BlackRock's (BLK) spot Bitcoin (BTC) exchange-traded fund (ETF) saw its largest one-day outflow ever on Nov. 18 as the slide in cryptocurrencies accelerates.
The BlackRock Bitcoin ETF, known by its ticker symbol “IBIT,” recorded $523.2 million U.S. in withdrawals on Nov. 18.
The redemptions came as the price of Bitcoin fell below $90,000 U.S. for the first time in seven months, continuing a decline that has been ongoing for a month now.
Investors are selling out of Bitcoin ETFs as the price of the largest cryptocurrency has fallen 30% from an all-time high of $126,000 U.S. reached in early October.
So far, November has produced only three days of net inflows to the ETF. However, total net inflows into the IBIT ETF since it launched in January 2024 stand at $58 billion U.S.
Bianco Research notes that the average purchase price across 11 spot Bitcoin ETF in the U.S. is $90,146 U.S., meaning the average buyer is barely in the green with the price of BTC currently hovering around $91,000 U.S.
BlackRock’s IBIT ETF is down 5% on the year and trading at $52.66 U.S. per share.
