Bitcoin ETF outflows accelerate as IBIT logs record withdrawals

• Bitcoin ETFs log fifth straight day of heavy outflows.

• BlackRock’s IBIT posts record withdrawal since launch.

• Bitcoin risks further downside as sell pressure intensifies.

US-listed spot Bitcoin exchange-traded funds saw another day of significant redemptions on 18 November, marking their fifth consecutive session of outflows.

The ETFs recorded a combined $372.8 million in net withdrawals, extending a trend that began on 12 November and has now removed billions of dollars from major issuers.

The day’s outflows were driven largely by BlackRock’s iShares Bitcoin Trust (IBIT), which reported $523.2 million in redemptions — its largest single-day loss since launching in January 2024.

Small inflows into EZBC and BTC were not enough to offset broader investor selling.

Recent sessions have shown a similarly weak pattern, with $254.6 million exiting on 17 November, $492.1 million on 14 November, $866.7 million on 13 November, and $278.1 million on 12 November.

The sustained withdrawals reflect cooling institutional appetite despite pockets of isolated inflows.

IBIT faces heaviest pressure

According to SoSoValue data, IBIT’s $523.15 million outflow on Tuesday surpassed its previous record of $463 million set on 14 November.

The ETF has now posted five straight days of net outflows, totaling $1.43 billion.

With $72.76 billion in net assets, IBIT remains the world’s largest spot Bitcoin ETF.

Yet it has seen a negative flow trend since late October, accumulating four consecutive weeks of outflows amounting to $2.19 billion.

Across the sector, spot Bitcoin ETFs have suffered more than $3 billion in outflows so far in November, with IBIT alone accounting for nearly $2 billion of that figure.

The withdrawals have coincided with Bitcoin’s price correction, which saw the token fall below $90,000 earlier this week from its $126,080 all-time high in early October.

Bitcoin was last changing hands around $91,849, up 1.6% in the past 24 hours.

Bitcoin price tests crucial support

Bitcoin continues to trade near the $90,000 support level on Wednesday.

A daily close below that threshold could open the door to further downside, particularly as institutional outflows reinforce bearish sentiment.

The pressure has been amplified by data showing persistent selling across multiple investor cohorts.

A K33 Research report released Tuesday noted that long-term holders have been trimming positions for months, while ETF investors have accelerated their own selling in recent weeks.

K33 highlighted that Bitcoin’s recent market structure resembles prior major drawdowns.

In March 2024, the token fell 33.57% from its peak, while the tariff-driven sell-off earlier in the year resulted in a 31.95% decline. A similar correction today would place Bitcoin in the $84,000 to $86,000 range.

Analysts at K33 also warned that a resurgence of leverage in the derivatives market could act as a catalyst pushing prices toward — or even below — those levels.

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