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.
- • IBIT has now logged seven consecutive sessions of withdrawals totaling $1.66 billion since October 30, and cumulative November Bitcoin ETF outflows reached $1.48 billion through November 9.
- • US spot Ethereum ETFs recorded $184.6 million in net outflows, with ETHA accounting for $119.3 million of that total, signaling heavier pressure on ether products than on bitcoin products.
- • Markets have priced in roughly an 85% probability of another quarter-point Federal Reserve rate increase, and the October US CPI report, with headline inflation expected to rise 0.3% month over month, is viewed as a key catalyst for crypto positioning.
Summary
BlackRock's crypto exchange-traded products experienced significant withdrawals ahead of the October US Consumer Price Index (CPI) 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. Combined, the two funds shed approximately $332.5 million in a single session, with the withdrawals occurring hours before the CPI release.
The outflows extend a difficult period for crypto investment products. US spot Bitcoin ETFs recorded $201 million in combined net outflows on November 9, with IBIT's withdrawals partly offset by $22.1 million of inflows into Morgan Stanley's MSBT. US spot Ethereum ETFs recorded $184.6 million in net outflows. IBIT has now posted seven consecutive sessions of withdrawals, losing $1.66 billion since October 30, and November's cumulative Bitcoin ETF outflows reached $1.48 billion through November 9. Per the source, these figures indicate that institutional demand for regulated crypto investment products has weakened considerably.
Investors are focused on the October CPI report. 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 year's government shutdown. Markets have priced in approximately an 85% probability of another quarter-point rate increase, and the monthly figures could shape expectations for the Federal Reserve's December meeting.
Bitcoin is particularly sensitive to shifts in rate expectations because it does not generate yield, making higher rates potentially 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 provide temporary relief. The source cautions, however, that a positive inflation surprise alone may not reverse the current trend, as bitcoin also requires renewed spot demand, particularly from investors using regulated investment products.
The outflows extend a difficult period for crypto investment products. US spot Bitcoin ETFs recorded $201 million in combined net outflows on November 9, with IBIT's withdrawals partly offset by $22.1 million of inflows into Morgan Stanley's MSBT. US spot Ethereum ETFs recorded $184.6 million in net outflows. IBIT has now posted seven consecutive sessions of withdrawals, losing $1.66 billion since October 30, and November's cumulative Bitcoin ETF outflows reached $1.48 billion through November 9. Per the source, these figures indicate that institutional demand for regulated crypto investment products has weakened considerably.
Investors are focused on the October CPI report. 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 year's government shutdown. Markets have priced in approximately an 85% probability of another quarter-point rate increase, and the monthly figures could shape expectations for the Federal Reserve's December meeting.
Bitcoin is particularly sensitive to shifts in rate expectations because it does not generate yield, making higher rates potentially 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 provide temporary relief. The source cautions, however, that a positive inflation surprise alone may not reverse the current trend, as bitcoin also requires renewed spot demand, particularly from investors using regulated investment products.
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