BlackRock's Bitcoin fund just saw its biggest exit since June. IBIT recorded $405.3 million in net outflows on Monday, November 2 — its largest single-day withdrawal since June 26, when $444.5 million left. The twist: total US spot Bitcoin ETF outflows that day were $398.6 million — less than IBIT alone. Fidelity's FBTC actually took in $6.7 million, partly offsetting the exit. So this was not every fund bleeding at once. It was the biggest fund doing the bleeding, while a smaller one still attracted money. Bitcoin sits near $76,700, down about 2% on the day. When the market's largest Bitcoin vehicle sees its heaviest exit in four months, the question is whether holders are leaving Bitcoin — or just leaving IBIT.