BlackRock Executive: The outflow of $2.34 billion from IBIT this month is a normal phenomenon, and we are confident in the long-term prospects of spot ETFs

BlackRock's Bitcoin spot ETF IBIT saw a net outflow of $2.34 billion in November, with approximately $463 million flowing out on November 14 and about $523 million on November 18, both setting new records for single-day outflows. Cristiano Castro, the Director of Business Development, stated that the $2.34 billion outflow is a normal phenomenon, and BlackRock remains confident in its long-term prospects.

The Bitcoin spot ETF has become one of BlackRock's most important sources of revenue, with a surprisingly rapid growth rate; the outflows in November were merely due to previously strong demand. Cristiano Castro told reporters, "The spot ETF is a very liquid and powerful tool, designed to allow investors to flexibly allocate capital and manage cash flow. What we are seeing now is completely normal—any asset experiences such phenomena during price corrections, especially in a tool with a high proportion of retail investors." With Bitcoin returning above $90,000 on Thursday, IBIT investors currently have a cumulative unrealized gain of about $3.2 billion, successfully offsetting losses incurred during the previous Bitcoin correction.