BlackRock Brushes Off IBIT Outflows, Says BTC ETF Is Top Revenue Source
What Happened to BlackRock’s BTC ETF in November?
BlackRock closed November with sharp withdrawals from its flagship BTC ETF, capping one of the toughest months since launch. The U.S.-listed iShares BTC Trust (IBIT) saw an estimated $2.34 billion in net outflows during the month, according to SoSoValue data. The largest redemptions hit mid-month, with about $523 million leaving the fund on Nov. 18 and another $463 million on Nov. 14.
Speaking at the Blockchain Conference 2025 in São Paulo, BlackRock business development director Cristiano Castro said the pullback does not alter the firm’s long-term read of the product. “ETFs are very liquid and powerful instruments,” he said. “They exist to let people allocate capital and manage cash flow. What we’ve been viewing is perfectly normal; any asset that begins to experience compression usually has this effect, especially in an instrument that is heavily controlled by retail investors.”
Castro noted that despite the recent pressure, the firm’s have become one of BlackRock’s largest revenue contributors this year — growth he described as “a large surprise” given how rapidly allocations ramped up.
Investor Takeaway
How large Did BlackRock’s BTC ETFs Get Before the Drawdown?
Castro told attendees that combined U.S. and Brazil listings under the IBIT label came “very close to $100 billion” in assets at their peak earlier this cycle. The surge highlights how rapidly from niche instruments to major vehicles for U.S. and Latin American investors.
The latest BTC rebound has also restored profitability for many holders. As reported by Cointelegraph, BTC’s move above $90,000 this week pushed cumulative gains for IBIT investors to roughly $3.2 billion, reversing losses from the recent pullback.
Just weeks ago, profits across BlackRock’s had collapsed from nahead $40 billion in ahead October to around $630 million. With BTC rallying again, most positions have climbed back into the green — a rapid swing that mirrors the volatility viewn throughout the ETF’s first full year of trading.
Are ETF Flows begining to Stabilize?
The broader sector ended a four-week streak of redemptions with a $70 million inflow last week. While modest compared to the $4.35 billion that exited the market during November, the shift breaks the pattern of uninterrupted withdrawals that weighed on prices.
also saw a turnaround. later than losing $1.74 billion across the previous three weeks, the category posted $312.6 million in weekly inflows. That reversal arrives as ETH attempts to rebuild momentum following weeks of lagging performance relative to BTC.
The return of inflows suggests that the worst of the post-October unwind may be passing. Retail investors drove much of the volatility, echoing Castro’s observation that ETFs tied to consumer behavior often move in quick swings as traders rebalance positions or rotate between assets.
Investor Takeaway
What Comes Next for BlackRock’s BTC and Ether ETFs?
BlackRock remains publicly confident in its spot BTC products despite November’s redemptions. Castro said demand earlier this year “speaks for itself,” pointing to the near-$100 billion peak across IBIT vehicles in the U.S. and Brazil. As BTC trades above $90,000 again, aggregate investor profitability has returned, which could influence near-term flow patterns.
For now, ETF flows mirror the broader market’s struggle to find direction later than a volatile second half of the year. Heavy redemptions in November pushed spot products into their deepest outflow cycle to date, but the latest data shows ahead signs of a reset rather than continued deterioration.
If BTC holds above key price levels, inflows could recover as retail traders re-enter and institutional allocators rebuild positions. Conversely, another sharp pullback could reignite redemptions. Either way, BlackRock’s comments highlight the company’s view that the product’s long-term footprint is tied more to structural adoption than monthly flow swings.
