How Severe Is Bitcoin’s ETF Outflow Streak?
Bitcoin ETFs recorded net withdrawals on every trading day between November 9 and November 13. Monday’s outflows reached $201.1 million, followed by $95 million on Tuesday, $299.9 million on Wednesday, $284 million on Thursday and $185.5 million on Friday.Friday marked the seventh consecutive trading session of net redemptions, bringing cumulative withdrawals since November 5 to approximately $1.91 billion. The streak is the longest since June 17 to July 1, when Bitcoin ETFs recorded 10 consecutive negative sessions totaling roughly $2.71 billion.November’s net withdrawals have reached approximately $2.35 billion after nine trading sessions, already exceeding the previous month’s losses and making November the weakest month since June, when the funds lost $4.51 billion.The latest selling also pushed the funds’ cumulative net flows for 2026 to approximately negative $1.98 billion, compared with a $914.1 million deficit a week earlier.The sustained redemptions follow earlier weakness documented by FinanceFeeds on November 10, when Bitcoin and Ethereum ETFs recorded combined withdrawals of $385.6 million during the November 9 session.ETF flow data measure net creations and redemptions of fund shares, rather than changes in assets caused by cryptocurrency price movements. Consequently, a decline in fund assets does not necessarily represent an equivalent amount of investor withdrawals.
Investor Takeaway
Why Is BlackRock’s IBIT Driving the Withdrawals?
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $143.5 million of Friday’s $185.5 million net Bitcoin ETF outflow, representing approximately 77% of the total. Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded another $41.9 million in withdrawals, while the remaining 10 tracked funds reported no net flows.IBIT’s Bitcoin holdings were valued at approximately $53.99 billion, compared with $64.19 billion in cumulative net subscriptions since launch.BlackRock has repeatedly accounted for a substantial share of recent redemptions. On November 11, IBIT lost $269.7 million, representing approximately 90% of the day’s Bitcoin ETF net outflow, as FinanceFeeds previously reported.The concentration matters because withdrawals from the largest Bitcoin funds can dominate industry-wide flow figures even when smaller products remain relatively stable.Nevertheless, IBIT’s cumulative inflows since launch remain substantial. Its recent withdrawals should be assessed against the much larger capital base accumulated since U.S. spot Bitcoin ETFs began trading in January 2024.
Investor Takeaway
Are Ethereum and Altcoin ETFs Facing Similar Pressure?
Ethereum ETFs recorded $398.9 million in net withdrawals during the week, extending their negative weekly streak to seven. The category has lost approximately $2.42 billion since late September, approaching its previous record of eight consecutive weeks of outflows.Monday produced the largest Ethereum withdrawal at $184.5 million, followed by $144.8 million on Wednesday and $70.6 million on Thursday.However, Friday brought a modest $2.4 million inflow, ending six consecutive negative trading sessions. Fidelity’s FETH attracted $11.6 million, partially offset by $9.3 million leaving Grayscale’s Ethereum Mini Trust.Ethereum ETF net assets declined 15.5% during the week to $10.85 billion, reflecting the combined effect of fund flows and market valuations.Solana ETFs lost another $32.1 million, extending their weekly outflow streak to six, while Hyperliquid-linked products also recorded their sixth consecutive negative week.Avalanche was the only category among the 15 tracked to finish positive, attracting approximately $227,000. The amount was negligible compared with the combined withdrawals from Bitcoin and Ethereum.The pattern follows earlier November 2 ETF withdrawals reported by FinanceFeeds, when U.S. cryptocurrency products lost approximately $545.3 million in a single session.
What Do the Outflows Mean for Bitcoin Demand?
The latest figures show that regulated ETF demand has remained negative despite the continued availability of spot cryptocurrency investment products across multiple asset categories.For Bitcoin, the immediate concern is whether sustained redemptions continue removing net demand from a market already experiencing declining prices. ETF redemptions can result in underlying asset sales through fund mechanisms, although the timing and execution depend on each product’s structure.At the same time, the data cannot establish the causes of individual investor decisions. Portfolio rebalancing, liquidity needs, hedging activity and changing risk appetite may all affect ETF subscriptions and redemptions.The next trading sessions will help establish whether withdrawals begin to moderate or extend beyond the current seven-day streak. The distinction is important because a reduction in outflows would indicate less net selling through ETFs, not necessarily a return of sustained investor buying.