Investors in BlackRock’s iShares Bitcoin Trust (IBIT) withdrew approximately $403 million worth of Bitcoin in a single day, marking the largest one-day redemption since June 26, 2026. Fund flow data for November 2, 2026, showed net outflows of $405.3 million, with estimates of client-driven selling ranging between $403 million and $405 million.
The outflows were driven by investors redeeming their ETF shares, leading BlackRock to release the corresponding Bitcoin to settle those positions. Most of these coins were sold through Coinbase Prime, the institutional brokerage arm of Coinbase, indicating that the selling pressure came from investor decisions rather than BlackRock’s trading desk.
Across all US spot Bitcoin ETFs, net outflows totaled about $398.6 million on that day. However, Fidelity’s Wise Origin Bitcoin Fund (FBTC) bucked the trend with a modest inflow of $6.7 million. The outflows from IBIT, offset by the inflows into FBTC, accounted for nearly all of the sector-wide net selling pressure.
This was not an isolated event but part of a five-session outflow streak for IBIT, with cumulative withdrawals exceeding $1 billion. The selling coincided with a tech stock selloff led by the Nasdaq, although Bitcoin itself remained within a tight trading range of $76,000 to $80,000.
Despite the outflows, IBIT remains the largest US spot Bitcoin ETF by assets under management and total historical net inflows. The increased supply from redemptions could weigh on Bitcoin prices if demand does not keep pace. The selling appears to be concentrated in one fund, suggesting a reshuffling of holdings rather than a broad exit from the asset class.