Investors in BlackRock's iShares Bitcoin Trust (IBIT) redeemed approximately $403 million worth of Bitcoin from the fund in a single day, according to fund flow data for November 2, 2026. The net outflow was reported at $405.3 million, marking the largest one-day redemption for the fund since June 26 of this year.
What happened
The redemption was client-driven, not a decision by BlackRock to sell Bitcoin. Investors redeemed their ETF shares, and the fund released the matching amount of Bitcoin to settle those positions. Those coins largely went to Coinbase Prime, the institutional brokerage arm of Coinbase, where they were sold. The Bitcoin therefore reached the market as a result of investor decisions rather than a call from BlackRock's trading desk.
Estimates of the client-driven selling range between $403 million and $405 million, with the precise figure depending on the tally used.
Sector-wide flows
Across all US spot Bitcoin ETFs, net outflows totaled about $398.6 million on the same day. Fidelity's Wise Origin Bitcoin Fund (FBTC) was the exception, recording a modest inflow of $6.7 million. IBIT's $405.3 million in outflows, offset by FBTC's $6.7 million inflow, accounted for essentially all of the day's net selling pressure among US spot Bitcoin ETFs.
A five-session streak
The November 2 redemption extended a five-session outflow streak for IBIT, with cumulative withdrawals over that period exceeding $1 billion. The streak ran into early November alongside a selloff in tech stocks led by the Nasdaq. Bitcoin itself traded in a relatively tight band between $76,000 and $80,000.
IBIT remains the largest fund
Despite the outflows, IBIT remains the largest US spot Bitcoin ETF, leading the category by both assets under management and total historical net inflows.
Implications for supply and investors
Each redemption that ends with coins being sold through Coinbase Prime adds Bitcoin to the market. With cumulative IBIT redemptions topping $1 billion in just five sessions, that additional supply could weigh on prices if demand from other buyers does not keep pace.
The selling was concentrated heavily in one fund while Fidelity's FBTC managed a small inflow. That may indicate investors are reshuffling which products they hold, or that a particular set of IBIT holders decided to step back, rather than a uniform exit from the asset class. The last time IBIT saw a single-day redemption this large was June 26.
