Across the two sessions of Nov. 24–25, IBIT posted a net outflow of more than $66 million. While inflows resumed on select days, they were not sufficient to offset the month’s cumulative redemptions.
Analysts: outflows are small versus AUM; short interest declines
Despite the headline figure, analysts noted November’s redemptions equate to less than 3% of IBIT’s total assets. Bloomberg senior ETF analyst Eric Balchunas emphasized that the bulk of investors remained invested through the pullback, and highlighted a collapse in short interest as traders who typically short into strength covered positions during the downturn.
Market backdrop and investor positioning
November’s ETF outflows arrived alongside a sharp drawdown in bitcoin, with several issuers citing profit-taking and macro uncertainty as drivers of redemptions. On-chain analytics firm Arkham said in an X post that the combined unrealized profit for IBIT and ETHA holders swung from nearly $40 billion at a peak on Oct. 7 to about $630 million recently, underscoring how quickly paper gains were erased.
While IBIT recorded its first sustained month of net outflows since launch, intermittent late-month inflows suggest continued two-way interest. Absent a significant reversal on the final trading days, November 2025 will stand as IBIT’s largest monthly outflow since inception.