The iShares Bitcoin Trust (IBIT) from BlackRock is on track to record its most significant monthly outflows ever as November 2025 draws to a close. This month has seen the fund experience unprecedented withdrawals, with net outflows surpassing $2.1 billion, marking a startling 3% reduction in BlackRock“s assets under management in just a few weeks.
Unless a substantial influx of capital occurs in the final trading hours, November 2025 will be etched into history as the month with the largest outflows ever recorded for IBIT. These figures represent not merely theoretical losses, as they translate into actual Bitcoin being sold in the market. This trend is part of a wider decline affecting Bitcoin spot ETFs this month.
Data from Farside Investors indicates that November 18 saw the steepest single-day outflows for IBIT, totaling $523.2 million, while the overall spot BTC ETF market faced withdrawals of $372.8 million on the same day. This situation raises questions about the ongoing viability of Bitcoin ETFs.
The continued outflows from IBIT align with a downward trend in Bitcoin pricing. After reaching an all-time high (ATH) above $126,000 in October, driven largely by excitement surrounding institutional adoption and speculation about nation-state accumulation of Bitcoin, the crypto market faced significant turbulence in November. Bitcoin prices plummeted to as low as $80,000, the lowest level seen in seven months.
Even corporate treasuries, including those managed by prominent figures like Michael Saylor, have refrained from increasing their Bitcoin holdings early in the month. Additionally, some ETFs have started trading at discounts to their net asset value, suggesting a waning demand for Bitcoin.
Meanwhile, traditional assets such as gold have remained stable, prompting some investors to exchange their Bitcoin exposure for gold. The outflows from spot BTC ETFs have intensified the sell-off, shaking confidence in the narrative that positions Bitcoin as digital gold.
As retail and institutional sellers have dominated the market, trading volumes have surged, primarily reflecting downward trends. Nevertheless, spot Bitcoin ETFs have still garnered over $20 billion in inflows since their inception, indicating their persistent appeal. As of the latest updates, Bitcoin has managed to rebound slightly, trading at around $86,000.
