BlackRock Bitcoin ETF Hits Record Outflows as Price Falls and Hedging Costs Rise
BlackRock’s spot Bitcoin ETF, IBIT, has seen historic outflows this month as its price slid and bearish hedging costs spiked.
The Nasdaq-listed ETF posted a net $1.26 billion redemption in November, marking its largest monthly outflow since launching in January 2024, according to SoSoValue. Across the market, 11 spot Bitcoin ETFs have collectively seen $2.59 billion withdrawn.
IBIT’s price has tumbled 16% to $52, a level last reached on April 22, per TradingView. The decline has driven traders to buy put options to guard against further losses.
The 250-day put-call skew—a gauge of puts relative to calls—has risen to 3.1%, a seven-month high, indicating that downside protection is currently at its most expensive since April, according to MarketChameleon.
The combination of heavy outflows and costly hedges underscores investor caution around BlackRock’s Bitcoin ETF amid ongoing market volatility.
