BlackRock’s iShares Bitcoin Trust (IBIT) has just recorded its largest monthly outflow since launch, with a total of $2.2 billion exiting the product in November. The chart shows a dramatic reversal compared to earlier months of steady inflows, signaling a major shift in investor behavior as the year closes.
After a period of consistent growth throughout early and mid-2024, including several months with strong inflows, IBIT’s momentum began to fade heading into late 2025. October already showed weakening demand, but November’s figure marks a sharp escalation, the first time outflows have crossed the billion-dollar mark, and by a wide margin.
The chart also highlights that earlier dips this year were minor compared to the current exodus. Small outflows recorded during the spring and summer now appear insignificant against November’s deep plunge, which stands far below all other datapoints on the timeline.
Market observers note that such a heavy redemption wave often reflects a mix of profit-taking, macro caution, and shifting risk sentiment. Regardless of the reason, the data confirms that November has become a defining month for IBIT, breaking from nearly two years of overall growth and marking its most aggressive pullback since inception.
With one month left in the year, all eyes are now on whether BlackRock’s flagship Bitcoin ETF can stabilize, or if November’s record withdrawal is the start of a broader trend.