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Claire Yubin Oh

BlackRock’s IBIT on track for its worst month of net outflows, as investors yank $2.3 billion from the bitcoin ETF in November

BlackRock’s iShares Bitcoin Trust ETF, the world’s largest bitcoin fund, is heading for its worst month of outflows since it launched in January 2024.

Investors have pulled over $2.3 billion (net) throughout November so far. The jitters come as bitcoin grapples with its worst downturn since 2022, when the entire crypto world shook following the fall of Sam Bankman-Fried’s FTX — bitcoin has dropped more than 40% from its October high as of Monday’s close.

With their soaring popularity redefining and legitimizing cryptocurrencies at an institutional level, spot bitcoin ETFs have become a key barometer of wider investor sentiment surrounding the digital currency — as well as risk assets more broadly.

Notably, spot bitcoin ETFs like BlackRock’s iShares Bitcoin Trust tend to see their inflows accelerate with rising prices, and amplify falling prices when outflows become dominant. Citi Research, cited by Bloomberg, found that this feedback loop sees a ~3.4% price drop for every $1 billion pulled out from bitcoin ETFs.

Related reading: Bitcoin’s plunge produces technical signal that implies 60% more downside to come

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Painvember is real — the crypto market has lost more than $1 trillion in overall market cap since early October and now sits at $3.2 trillion, down from $4.3 trillion on October 6, when bitcoin hit its all-time high.

Bitcoin dipped below $90,000 for the first time since April late Monday night. The asset is roughly flat from one year ago, shortly after the US presidential election.

“The longer bitcoin stays under $100k, the more the sense of imminent doom intensifies. But amid all this panic, there are reasons to be optimistic. We’ve seen BTC ETF ownership jump from 20% to 28% this year, institutional demand remains high, and the biggest Bitcoin whale — Michael Saylor — has just scooped up more BTC,” Nic Puckrin, cofounder of Coin Bureau, told Sherwood News.

  • The Bitcoin Fear and Greed Index is now at 11, reflecting “extreme fear.”

  • Bitcoin ETFs saw $254.51 million in outflows on Monday, bringing total outflows to $2.59 billion in November. BlackRock’s iShares Bitcoin Trust, the most successful bitcoin ETF, saw a whopping $1.26 billion exit its fund so far this month.

  • Meanwhile, ethereum ETFs suffered $182.8 million in outflows — $1.42 billion so far this month, according to SoSoValue.

  • Crypto liquidations reached $801 million in the past 24 hours, Coinglass data shows. Bitcoin suffered $433 million in liquidations, with the bulk of them — $390.89 million — in long positions.

“Bitcoin and crypto are trading much more like classic risk assets right now. Everything is moving with broader risk sentiment and growing anxiety around credit,” Greg Magadini, director of derivatives at Amberdata, told Sherwood.

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