BlackRock’s iShares Bitcoin Trust (IBIT) recorded $269.73 million in outflows on Wednesday, extending its withdrawal streak to nine consecutive trading sessions. Since October 30, IBIT has seen investors pull out a total of approximately $2.004 billion, marking a significant reduction in assets for the largest US spot Bitcoin exchange-traded fund.
Spot Bitcoin ETFs face extended withdrawals
US spot Bitcoin ETFs as a group experienced $299.9 million in redemptions on Wednesday, making it the fifth straight session of net outflows. IBIT accounted for nearly 90% of the day’s total, while Grayscale’s Bitcoin Trust (GBTC) reported outflows of $39.13 million. Morgan Stanley’s MSBT was the only Bitcoin ETF to attract new investment, recording inflows of $8.96 million for a third consecutive day. No other US spot Bitcoin ETF reported inflows during the session.
US spot Bitcoin ETFs saw five consecutive days of outflows totaling about $1.44 billion, reducing their net assets by around 1.5% from the collective $93.70 billion.
Outflows on Wednesday were significantly higher than Tuesday’s $95 million and represented more than triple the previous day’s activity, halting a brief trend of slowing redemptions. Withdrawals had peaked earlier in the week, with $430.2 million leaving spot Bitcoin ETFs on November 5 and $411.9 million on November 6.
Data shows that IBIT’s current streak of withdrawals began on October 30, with the fund’s heaviest outflow days falling on November 2 and November 6, each exceeding $400 million. Despite these redemptions, IBIT remains the market leader with $58.71 billion in assets under management (AUM). This positions it ahead of Fidelity’s FBTC at $12.98 billion and Grayscale’s GBTC at $9.19 billion. IBIT also dominated trading on Wednesday, handling $1.79 billion of the total $2.27 billion Bitcoin ETF volume.
| ETF | Wednesday Outflows | Assets under Management |
|---|---|---|
| IBIT | $269.73 million | $58.71 billion |
| FBTC | N/A | $12.98 billion |
| GBTC | $39.13 million | $9.19 billion |
| MSBT | + $8.96 million | N/A |
Ether and other crypto ETFs also see outflows
Outflows extended beyond Bitcoin ETFs, with US spot Ether funds collectively losing $144.81 million on Wednesday. BlackRock’s ETHA led the group, recording $129.78 million in redemptions. Other funds including ETHB, ETHW, FETH, and EZET experienced smaller outflows, and no Ether ETF registered new investment during the session. Over the past five trading days, Ether ETFs have lost $523.4 million, equating to roughly 4.5% of their $11.65 billion in collective net assets—a pace substantially higher than that seen in Bitcoin funds.
Mini dictionary: BlackRock is the world’s largest asset management firm, overseeing a range of ETFs and investment products, including cryptocurrency ETFs like IBIT and ETHA. Ether ETFs provide direct exposure to Ethereum for investors through traditional brokerage accounts.
Further, funds tracking Zcash recorded $14.61 million in outflows, Solana products lost $5.85 million, and similar trends were seen in HYPE and NEAR-related offerings. Altogether, crypto ETFs saw net redemptions of approximately $468 million on Wednesday.
Institutional perspectives and Bitcoin’s market impact
Robbie Mitchnick, who serves as the head of digital assets at BlackRock, indicated that large investors swapped approximately $3.6 billion in self-custodied Bitcoin for IBIT shares using in-kind transactions. Bitwise, an asset manager specializing in crypto ETFs, commented via its president Teddy Fusaro that in-kind transactions into Bitcoin ETFs have significantly increased in popularity among large stakeholders.
“In-kind transactions into bitcoin ETFs are exploding in popularity,” Bitwise shared, highlighting the shift in how institutional investors are interacting with spot Bitcoin ETFs.
Currently, US spot Bitcoin ETFs control about 6.24% of Bitcoin’s circulating market capitalization. Since the approval of these ETFs in January 2024, they have attracted net inflows totaling $55.1 billion.
Broader market volatility was evident as crypto liquidations exceeded $1 billion when Bitcoin’s price dropped below $75,000 on November 9. By the close of trading on Wednesday, BTC had recovered somewhat, trading at $71,856, representing a 3.1% decline over the past 24 hours.
