Key Highlights

  • U.S. Bitcoin spot ETFs recorded approximately $116 million in net outflows on November 3, marking a third consecutive trading day of withdrawals, along with Ethereum spot ETFs.
  • BlackRock’s IBIT and ETHA led the redemptions with outflows of roughly $95 million and $74.4 million, respectively, though Bitwise’s BITB bucked the trend with a $21.9 million inflow, as total Bitcoin ETF net assets held near $99.16 billion.
  • The selling pressure is linked to profit-taking, residual uncertainty from the late-October Binance security incident, and caution surrounding the U.S. midterm elections, in which Democrats swept both chambers.

Key Highlights

  • U.S. Bitcoin spot ETFs recorded approximately $116 million in net outflows on November 3, marking a third consecutive trading day of withdrawals, along with Ethereum spot ETFs.
  • BlackRock’s IBIT and ETHA led the redemptions with outflows of roughly $95 million and $74.4 million, respectively, though Bitwise’s BITB bucked the trend with a $21.9 million inflow, as total Bitcoin ETF net assets held near $99.16 billion.
  • The selling pressure is linked to profit-taking, residual uncertainty from the late-October Binance security incident, and caution surrounding the U.S. midterm elections, in which Democrats swept both chambers.

U.S. Bitcoin spot ETFs recorded a total net outflow of approximately $116 million on November 3, Eastern Time, according to SoSoValue data. This is the third consecutive trading day of net withdrawals. Ethereum spot ETFs saw a net outflow of $85.3462 million on the same day, extending their streak to seven consecutive sessions.

Bitcoin Spot ETFs Post Third Day of Net Outflows

According to SoSoValue, BlackRock’s iShares Bitcoin Trust accounted for the largest share of the Bitcoin outflows, with roughly $95 million exiting the fund. Grayscale’s Bitcoin Mini Trust also saw significant withdrawals of about $52.6 million. In contrast, Bitwise’s BITB attracted the highest single-day inflow at approximately $21.9 million, while Fidelity’s FBTC added about $6.8 million and Morgan Stanley’s MSBT took in roughly $3.3 million.

Total trading volume across the Bitcoin products reached about $1.46 billion. Cumulative net inflows into U.S. spot Bitcoin ETFs since inception stood near $56.47 billion, with total net assets around $99.16 billion. The recent streak follows larger outflows earlier in the period, including a substantial withdrawal on October 30.

Analysts have linked the selling pressure to a combination of profit-taking after prior gains, residual uncertainty from the late-October Binance security incident involving billions in assets, and broader risk sentiment ahead of and during the U.S. midterm elections.

Ethereum Spot ETFs Extend Outflow Streak to Seven Days

Ethereum products continued a longer period of redemptions. BlackRock’s ETHA led with a net outflow of about $74.4 million, while Grayscale’s Ethereum Mini Trust saw roughly $10.9 million leave. No major funds recorded notable inflows on the day.

Total net assets for Ethereum spot ETFs stood at approximately $13.32 billion, representing about 4.76% of Ethereum’s market capitalization. Cumulative net inflows since launch remained near $12.06 billion. The seven-day streak has seen hundreds of millions exit the products in recent sessions.

Bitcoin Gains 1.7% Despite Outflow in ETFs

Bitcoin traded in a range near $76,000 to $78,500 in recent sessions. It closed around $77,300 to $77,700 on November 3 after fluctuating, and showed attempts at recovery toward the $78,000 level into November 4, though with intraday dips below $76,000 at times amid broader volatility.

Price action has been influenced by the ETF flow data itself, as sustained outflows can reduce buying pressure from authorized participants. Additional factors include the aftermath of the large Binance hack in late October, which prompted temporary freezes, customer withdrawals elsewhere, and heightened security concerns across centralized platforms. Macro elements such as interest rate expectations and equity market correlations have also played roles.

Midterm Election Results Add to Uncertainty

The outflows coincided with the November 3 U.S. midterm elections, in which Democrats secured control of both the House and Senate in what multiple outlets described as a blue wave and a significant rebuke to President Donald Trump and Republican candidates. Democrats flipped multiple Senate seats in states including Texas, Kansas, South Carolina, and others, while also gaining the House majority.

Trump acknowledged the results but stated he was not on the ballot and would have won in a landslide if he had been. The shift in congressional control introduces potential changes in legislative priorities, including areas that could affect digital asset regulation, taxation, or oversight, contributing to short-term investor caution even as some market participants had positioned for different outcomes.