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

The 12 US spot Bitcoin ETFs tracked by Farside Investors recorded weekly net outflows of $1.282 billion, with IBIT accounting for $1.210 billion of that total. Fidelity's Wise Origin Bitcoin Fund (FBTC) was the only fund to see positive flows, recording $93 million in inflows.

IBIT's share was 94.4% of the aggregate net withdrawal across all funds. Without IBIT's withdrawals, the remaining funds would have recorded significantly smaller outflows of $72 million, though still negative overall.

The daily pattern showed consistent IBIT withdrawals across all five trading sessions, while the entire group only finished positive on November 4. The week concluded with another outflow on November 6, totaling $412 million for US spot Bitcoin ETFs.

Market context

As of November 6, iShares reported IBIT net assets of approximately $61 billion, making the week's withdrawals roughly 2% of that ending asset base. The prospectus allows for both cash and in-kind settlement methods, though the specific mix for the week's withdrawals wasn't disclosed.

Bitcoin's price stood at about $75,759 at 10:44 UTC on November 8, according to CryptoSlate's Bitcoin data. The market now awaits the October Consumer Price Index (CPI) release scheduled for Tuesday, November 10, at 8:30 a.m. Eastern.

Demand test ahead

The Federal Reserve explains that policy rates influence borrowing costs and broader financial conditions. Whether the CPI release changes policy expectations in a way that supports Bitcoin remains a conditional test for the market.

For ETF demand, the key distinction will be observable in the coming days. Smaller IBIT withdrawals alongside a negative aggregate total would indicate easing redemption pressure at IBIT. Positive aggregate flows would establish net ETF inflows for that session, while participation across funds and persistence over subsequent sessions would provide stronger evidence of sustained fund demand.