BlackRock executive: IBIT's $2.34 billion outflow this month is normal, and we are confident in the long-term prospects of spot ETFs

Jinse Finance reported that BlackRock's spot bitcoin ETF, IBIT, saw a net outflow of $2.34 billion in November, with approximately $463 million in net outflows on November 14 and about $523 million on November 18, both breaking previous single-day outflow records. Cristiano Castro, the Director of Business Development, commented that the $2.34 billion outflow is a normal phenomenon and BlackRock remains confident in its long-term prospects. The spot bitcoin ETF has become one of BlackRock's most important sources of revenue, with growth so rapid that the November outflows were only due to previously strong demand. Cristiano Castro told reporters: "Spot ETFs are highly liquid and powerful tools, designed to allow investors to flexibly allocate capital and manage cash flow. What we are seeing now is completely normal—any asset will experience this phenomenon during a price correction, especially with a tool that has a high proportion of retail investors." As bitcoin returned above $90,000 on Thursday, IBIT investors' cumulative unrealized gains have reached about $3.2 billion, successfully offsetting losses from previous bitcoin corrections.