Is BlackRock Selling Bitcoin? What's Really Behind the $405 Million IBIT Outflow

BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund, recorded a $405.3 million net outflow on November 2, its largest single-day exit since June 26. The move reflected clients redeeming shares rather than BlackRock selling Bitcoin for its own account, though redemptions release BTC from the fund. U.S. spot Bitcoin ETF flows were negative $398.6 million that day, with Fidelity’s FBTC the only fund to report an inflow, at $6.7 million. The reversal followed $410.6 million of IBIT inflows over four sessions from October 26 to October 29, and a $233.7 million Friday outflow brought IBIT’s two-session decline to $639 million.