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Key Takeaways
How much did IBIT lose in one day?
BlackRock’s IBIT recorded historic outflows of $523 million on November 18.
What does this outflow mean?
Institutional clients dumped Bitcoin exposure through IBIT as BTC failed to recover $100,000, causing the largest net negative flow in the fund’s history.
BlackRock’s Bitcoin ETF just had its worst day ever. IBIT lost $523 million on November 18, shattering all previous outflow records as institutional investors exited Bitcoin positions below $90,000.
Arkham Intelligence data reveals the extent of the exodus. BlackRock buys or sells Bitcoin to settle outstanding IBIT shares on a T+1 basis.
This means that today’s BTC sales of $523 million reflect yesterday’s actual customer trading activity.
The outflow represents the largest net negative flow in IBIT’s entire existence. No other day comes close.
IBIT outflows are drowning the entire ETF market
IBIT’s selling pressure overwhelmed the broader Bitcoin ETF landscape Soso value data. Total market outflows as of November 18 were -$372.77 million, with the BlackRock fund accounting for 140% of the total negative flows.
Source: SoSoValue
Other major ETFs showed minimal activity. Fidelity’s FBTC, Grayscale’s GBTC, Ark’s ARKB, Bitwise’s BITB and VanEck’s HODL all recorded zero or near-zero flows.
Only Grayscale’s smaller BTC fund saw meaningful inflows of $139.63 million, but this could not offset IBIT’s historic dump.
The data showed that institutional money was fleeing Bitcoin through the largest and most liquid ETF in the sector.
Bitcoin Breaks $90K as Selling Accelerates
Bitcoin crashed 3.15% to $89,989.82 as the institutional selloff hit. The outage confirmed the technical weakness that has increased since BTC failed to sustain $100,000 in mid-November.
Source: TradingView
The MACD indicator is currently at -3,755.91, indicating deep bearish momentum. Bitcoin has lost nearly $10,000 from recent highs of nearly $100,000, wiping out weeks of gains in a matter of days.
IBIT still owns $72.76 billion in total net assets, representing 3.93% of Bitcoin’s market cap. The fund has maintained cumulative net inflows of $58.22 billion since launch.
However, yesterday’s record outflows indicate a possible shift in institutional sentiment.
What changed on November 18?
The timing suggests that institutional clients have lost confidence in Bitcoin’s ability to make six-figure returns. After multiple rejections to the tune of $100,000, major allocators pulled the trigger on refunds.
BlackRock must sell the underlying Bitcoin when customers redeem IBIT shares. The $523 million figure represents actual BTC coming to market, not just paper sales.
This real supply pressure accelerated Bitcoin’s decline below key support levels.
Is this a temporary lull in the institutional Bitcoin adoption story, or the start of a deeper correction?