BlackRock's Bitcoin and Ethereum exchange-traded funds recorded substantial withdrawals on November 9 as investors positioned themselves ahead of a key US inflation release. BlackRock, the world's largest asset manager, saw its iShares Bitcoin Trust (IBIT) log $213.2 million in outflows, while its iShares Ethereum Trust (ETHA) lost another $119.3 million, according to Coinglass flow data.

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, a reading that could influence expectations for another Federal Reserve interest rate increase.

BlackRock Bitcoin ETF Outflows Arrive Ahead of CPI

The latest withdrawals extend a difficult stretch for crypto investment products. Spot ETFs hold the underlying assets directly, making their daily flows a closely tracked barometer of institutional positioning in digital assets. US spot Bitcoin ETFs recorded $201 million in combined net outflows on November 9, per Coinglass. BlackRock's IBIT accounted for $213.2 million of those withdrawals, while Morgan Stanley's MSBT moved in the opposite direction, attracting $22.1 million.

Ethereum products faced even heavier pressure. US spot Ethereum ETFs posted $184.6 million in net outflows, with BlackRock's ETHA responsible for $119.3 million of the total.

IBIT has now recorded seven consecutive sessions of withdrawals, shedding $1.66 billion since October 30. November's cumulative Bitcoin ETF outflows reached $1.48 billion through November 9 — figures that point to a considerable weakening in institutional demand.

US CPI Report Could Shape Bitcoin's Next Move

Investors now face another macroeconomic test, with the October US CPI report scheduled for release later tonight. The CPI is one of the most closely watched inflation gauges and a key input for Federal Reserve policy decisions. Economists expect headline inflation to rise 0.3% month over month, slowing from September's 0.6% increase. Core CPI, which excludes food and energy, is forecast to climb 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 October 2025 data needed to produce it. Year-over-year readings are the standard benchmark for gauging inflation's annual pace, leaving the monthly change as the primary reference this time around. The monthly figures could nonetheless shape expectations surrounding the Federal Reserve's December meeting.

Markets have already priced in roughly an 85% probability of another quarter-point rate increase. Persistent inflation could reinforce that outlook, placing additional pressure on risk-sensitive assets.

Bitcoin is considered particularly sensitive to shifts in interest rate expectations. Unlike traditional fixed-income investments, it does not generate a yield, which can make higher rates 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 favorable inflation surprise alone may not be enough to reverse the current trend. Bitcoin would also need renewed spot demand, particularly from investors using regulated investment products. The scale of BlackRock's recent ETF withdrawals offers a snapshot of investor caution ahead of one of November's most closely watched economic releases, and subsequent daily flow data will show whether the seven-session withdrawal streak extends once the figures are out.