The iShares Bitcoin Trust (IBIT) managed by BlackRock recorded a net outflow of $405.3 million on November 2. This figure represents the largest single-day withdrawal from the fund since June 26. Market analysts clarify that these outflows stem from client redemptions rather than direct asset sales by BlackRock itself.
The recent exit nearly offset the $410.6 million in inflows that the fund accumulated over four sessions between October 26 and October 29. Including a $233.7 million outflow on the preceding Friday, the total reduction for IBIT reached $639 million over two sessions. Across all US spot Bitcoin ETFs, total withdrawals exceeded $1.04 billion.
Despite the recent activity, the fund maintains a cumulative net inflow of $65.9 billion since its launch in January 2024. BlackRock earns a 0.25% annual fee on IBIT assets, meaning that outflows directly impact the firm's revenue. Fidelity’s FBTC fund was the only entity to record inflows during this period, adding $6.7 million.
Market observers link the broader sell-off to several external factors, including a major security breach involving a Binance hot wallet. TRM Labs reported that the incident involved the theft of 18,270 BTC, valued at $6.36 billion, attributed to the North Korean group TraderTraitor. Additional pressure stemmed from the US midterm elections and a decline in tech stock valuations.
