Key Takeaways
- • BlackRock's iShares Bitcoin Trust (IBIT) recorded $213.2 million in outflows on November 9, while its iShares Ethereum Trust (ETHA) lost $119.3 million, together shedding approximately $332.5 million in a single session, according to 99Bitcoins.
- • U.S. spot Bitcoin ETFs posted $201 million in combined net outflows on November 9, and IBIT has now logged seven consecutive sessions of withdrawals totaling $1.66 billion since October 30.
- • U.S. spot Ethereum ETFs recorded $184.6 million in net outflows, with BlackRock's ETHA accounting for $119.3 million of that figure, per Coinglass data cited by 99Bitcoins.
- • Markets have priced in roughly an 85% probability of another quarter-point Federal Reserve rate increase, raising the stakes for the October U.S. CPI report due the same day.
- • Economists expect headline CPI to rise 0.3% month over month, down from September's 0.6%, and core CPI to rise 0.2% versus 0.3% previously.
Summary
BlackRock's crypto investment products saw heavy withdrawals as investors positioned ahead of the October Consumer Price Index report. According to 99Bitcoins, the iShares Bitcoin Trust (IBIT) recorded $213.2 million in outflows and the iShares Ethereum Trust (ETHA) lost a further $119.3 million, a combined $332.5 million in a single session. The withdrawals came hours before the CPI release, which could shape expectations for another Federal Reserve rate increase.
The outflows extend a difficult stretch for crypto investment products. U.S. spot Bitcoin ETFs recorded $201 million in combined net outflows on November 9, with IBIT accounting for $213.2 million of that total while Morgan Stanley's MSBT attracted $22.1 million. Spot Ethereum ETFs were under heavier pressure, with $184.6 million in net outflows, of which ETHA made up $119.3 million. IBIT has now posted seven consecutive sessions of withdrawals, losing $1.66 billion since October 30, and cumulative November Bitcoin ETF outflows reached $1.48 billion through November 9. Per the article, these figures indicate that institutional demand has weakened considerably.
The October CPI report, scheduled for later the same day, is the latest macroeconomic test. Economists expect headline inflation to rise 0.3% month over month, slowing from September's 0.6% increase, while core CPI, which excludes food and energy, is expected to rise 0.2% compared with 0.3% previously. The report will not include an official year-over-year comparison because the Bureau of Labor Statistics was unable to collect October 2025 data during the prior government shutdown. Nonetheless, the monthly figures could influence expectations for the Federal Reserve's December meeting, where markets have already priced in approximately an 85% probability of another quarter-point increase.
Bitcoin is particularly sensitive to rate expectations because it generates no yield, making higher rates less attractive relative to fixed-income alternatives. A hotter-than-expected reading could prompt further defensive positioning across crypto markets, while a softer print could offer temporary relief. The article cautions, however, that a positive inflation surprise alone may not reverse the current trend; Bitcoin also needs renewed spot demand, particularly from investors using regulated investment products.
The outflows extend a difficult stretch for crypto investment products. U.S. spot Bitcoin ETFs recorded $201 million in combined net outflows on November 9, with IBIT accounting for $213.2 million of that total while Morgan Stanley's MSBT attracted $22.1 million. Spot Ethereum ETFs were under heavier pressure, with $184.6 million in net outflows, of which ETHA made up $119.3 million. IBIT has now posted seven consecutive sessions of withdrawals, losing $1.66 billion since October 30, and cumulative November Bitcoin ETF outflows reached $1.48 billion through November 9. Per the article, these figures indicate that institutional demand has weakened considerably.
The October CPI report, scheduled for later the same day, is the latest macroeconomic test. Economists expect headline inflation to rise 0.3% month over month, slowing from September's 0.6% increase, while core CPI, which excludes food and energy, is expected to rise 0.2% compared with 0.3% previously. The report will not include an official year-over-year comparison because the Bureau of Labor Statistics was unable to collect October 2025 data during the prior government shutdown. Nonetheless, the monthly figures could influence expectations for the Federal Reserve's December meeting, where markets have already priced in approximately an 85% probability of another quarter-point increase.
Bitcoin is particularly sensitive to rate expectations because it generates no yield, making higher rates less attractive relative to fixed-income alternatives. A hotter-than-expected reading could prompt further defensive positioning across crypto markets, while a softer print could offer temporary relief. The article cautions, however, that a positive inflation surprise alone may not reverse the current trend; Bitcoin also needs renewed spot demand, particularly from investors using regulated investment products.
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