BlackRock's IBIT hits 11-day outflow streak
IBIT has shed $2.35B over 11 straight sessions, around 90% of all spot Bitcoin ETF outflows in November.
US spot Bitcoin ETFs shed $185.4 million on Friday alone, capping a two-week run of $2.35 billion in net outflows. BlackRock's IBIT accounted for $143.5 million of that single day and has now posted redemptions for 11 straight trading sessions since Oct. 30.
The outflow numbers
Farside Investors data shows the pace accelerating into November, with weekly redemptions topping $1 billion twice in a row.
- Spot Bitcoin ETFs lost $1.07 billion Monday through Friday, after $1.28 billion the prior week, per Cointelegraph
- IBIT's 11-session streak since Oct. 30 totals about $2.35 billion in net outflows
- IBIT's November outflows alone reached $2.12 billion, roughly 90% of the entire market's net withdrawals
- Friday's $185.4 million followed $284.1 million Thursday and $299.8 million Wednesday, a declining but still negative run
- Bitcoin fell below $70,000 the same day the outflow streak extended to seven sessions market-wide
What the concentration means
The default read treats this as a Bitcoin ETF category rotating out of risk as price falls below $70,000. The concentration numbers argue for something narrower.
IBIT alone is responsible for roughly nine of every ten dollars leaving the category this month. Fidelity's FBTC shed $41.9 million Friday, a fraction of IBIT's $143.5 million, and most other issuers barely register in the data.
That split points to IBIT's own holder base, not a broad flight from spot Bitcoin exposure. IBIT built the largest pool of newer, more price-sensitive allocators during the 2024-25 inflow wave, and that cohort is now the first to redeem on weakness.
The smaller, stickier funds are holding their ground while the biggest fund absorbs almost the entire drawdown. Size cuts both ways: IBIT's scale made it the default trade on the way up, and now it makes it the default exit on the way down.
Signals to track
A few concrete markers would confirm or kill this read over the coming weeks.
- Whether IBIT's share of category outflows stays near 90% or converges toward its roughly 55-60% share of total AUM
- Whether the streak breaks before or after Bitcoin reclaims $70,000, which would separate price-driven redemptions from fund-specific ones
- Jane Street's position shift, reported Nov. 13 as nearly 8x more FBTC and trimmed IBIT, repeating across other large holders