BlackRock's IBIT Faces 11-Day Withdrawal Run as Bitcoin ETF Market Loses $2.35B
Bitcoin exchange-traded funds in the United States experienced back-to-back weeks of outflows exceeding $1 billion each, with BlackRock's IBIT fund marking its eleventh consecutive session of redemptions.
Exchange-traded funds tracking spot Bitcoin in the United States witnessed cumulative net redemptions totaling $2.35 billion across a two-week period, with each week posting outflows surpassing the $1 billion threshold.
Data provided by Farside Investors indicates that spot Bitcoin ETFs experienced withdrawals of $1.07 billion during the period spanning Nov. 9 through Nov. 13, which came on the heels of $1.28 billion in redemptions during the prior week, representing the most substantial weekly outflows observed since the conclusion of June.
On Friday alone, the investment vehicles posted $185.4 million in net redemptions, a decrease from the $284.1 million withdrawn on Thursday and the $299.8 million pulled on Wednesday. BlackRock's iShares Bitcoin Trust (IBIT) was responsible for $143.5 million of the Friday redemptions, whereas Fidelity's Wise Origin Bitcoin Fund (FBTC) experienced outflows of $41.9 million.
The Friday session represented the seventh straight trading day characterized by net redemptions, with approximately $1.71 billion withdrawn from the funds since Nov. 5. This persistent wave of outflows occurred in tandem with widespread market deterioration as Bitcoin (BTC) dropped beneath the $70,000 price level on the identical date.
BlackRock's Bitcoin ETF extends losing streak to 11 sessions
The $143.5 million in net redemptions from IBIT on Friday pushed the fund's consecutive withdrawal period to 11 trading sessions running back to Oct. 30.
These recent redemptions elevated IBIT's aggregate net outflows throughout the 11-session period to approximately $2.35 billion, continuing the withdrawal pattern after redemptions surpassed the $2 billion threshold on Wednesday.
IBIT experienced withdrawals of $908.4 million throughout the most recent week, which followed about $1.21 billion in outflows during the preceding week. The fund's November redemptions have climbed to $2.12 billion, representing approximately 90% of the total net withdrawals from the wider Bitcoin ETF marketplace throughout the month.