BlackRock Reports Bitcoin ETFs Now Lead All Product Revenue Despite November Withdrawals

BlackRock’s Bitcoin ETFs now lead company revenue as allocations recover after November outflows.

IBIT nears $100B peak demand and holds over 3% of Bitcoin supply while fees reach $245M yearly.

Spot crypto ETFs return to inflows as Bitcoin rebounds above $90K and BlackRock increases exposure.

A sharp shift in ETF demand drew market attention as BlackRock reported that its Bitcoin products have now become its strongest revenue source, even after a difficult month of withdrawals. Company executives say interest remains firm as allocations recover alongside Bitcoin’s rebound above $90,000.

Strong Revenue Growth Despite November Pressure

BlackRock reported that its Bitcoin ETFs have become the company’s most profitable product line. The update came after a month of notable withdrawals, yet executives stated that long-term interest remains steady. According to comments made in São Paulo by Cristiano Castro, director of business development at BlackRock Brazil, the scale of demand exceeded early expectations.

Castro said that allocations in both the U.S. IBIT fund and Brazil’s IBIT39 “came very close to $100 billion” at their peak. He added that the pace of inflows during the cycle showed strong participation from global investors. The U.S.-listed IBIT, launched in January 2024, also became the fastest ETF in history to reach $70 billion in assets.

Data from SoSoValue shows that IBIT generated an estimated $245 million in annual fees by October 2025. It now holds more than 3% of the total Bitcoin supply. Castro noted that ETFs are often used to manage flows during volatility and said, “What we’ve been seeing is perfectly normal,” referring to November withdrawals.

Market Rotation and Return to Net Inflows

November recorded about $2.34 billion in net outflows from IBIT, including the two largest withdrawals on Nov. 14 and Nov. 18. Analysts attribute this to broader retail selling during Bitcoin’s pullback. Castro stated that such movement is common in periods of price compression, as retail investors tend to adjust exposure quickly.

Bitcoin’s rebound above $90,000 placed IBIT holders back in profit with an estimated $3.2 billion cumulative gain. Spot Bitcoin ETFs then ended a four-week outflow streak with a $70 million weekly inflow

Spot Ether ETFs also recorded $312.6 million in new capital after recent losses. BlackRock has also increased its own exposure. Its Strategic Income Opportunities Portfolio raised its IBIT stake by 14%, confirming internal confidence in the product’s long-term outlook.

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