Record $2.5 billion flees Bitcoin ETFs as BlackRock’s IBIT sheds $1.6 billion
US spot Bitcoin ETFs experienced a record $2.57 billion in net outflows by November 17, with BlackRock's IBIT accounting for $1.6 billion of the total.Summary
US-traded spot Bitcoin ETFs suffered their worst monthly drawdown since their January 2024 launch, recording $2.57 billion in net outflows through November 17, coinciding with Bitcoin's 14.7% drop that month. BlackRock’s IBIT bore the largest share, losing $1.6 billion in redemptions alone. ETF flows directly impact spot demand: redemptions force funds to sell Bitcoin, pressuring prices downward, while inflows create spot purchases. This mechanism channels institutional capital that bypasses on-chain exchanges, meaning sustained net selling removes structural demand that absorbs daily miner issuance (around 450 BTC post-halving). The significant capital flight signals eroding durable demand, removing the support structure that had helped push Bitcoin above $111,000 earlier in the month, despite a subsequent recovery above $93,000.
(Source：CryptoSlate)