BlackRock’s Bitcoin ETF Sheds Record $520 Million: What’s Up With IBIT?
A record $520 million exited BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) on Wednesday, signaling institutional confidence has flipped sharply defensive.
Massive Outflows Show Investors Cutting Exposure
Spot Bitcoin ETF Flows (Source: Coinglass)
Spot Bitcoin (CRYPTO: BTC) ETF flows have deteriorated sharply in November, according to Coinglass.
Redemptions have been accelerating throughout the month and culminated in roughly $520 million leaving IBIT on Nov. 18, its largest single-day outflow on record.
Earlier this year, large inflows supported every breakout attempt.
That relationship has reversed. ETF holders are now using redemptions to reduce exposure during weakness instead of buying dips.
The shift has created a structural headwind for price as demand from funds no longer offsets selling pressure.
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