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BlackRock’s iShares Bitcoin Trust (IBIT) spent much of 2026 bleeding money. Then, in a single week, it took enough back to push its year-to-date flows above zero again.
A year in the red, undone in a week
A recent stretch shows how quickly sentiment can sour. From late October to mid-November 2026, IBIT recorded net outflows of roughly $2.1 billion to $2.35 billion. That window included an 11-day run of consecutive outflow days that ended around November 13.
Even after that drain, IBIT still showed approximately $2.45 billion in net inflows for 2026 as of mid-November. The fund bent, but it did not break.
The wider ETF market tells a similar story
US spot Bitcoin ETFs as a group logged around $1.42 billion in net outflows for 2026 through mid-November, with IBIT responsible for the bulk of that figure.
That is a notable gap. The largest fund in the category was still positive for the year while the category overall was negative, which suggests the smaller issuers have had a rougher time holding on to capital.
During the period of heavy redemptions, Bitcoin traded below the $68,000 to $70,000 range.
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How IBIT got this big in the first place
US spot Bitcoin ETFs launched in January 2024, giving pension funds, wealth managers and ordinary brokerage customers a way to hold Bitcoin exposure without touching a crypto exchange or a hardware wallet.
Cumulative net inflows into US spot Bitcoin ETFs since launch exceed roughly $54.7 billion, and IBIT accounts for most of that total.
IBIT’s own assets under management sat somewhere between about $53 billion and $56 billion as of mid-November 2026.
What this means for investors and the market
Weekly and monthly flow swings across the spot Bitcoin ETF complex have frequently topped $1 billion.
With IBIT positive while the broader category was negative through mid-November, the market’s largest player appears to be holding share better than its rivals.
An 11-day streak of consecutive outflow days ended in November. Another long streak of consecutive outflow days similar to that run would be a warning sign that caution is hardening into something more durable. Given how often flows have swung by more than $1 billion in a week or month, investors may want to treat any single week’s data with a healthy dose of skepticism.
