- U.S. Bitcoin ETFs lost $1.44 billion in five days, marking their longest outflow streak since July.
- BlackRock’s IBIT led the withdrawals as Ethereum ETFs also recorded heavy losses.
U.S. spot Bitcoin ETFs have recorded $1.44 billion in net outflows over five consecutive trading sessions, marking their longest withdrawal streak since July. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for most of the withdrawals, highlighting the scale of selling across the funds.
On November 11, investors pulled $299.87 million from U.S. spot Bitcoin ETFs. IBIT alone lost $269.7 million, accounting for nearly 90% of the day’s total outflows. Grayscale’s GBTC recorded another $39.1 million in withdrawals.
Morgan Stanley’s MSBT was the only Bitcoin ETF to attract fresh capital, recording $9 million in net inflows. Meanwhile, FBTC, Grayscale Bitcoin Mini Trust, BITB, and ARKB reported no net flows.
BlackRock’s Bitcoin ETF Leads the Withdrawals
The concentration of outflows in IBIT highlights the scale of selling pressure facing one of the largest institutional Bitcoin investment products.
The fund has experienced seven consecutive sessions of net withdrawals through November 9, with cumulative outflows reaching $1.66 billion. Its continued losses suggest that some investors are reducing their Bitcoin exposure rather than adding to their positions.
The broader ETF market has also struggled to maintain positive flows. Data through November 9 showed that U.S. spot Bitcoin ETFs had recorded approximately $1.1 billion in net outflows since the beginning of 2026.
This reversal is significant because Bitcoin ETFs played a major role in attracting institutional capital during the 2024–2025 rally. Continued withdrawals could weaken an important source of demand for Bitcoin.
Ethereum ETFs Also Face Heavy Selling
The selling pressure has extended beyond Bitcoin investment products. U.S. spot Ethereum ETFs recorded $144.8 million in net outflows on November 11, with BlackRock’s ETHA accounting for most of the withdrawals.
ETHA lost $129.8 million during the session. Other affected funds included ETHB, ETHW, FETH, and EZET, which recorded outflows of $5.3 million, $4.8 million, $4.1 million, and $800,000, respectively.
The withdrawals followed another difficult session on November 9, when Bitcoin and Ethereum ETFs lost a combined $385.59 million. Bitcoin funds accounted for $201.08 million of the outflows, while Ethereum products recorded $184.51 million.
Although Bitcoin ETFs briefly attracted $20.03 million in fresh capital in the following session, Ethereum funds continued to experience withdrawals.
What Is Driving the Bitcoin ETF Outflows?
Broader market uncertainty has contributed to the decline in institutional appetite for crypto exposure. Concerns surrounding the U.S. midterm elections and tighter regulatory expectations for artificial intelligence infrastructure investment have weighed on investor sentiment.
U.S. equities also experienced a sharp selloff on November 5, triggering $430.2 million in withdrawals from Bitcoin ETFs and another $99.97 million from Ethereum funds.
Persistent ETF redemptions can create additional selling pressure because fund managers may need to sell underlying Bitcoin and Ether to meet investor withdrawals. This becomes particularly important when market sentiment is already weak.
Meanwhile, on-chain activity showed that a large trader closed long positions in both Bitcoin and Ether on November 12, booking approximately $142,000 in combined profits shortly before further declines.
Bitcoin ETF Flows Remain Under Pressure
The five-day withdrawal streak raises questions about whether institutional demand for Bitcoin can recover before the end of November. With year-to-date Bitcoin ETF flows already in negative territory, a sustained return of inflows could become important for restoring investor confidence.
For now, continued withdrawals from BlackRock’s IBIT and other major funds highlight the challenges facing Bitcoin’s institutional demand. Whether the selling pressure eases in the coming sessions could offer a clearer indication of how investors view the market’s near-term outlook.
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