BlackRock's IBIT sees about $403M in one-day client redemptions

what happened

Holders of BlackRock's iShares Bitcoin Trust redeemed shares worth about $403–405 million in one session on November 2, 2026, according to Crypto Briefing. Fund flow figures put IBIT's net outflow at $405.3 million, the largest single-day redemption for the product since June 26 this year. Estimates vary slightly depending on which data source is used.

BlackRock did not choose to sell. Redemptions obliged the fund to release a matching amount of Bitcoin, and most of it flowed to Coinbase Prime, Coinbase's institutional brokerage, where it was sold. The coins reached the market because of client decisions rather than a trading call from BlackRock. Across all US spot Bitcoin ETFs, net outflows totaled roughly $398.6 million that day, with Fidelity's FBTC the only notable gainer at $6.7 million in inflows.

The selling fits a longer pattern: IBIT posted five straight sessions of outflows exceeding $1 billion combined, during a tech-led Nasdaq selloff. Bitcoin has traded in a narrow $76,000–$80,000 range, and IBIT remains the largest US spot Bitcoin ETF by assets and cumulative inflows.

why it matters

The main channel is supply: each redemption that ends with coins sold through Coinbase Prime adds Bitcoin to the market. If other buyers do not absorb that volume, prices could come under more pressure. The concentration of outflows in one fund alongside FBTC's inflow may signal investors shifting between products rather than a broad exit from the asset.

market impact

Bitcoin: extra supply from ETF redemptions puts pressure on the price

• ▼Bitcoin pressure down — ETF redemptions push coins onto the market through sales

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