BlackRock’s iShares Bitcoin Trust extended its withdrawal streak as money continued to leave U.S. spot Bitcoin ETFs.
The fund accounted for most of the latest daily outflow across the group. Withdrawals also reached funds that track Ether and several smaller cryptocurrencies. The redemptions came during a week of falling Bitcoin prices and widespread liquidations.
BlackRock’s IBIT leads Bitcoin ETF withdrawals
Investors pulled $269.73 million from BlackRock’s IBIT on Wednesday, Nov. 11, according to SoSoValue. That marked its ninth consecutive trading session of net withdrawals. Farside Investors data put the total at about $2.004 billion since the streak began on Oct. 30.
The largest withdrawals came on Nov. 2 and Nov. 6, when investors took out $405.3 million and $403 million, respectively. Monday, Nov. 9, marked the seventh straight session of outflows. Another $78.2 million left IBIT on Tuesday before Wednesday’s redemptions pushed the total past $2 billion.
IBIT remained the largest U.S. spot Bitcoin ETF by net assets at Wednesday’s close, with $58.71 billion. Fidelity’s FBTC held $12.98 billion, while Grayscale’s GBTC held $9.19 billion. BlackRock’s fund also accounted for $1.79 billion of Wednesday’s $2.27 billion in Bitcoin ETF trading volume.
U.S. spot Bitcoin ETFs lose nearly $300 million
SoSoValue put Wednesday’s net outflows at $299.9 million, the fifth consecutive session of withdrawals for U.S. spot Bitcoin ETFs. IBIT accounted for about 90% of the total, while Grayscale’s GBTC lost $39.13 million. Morgan Stanley’s MSBT took in $8.96 million, its third straight session of inflows. The other funds reported no net flows. The group last posted an inflow on Nov. 4, when it took in $74.6 million.
Wednesday’s outflow more than tripled Tuesday’s $95 million and ended two sessions of easing withdrawals. The broader streak began with $430.2 million in withdrawals on Nov. 5 and $411.9 million the next day. Investors withdrew about $1.44 billion across the five sessions. That amounted to roughly 1.5% of the group’s $93.70 billion in net assets.
Those assets represented about 6.24% of Bitcoin’s market capitalization. The funds have attracted $55.1 billion in net inflows since their January 2024 launches.
Ether and smaller crypto ETFs also post outflows
U.S. spot Ether ETFs lost $144.81 million on Wednesday, including $129.78 million from BlackRock’s ETHA. ETHB, ETHW, FETH and EZET posted smaller withdrawals, and no Ether fund drew net inflows. Five-session outflows reached $523.4 million, about 4.5% of the group’s $11.65 billion in net assets. That share was nearly three times the rate for Bitcoin ETFs.
Zcash funds lost $14.61 million, while Solana funds shed $5.85 million. Products tracking Hyperliquid’s HYPE and NEAR also posted withdrawals. Across crypto ETFs, net outflows reached about $468 million for the day.
Large holders have swapped about $3.6 billion in self-custodied Bitcoin for IBIT shares. Robbie Mitchnick, BlackRock’s head of digital assets, disclosed the figure in an interview with Barron’s. Those in-kind transactions let investors exchange Bitcoin directly for ETF shares. Bitwise also reported growing interest in such transactions in an X post featuring its president, Teddy Fusaro.
Crypto liquidations exceeded $1 billion as Bitcoin fell below $75,000 on Nov. 9. In later trading, Bitcoin reached $71,856, down 3.1% over 24 hours.
