One BlackRock fund dominates Bitcoin’s billion-dollar ETF exodus

According to reporting by CryptoSlate, BlackRock's iShares Bitcoin Trust ETF (IBIT) accounted for 94% of US spot Bitcoin ETFs' net withdrawals during the trading week of November 2 to November 6. Farside Investors tracked weekly net outflows of $1,282 million across 12 funds, with IBIT recording $1,210 million in net outflows.

Fidelity's Wise Origin Bitcoin Fund moved differently, recording $93 million in weekly net inflows. All funds excluding IBIT collectively remained negative, with products other than IBIT recording $72 million in net outflows. IBIT experienced withdrawals in each of the five sessions, while the wider group finished positive only on November 4. Three other funds also finished the week positive, though they did not offset IBIT's withdrawals. As of November 6, iShares reported IBIT net assets of about $61 billion, with the week's withdrawals reaching roughly 2% of that asset base. The IBIT prospectus permits both cash and in-kind redemption settlement routes, though Farside's figures do not establish which route funded the week's withdrawals or subsequent recipient actions.