BlackRock’s Bitcoin ETF faced heavy withdrawals in November, with $2.34 billion in net outflows. Despite this, the asset manager remains optimistic about the product’s long-term prospects. The ETFs had become a significant revenue driver for the company, reaching close to $100 billion in peak assets.

BlackRock’s business development director, Cristiano Castro, highlighted the strong demand for the ETFs earlier in the cycle. Investors in BlackRock’s IBIT saw a cumulative gain of about $3.2 billion as Bitcoin surged back above $90,000. The Ether ETF also experienced a rebound, with holders up nearly $40 billion at their peak.

Spot Bitcoin ETFs saw a $70 million weekly inflow, reversing a trend of heavy withdrawals in November. Similarly, Spot Ether ETFs logged $312.6 million in weekly inflows after losing $1.74 billion over the previous three weeks. This marks a positive turnaround for both cryptocurrency ETFs.

Read more at Cointelegraph: BlackRock Calls $2.3 Billion IBIT Outflows in November ‘Perfectly Normal’