BlackRock’s Spot Bitcoin exchange-traded fund (ETF) ended trading in November under pressure following large withdrawals, but the asset manager remains confident in the product’s long-term prospects.
Speaking in Sao Paulo, Cristiano Castro, BlackRock’s business development director, said the company’s Bitcoin (BTC) ETF has been its biggest revenue driver, calling its growth a “big surprise” given the surge in allocations this year.
Castro’s comments come after a tough month for BlackRock’s U.S.-listed IBIT, which posted an estimated $2.34 billion in net outflows for the entire month of November. The two largest withdrawals occurred in the middle of the month, with approximately $523 million withdrawn on November 18th and approximately $463 million withdrawn on November 14th.
“ETFs are very liquid and powerful products,” Castro reportedly said after a panel discussion at Blockchain Conference 2025. “ETFs exist to help people allocate capital and manage cash flow. What we’ve seen is completely normal. Assets that start to get compressed usually have this effect, especially in products that are tightly controlled by retail investors.”
Related: Explaining the various types of ETFs – Cointelegraph
BlackRock Bitcoin ETF peak assets near $100 billion
Castro added that demand early in the cycle speaks for itself. Combined with U.S. and Brazilian listings under the IBIT nameplate, peak assets were “very close to $100 billion,” he said.
As reported by Cointelegraph, BlackRock Spot Bitcoin ETF holders have clawed back their gains after Bitcoin soared above $90,000 on Thursday.
Investors in BlackRock’s IBIT have now made a cumulative profit of approximately $3.2 billion, reversing the losses seen during Bitcoin’s recent sell-off. IBIT and BlackRock Ether ETF holders gained nearly $40 billion at its peak in early October, but profits fell to just $630 million last week. This means that most positions were close to breakeven until the recent rally.
Related: Why XRP ETF proposals are on the rise and what is keeping other issuers on the sidelines
Bitcoin, Ether ETF, continuous outflow resolved
The Spot Bitcoin ETF ended four weeks of heavy withdrawals with weekly inflows of $70 million, recouping some of the $4.35 billion that flowed out of the sector during November.
The Spot Ether (ETH) ETF also rebounded, posting weekly inflows of $312.6 million after losing $1.74 billion over the past three weeks.
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