Bitcoin ETFs Log $800M Outflows Amid Price Drop

Bitcoin exchange-traded funds experienced their heaviest outflows in months on November 18, with BlackRock's flagship iShares Bitcoin Trust (IBIT) recording a single-day redemption of $523 million, the largest since its January 2024 launch. The move contributed to broader market turbulence, as spot Bitcoin ETFs collectively saw net withdrawals exceeding $800 million that day, pushing the cryptocurrency's price below $95,000 for the first time in six months.

The outflows mark the fifth consecutive day of redemptions for IBIT and reflect a wider trend among institutional investors adjusting portfolios amid heightened volatility. Data from fund trackers show that U.S.-listed spot Bitcoin ETFs have shed approximately $2.59 billion this month alone, with IBIT accounting for $1.26 billion of that total. Globally, cryptocurrency exchange-traded products (ETPs) recorded $2 billion in outflows last week, the largest weekly figure since February and the third straight week of net withdrawals, totaling $3.2 billion over the period. Assets under management in these products have declined 27 percent from an October peak of $264 billion to $191 billion.

Bitcoin's price has fallen nearly 27...