BlackRock’s Bitcoin exchange-traded fund (ETF) closed November under pressure after seeing significant drawdowns, but the asset manager remains confident in its long-term outlook for the product.

Speaking in Sao Paulo, BlackRock’s business development director, Cristiano Castro, said the company’s Bitcoin (BTC) ETFs have become one of its biggest revenue drivers, calling their growth a “big surprise” given how quickly allocations have risen this year.

Castro’s comments came after a difficult month for BlackRock’s US-listed IBIT, which recorded net outflows of about $2.34 billion during November. The largest withdrawals came in the middle of the month, with about $523 million leaving on November 18 and about $463 million leaving on November 14.

“ETFs are very liquid and powerful instruments,” Castro reportedly said after his panel at the Blockchain 2025 conference. “They are there to allow people to allocate capital and manage cash flow. What we are seeing is completely normal; any asset that starts to come under pressure usually has that effect, especially in an instrument that is heavily controlled by retail investors.”

Related to: Explaining the Different Types of ETFs – Cointelegraph

BlackRock’s Bitcoin ETFs approached $100 billion in assets at peak

Castro added that the demand earlier in the session speaks for itself. Joint listings in the US and Brazil under the IBIT name were “very close to $100 billion” in assets at their peak, he said.

As Cointelegraph reported, holders of BlackRock’s Bitcoin ETFs are back in profit after Bitcoin rose back above $90,000 on Thursday.

Investors in BlackRock’s IBIT are now seeing cumulative gains of about $3.2 billion, reversing the losses seen during the recent Bitcoin pullback. Holders of IBIT and BlackRock’s Ether ETF rose nearly $40 billion at their peak in early October before gains collapsed to just $630 million last week, meaning most positions were close to breakeven until the recent rebound.

Related to: Why XRP ETF proposals are increasing and what is keeping other issuers on the sidelines

Bitcoin and Ether ETFs Hijack the Outflow Line

Spot bitcoin ETFs ended four weeks of heavy withdrawals with a weekly inflow of $70 million, reflecting part of the $4.35 billion that left the sector during November.