United States spot Bitcoin exchange-traded funds (ETFs) recorded $1.282 billion in net outflows during the trading week of 2 to 6 November.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $1.209 billion of the total, according to SoSoValue data reported. The Block reported that the withdrawals marked the worst week for spot Bitcoin ETFs since late June.
BlackRock’s IBIT Drives 94% of Weekly Bitcoin ETF Outflows
IBIT represented roughly 94% of the week’s net outflow, according to SoSoValue data. Grayscale’s Bitcoin Trust (GBTC) followed with $61 million in outflows, bringing its cumulative historical net outflow to $28.11 billion. Fidelity’s Wise Origin Bitcoin Fund (FBTC) moved the other way, posting the largest weekly net inflow at $93.1 million.
The concentration of outflows in a single fund raises a question about whether this reflects broad institutional retreat or a repositioning by a specific set of IBIT holders. IBIT’s cumulative historical inflows still stand at $65.10 billion, and BlackRock reported the fund’s net assets at approximately $60.7 billion as of 6 November.
The funds recorded net outflows on four of the week’s five trading sessions. The only net inflow was $74.6 million on 4 November, according to CryptoTimes.
Bitcoin ETF Outflows Reach $411.9 Million on November 6 as IBIT Sheds $403 Million
Withdrawals accelerated late in the week, with $430.2 million leaving on 5 November and $411.9 million on 6 November, according to SoSoValue and Farside Investors data. IBIT accounted for approximately $403 million of the $412 million category outflow on 6 November, according to Crypto Briefing.
The week ranks seventh among weekly outflows since the spot Bitcoin ETFs launched in January 2024, MLQ reported, and represents the second consecutive week of net withdrawals. The 12 Bitcoin funds ended the week with $95.9 billion in net assets, down 2.3% from the previous week.
Fidelity’s FBTC took in $42.8 million on 6 November, a reversal from its $199.9 million loss the session before. Bitwise’s BITB shed $20.55 million in the same session.
Bitcoin ETF Withdrawals Push 2026 Net Flows to a $914 Million Deficit
The withdrawals pushed 2026 year-to-date net flows for US spot Bitcoin ETFs below zero. The funds entered the week with roughly $368 million of net inflows for the year and ended it approximately $914 million in the red, according to SoSoValue data.
Cumulative historical net inflows since the January 2024 launch still total $55.70 billion, with an ETF net asset ratio of 6.28% relative to Bitcoin’s total market capitalization. The year-to-date reversal is notable but represents a small fraction of the total capital that has entered the products since inception.
Bitcoin ETF Recovery Depends on Price Stabilisation and Risk Appetite
The outflows coincided with a selloff across crypto and equities. Bitcoin traded below $76,000 over the weekend following the ETF outflows, reaching approximately $75,880 on 7 November, according to MLQ. Cryptocurrency liquidations also exceeded $1 billion during Sunday’s volatility on 8 November, according to crypto.news.
A reversal in ETF flows would likely require stabilisation in Bitcoin’s spot price and a shift in the macro environment that has weighed on risk assets.
Whether the IBIT-concentrated outflows represent tactical rebalancing by a handful of large holders or the start of a broader redemption cycle will become clearer in the sessions ahead.
