The BlackRock Bitcoin ETF, IBIT, recorded a record outflow of $523.2 M. AÂ move that coincided with price pressure on Bitcoin and massive withdrawals across the set of bitcoin ETFs in the U.S. The figure places IBIT at the center of a flow volatility episode that rekindles the debate over liquidity and redemption risk in regulated vehicles.
The $523.2 M withdrawal on Nov. 19 surpassed another major withdrawal of $463 M that occurred on Nov. 14, and is framed within total outflows of approximately $3 mil M from the set of bitcoin ETFs in the U.S. during November, with nearly $2 mil M withdrawn from IBIT alone, according to market reports. On that day, the IBIT unit price retreated 16% to $52 and the price of Bitcoin hovered around $107,000, reaching levels not seen in seven months.
IBIT was launched in January 2024 and accumulated assets at high speed: it reached $70 mil M in assets under management (AUM) in June 2025 and reported $91.06 mil M in August 2025, according to market records. Year-to-date in 2025 it had received $6.96 mil M net and captured $1.8 mil M of a total $3.2 mil M of spot ETF inflows in a specific week. Its expense ratio is 0.12%.
Flows and context of IBIT
The pattern of outflows in 2025 includes other relevant episodes: on May 30 there were outflows of $430.8 M, on Feb. 26 $418.1 M, a five-day stretch between Aug. 18 and 22 accumulated $615 M, and on Oct. 30 $290 M were recorded.
Despite these episodes, institutional investors maintained or increased positions: Harvard’s endowment increased its exposure to IBIT by 257% in the third quarter of 2025; BlackRock’s Strategic Income Opportunities Portfolio increased its position by 25%, with more than 2.1 million shares as of Mar. 31, 2025. The asset manager has also expanded its digital offering with an Ethereum ETF (ETHA) and has filed applications for a possible Bitcoin Yield ETF.
Massive outflows raise the risk of illiquidity episodes and spread compression in derivatives markets. For traders, the signal is clear: monitor daily flows and the cost of hedges in options/perpetuals in the face of possible volatility spikes. For corporate treasuries and institutional managers, redemption volatility implies studying liquidity schemes and allocation limits to spot ETFs versus direct holdings or derivatives strategies.
The record outflow on Nov. 19 consolidated a pattern of intense inflows and outflows in IBIT that strains the dynamic between institutional demand and market risk.
