IBIT Now BlackRock’s Highest-Grossing Product Despite $2.3B in November Outflows

• BlackRock says its spot Bitcoin ETFs remain among its strongest revenue engines after a year of unexpectedly rapid adoption. 
• This comes despite over US$2.3 billion in net withdrawals from its IBIT fund in November.
• Castro framed the recent outflows as “normal market behavior” and noted that ETFs are made for fluid cash management and are heavily influenced by retail investor activity.

BlackRock’s spot Bitcoin ETF closed November with heavy redemptions but remains one of the firm’s top revenue products, according to BlackRock executive Cristiano Castro.

The US-listed iShares Bitcoin Trust (IBIT) saw an estimated US$2.34 billion (AU$3.58 billion) in net outflows during November. The largest daily withdrawals hit mid-month, with about US$523 million (AU$799 million) leaving on 18 November and roughly US$463 million (AU$707 million) on 14 November.

Speaking at the Blockchain Conference 2025 in São Paulo, Castro said BlackRock’s Bitcoin ETFs have become one of its biggest fee generators and that demand earlier in the cycle “speaks for itself.” He said combined assets under the IBIT brand in the US and Brazil came “very close” to US$100 billion (AU$153 billion) at their peak.

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ETF Outflows are “Normal”, Says Castro

Castro described the recent outflows as normal behaviour for a highly liquid ETF, especially in a market phase where the Bitcoin price is under pressure and retail investors dominate flows.

IBIT launched in January 2024 after U.S. regulators approved spot bitcoin ETFs. It became the fastest ETF in history to reach US$70 billion (AU$107.1 billion) in assets, doing so in 341 days. Despite November redemptions and price swings, IBIT still holds around US$70.7 billion (AU$108.17 billion) in net assets, based on industry data.

In its first year, IBIT took in more than US$52 billion (AU$79.56 billion) in net inflows and generated about US$245 million (AU$374.85 million) in fees by October 2025. The fund now controls just over 3% of bitcoin’s circulating supply.

Bitcoin is currently trading at US$90.5K (AU$138K). That’s a decrease of 6.5% in the year.

BTC/USD. Source: TradingView.

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