BlackRock calls $2.3 billion in November IBIT outflows ‘perfectly normal’ Coinstar

BlackRock’s spot Bitcoin exchange-traded fund (ETF) closed in November under pressure after major pullbacks, but the asset manager remains bullish on its long-term prospects for the product.

Speaking in São Paulo, BlackRock Director of Business Development Cristiano Castro he said The firm’s Bitcoin (BTC) ETFs have become one of the biggest drivers of revenue, calling their growth a “big surprise” given how quickly allocations have grown this year.

Castro’s comments followed a difficult month for US-listed BlackRock’s IBIT, which saw an estimated $2.34 billion in net outflows during November. The two largest withdrawals occurred in the middle of the month, with about $523 million leaving on November 18 and roughly $463 million on November 14.

“ETFs are very liquid and powerful instruments,” Castro reportedly said after his panel at Blockchain Conference 2025. “They exist to allow people to allocate capital and manage cash flow. What we’re seeing is perfectly normal; any asset that starts to experience compression tends to have that effect, especially in an instrument that’s heavily controlled by retail investors.”

Related: The Different Types of ETFs Explained – Cointelegraph

BlackRock’s Bitcoin ETFs Approach $100 Billion in Total Assets

Castro added that demand earlier in the cycle speaks for itself. The combined listings in the US and Brazil under the IBIT ticker were “very close to $100 billion” in assets at their peak, he said.

As reported by Cointelegraph, BlackRock’s spot holders of the Bitcoin ETF returned to profits after Bitcoin climbed back above $90,000 on Thursday.

Investors in BlackRock’s IBIT now have a cumulative gain of about $3.2 billion, reversing the losses seen during the recent Bitcoin pullback. IBIT and BlackRock’s Ether ETF holders gained nearly $40 billion at their peak in early October before profits fell to just $630 million last week, meaning most positions were close to breaking even until the latest rally.

Related: Why XRP ETF Offerings Are Increasing and What’s Keeping Other Issuers Away

Bitcoin, Ether ETFs break streak of outflows

Spot Bitcoin ETFs ended four weeks of big pullbacks with weekly inflows of $70 million, reversing some of the $4.35 billion that left the sector during November.