Nov. 30, 2025 – BlackRock’s spot Bitcoin exchange-traded fund (ETF) faced heavy withdrawals in November, but the asset manager remains optimistic about the long-term prospects of the product.

Speaking in São Paulo, Cristiano Castro, BlackRock’s business development director, said the company’s Bitcoin ETFs had become one of its biggest revenue drivers, calling their rapid growth “a big surprise” given the surge in allocations earlier this year.

The U.S.-listed IBIT ETF experienced an estimated $2.34 billion in net outflows throughout November. The largest withdrawals occurred mid-month, with $523 million leaving on Nov. 18 and $463 million on Nov. 14.

“ETFs are very liquid and powerful instruments,” Castro said at the Blockchain Conference 2025. “They exist to let people allocate capital and manage cash flow. What we’ve been seeing is perfectly normal; any asset experiencing compression usually sees this effect, especially in an instrument heavily controlled by retail investors.”

Near $100 Billion Peak Assets

Castro highlighted the ETFs’ earlier demand, noting that combined U.S. and Brazil listings under the IBIT nameplate approached $100 billion in assets at their peak.

As Bitcoin recovered above $90,000 last Thursday, holders of BlackRock’s IBIT ETF returned to a cumulative gain of about $3.2 billion, reversing losses from the recent pullback. At their peak in early October, IBIT and BlackRock’s Ether ETF positions were up nearly $40 billion before profits fell to just $630 million last week.

Outflows Snap, Inflows Resume

Spot Bitcoin ETFs ended a four-week streak of heavy withdrawals with a $70 million weekly inflow, partially recouping the $4.35 billion lost in November. Similarly, spot Ether ETFs logged $312.6 million in weekly inflows after shedding $1.74 billion over the previous three weeks, signaling renewed investor confidence in the sector.