Guy Fawkes 
UNCLASSIFIED
BlackRock Bitcoin and Ethereum investment products(ETF) recorded huge withdrawals as investors prepared for another important US CPI report. The asset manager’s iShares Bitcoin Trust (IBIT) recorded $213.2 million in outflows. Its iShares Ethereum Trust (ETHA) lost another $119.3 million.
Combined, the two funds shed approximately $332.5 million in a single session. The withdrawals came hours before the October Consumer Price Index (CPI) report, which could influence expectations for another Federal Reserve interest rate increase.
BlackRock Bitcoin ETF Outflows Come Before CPI
Bitcoin ETF Flow, Coinglass
The latest withdrawals extend a difficult period for crypto investment products. US spot Bitcoin ETFs recorded $201 million in combined net outflows on November 9. BlackRock’s IBIT accounted for $213.2 million of those withdrawals, while Morgan Stanley’s MSBT attracted $22.1 million.
Ethereum ETF Flow, Coinglass
Ethereum investment products faced even heavier pressure. US spot Ethereum ETFs recorded $184.6 million in net outflows, with BlackRock’s ETHA responsible for $119.3 million.
IBIT has now recorded seven consecutive sessions of withdrawals, losing $1.66 billion since October 30. November’s cumulative Bitcoin ETF outflows reached $1.48 billion through November 9. These figures show institutional investment demand has weakened considerably.
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US CPI Report Could Determine Bitcoin’s Next Move
Investors now face another macroeconomic test with the October US CPI report scheduled for later tonight. Economists expect headline inflation to increase 0.3% month over month, slowing from September’s 0.6% increase. Core CPI, which excludes food and energy, is expected to rise 0.2%, compared with 0.3% previously.
The report will not include an official year-over-year inflation comparison. Last year’s government shutdown prevented the Bureau of Labor Statistics from collecting the necessary October 2025 data. Nevertheless, the monthly figures could influence expectations surrounding the Federal Reserve’s December meeting.
Markets have already priced in approximately an 85% probability of another quarter-point rate increase. Persistent inflation could reinforce that outlook, putting additional pressure on risk-sensitive assets.
Bitcoin faces particular sensitivity to changes in interest rate expectations. Unlike traditional fixed-income investments, it does not generate a yield, making higher interest rates potentially less attractive for investors seeking returns.
A hotter-than-expected CPI reading could encourage further defensive positioning across cryptocurrency markets. Conversely, softer inflation could provide temporary relief by reducing concerns about additional monetary tightening.
However, a positive inflation surprise alone may not be enough to reverse the current trend. Bitcoin also needs renewed spot demand, particularly from investors using regulated investment products. BlackRock Bitcoin ETF withdrawals offer a snapshot of investor caution ahead of one of November’s most important economic releases.
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