Record $1.26 Billion Outflow Hits BlackRock's Bitcoin ETF Amid Rising Bearish Option Costs
BlackRock's spot Bitcoin ETF, IBIT, has experienced a record net outflow of $1.26 billion in November 2025, marking the largest monthly redemption since its launch in January 2024, according to data from SoSoValue. The ETF's price has declined 16% to $52, reaching its lowest level since April 22.
Alongside IBIT's outflows, bearish option costs have surged, with the 250-day put-call skew rising to 3.1%, a seven-month high. This indicates that put options, which offer downside protection, are becoming more expensive relative to calls. This dynamic reflects hedging activity as investors seek protection against further declines in Bitcoin's price.
In total, 11 spot Bitcoin ETFs have seen withdrawals amounting to $2.59 billion in November. IBIT, which is listed on Nasdaq, is a major component of this trend, highlighting growing investor caution in the Bitcoin ETF market.
