BlackRock says $2.34 billion in November outflows from IBIT are normal as demand once pushed the ETF near $100 billion.
BlackRock’s spot Bitcoin exchange-traded fund (ETF) closed November under pressure after experiencing heavy withdrawals, but the asset manager remains confident in its long-term outlook for the product.
Speaking in São Paulo, BlackRock business development director Cristiano Castro said the company’s Bitcoin (BTC) ETFs had become one of its biggest revenue drivers, calling their growth “a big surprise” given how fast allocations surged this year.
Castro’s comments followed a rough month for BlackRock’s US-listed IBIT, which logged an estimated $2.34 billion in net outflows across November. The two largest withdrawals came mid-month, with about $523 million leaving on Nov. 18 and roughly $463 million on Nov. 14.
