Investors in BlackRock’s iShares Bitcoin Trust regained collective profitability, with an accumulated gain of $3.2 billion, just as Bitcoin once again surpassed the psychological threshold of $90,000 at the end of November 2025. This shift occurred amid significant fund redemptions and sharp moves in the cryptocurrency’s spot price, framing a period where flows and volatility reshaped outcomes for holders.
November registered significant net outflows from the ETF, estimated between $2.35–$3.5 billion during the month, including a record one-day redemption of $523 million, according to cited market data. These movements reflected risk management by investors confronting rapid changes in market conditions.
In parallel, Bitcoin’s price showed pronounced volatility: a 36% drop from the October highs that put it around $80,553 on Nov. 21, followed by an additional 21% plunge that momentarily brought the price down to $82,605. Subsequently, the asset reversed part of those losses and reclaimed the $90,000 level on November 26, trading near $91,503 the next day, underscoring the speed at which sentiment and price can pivot.
For a proportion of IBIT holders, the recovery above $90,000 altered the average cost basis and returned positions to profit, explaining the aggregate figure of $3.2 billion. This mechanism illustrates how episodes of strong volatility can simultaneously provoke capital outflows and restore gains for those who accumulated during earlier declines.
Dominance of BlackRock’s IBIT and its impact
Since its launch in January 2024, the BlackRock iShares Bitcoin Trust scaled rapidly in size: AUM that grew from $60.6 billion to a peak of $99.4 billion and that currently sit above $73 billion, according to industry references. This trajectory reflects sustained institutional engagement with the product.
The fund holds between 625,000 and 700,000 BTC, which represents approximately 3.658% of the total supply and concentrates more than 56% of Bitcoin in US spot ETFs. Such concentration shapes liquidity dynamics and can influence price discovery across venues.
IBIT’s accumulative role has influenced the asset’s availability and price formation: year-to-date it recorded net inflows of $28.1 billion, a volume analysts associate with the appreciation from levels near $45,000 to levels above $120,000 in prior periods. These flows highlight how persistent demand can interact with a finite supply.
Additionally, the evolution of the derivatives market was highlighted by regulatory and infrastructure moves: the expansion of IBIT options by authorities and the increase up to quadrupling options limits on markets such as Nasdaq are signs of greater integration of derivative products around the ETF. This environment supports more sophisticated positioning around the underlying asset.
Institutional players and investment houses have changed their stance toward the product, a factor that contributes both to its growth and to its ability to amplify market moves when massive inflows or outflows converge.
The return to profits for investors in BlackRock’s ETF underscores the interaction between institutional flows and Bitcoin’s volatility; while the fund continues to absorb a significant portion of supply, short-term shocks can translate into simultaneous redemptions and aggregate returns for certain holders.
