BlackRock's IBIT Bleeds $2 Billion Across Nine Straight Sessions

BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has now recorded net outflows for nine consecutive trading sessions, with cumulative withdrawals over that stretch exceeding $2 billion. The figure marks the longest redemption run for the flagship fund since U.S. spot Bitcoin ETFs launched in January 2024, and it concentrates the market's pressure in a single product.

According to Cointelegraph's reporting on November 11, roughly $270 million left IBIT in that day's session alone. That single-fund withdrawal accounted for approximately 90% of the $300 million in net outflows recorded across all U.S. spot Bitcoin ETFs on the same day. Put differently, nine of every ten dollars exiting the U.S. spot Bitcoin ETF complex on November 11 came from BlackRock's product.

The concentration matters. For most of this product category's existence, IBIT functioned as the absorber of flows, gathering the large share of inflows while Grayscale's converted fund bore the outflows. The current pattern reverses that division of labor, and it does so at scale.

How did the rest of the ETF complex perform?

Grayscale's Bitcoin Trust (GBTC) shed approximately $39 million on the same trading day, continuing its long-running role as a source of redemptions. One fund moved against the current: Morgan Stanley's MSBT recorded roughly $9 million in net inflows.

At the category level, U.S. spot Bitcoin ETFs as a whole have now posted net outflows for five consecutive trading sessions. Cumulative net outflows across the group during that five-day window reached $1.44 billion. The arithmetic is worth spelling out: IBIT's nine-session total of more than $2 billion exceeds the entire five-session total for the whole ETF category, which means the remaining funds in aggregate were net positive over the overlapping period.

That gap carries operational consequences. Authorized participants redeem shares in kind, which means sustained outflows translate directly into Bitcoin leaving trust custody and into secondary-market supply. A redemption run concentrated in the largest fund also compresses the liquidity premium that market makers can earn, narrowing arbitrage spreads across the complex.

What does the outflow pattern signal?

Crypto exchange Bitfinex offered one reading in a recent report. A slowdown in ETF outflows could be an early sign that the market is approaching a bottom, the exchange said. It added a qualification: a slower pace of outflows, on its own, is not sufficient to confirm a recovery.

That caveat deserves emphasis. Bitfinex is not claiming a bottom is in; it is claiming that decelerating redemptions are a necessary but insufficient indicator. An outflow streak that stretches to nine sessions while still producing single-day withdrawals near $270 million does not yet meet the exchange's own deceleration test. The claim of a nearing bottom remains, at this stage, an inference rather than an observation.

What the data does establish without qualification is the magnitude. Two billion dollars over nine sessions averages to roughly $220 million leaving IBIT per trading day. Sustained at that pace, the fund would shed more than the entire category's current five-day total every week.

What comes next?

The streak itself is the metric to watch. A tenth consecutive session of IBIT outflows would extend the record run; a deceleration toward the levels Bitfinex describes would test its bottom-formation thesis. Until daily redemptions slow materially, the exchange's signal remains unconfirmed, and the ETF complex remains a net structural seller of Bitcoin.

The next set of daily flow figures will show whether November 11's $300 million category-wide outflow marked a peak in the redemption wave or a waypoint.