U.S. spot Bitcoin exchange-traded funds have now posted five straight sessions of net redemptions, the longest such run since July, with investors pulling a combined $1.44 billion from the funds over that stretch, according to Trader T data.
The exodus has been heavily concentrated in BlackRock's iShares Bitcoin Trust (IBIT), which has shouldered the bulk of the selling. On Nov. 11 alone, IBIT shed $269.7 million, close to 90% of the $299.87 million that left the Bitcoin ETF complex that day, figures compiled by Farside Investors show. Grayscale's GBTC lost a further $39.1 million.
Morgan Stanley's MSBT was the lone Bitcoin fund to attract fresh money, taking in $9 million. FBTC, the Grayscale Bitcoin Mini Trust, BITB and ARKB all finished the session flat.
The retreat has not been confined to Bitcoin products. U.S. spot Ethereum ETFs recorded a net outflow of $144.8 million on the same day, led by BlackRock's ETHA at $129.8 million. ETHB, ETHW, FETH and EZET gave up $5.3 million, $4.8 million, $4.1 million and $800,000 respectively, while the remaining Ethereum funds saw no net flow.
Note: Figures reflect single-session net flows as calculated by Farside Investors and Trader T.
The latest leg of selling extends a bruising stretch that began earlier in the month. SoSoValue data cited in Japanese coverage showed the two complexes losing a combined $385.59 million on Nov. 9, the third consecutive day of outflows, bringing the cumulative three-day total to $1.42087 billion. Bitcoin funds accounted for $201.08 million of that day's withdrawals and Ethereum funds $184.51 million, with IBIT's $213.23 million redemption exceeding the Bitcoin category's overall figure and MSBT again the only net gainer at $22.06 million. BlackRock's ETHA led Ethereum funds with $119.28 million of outflows.
The pressure eased only briefly. The following session brought $20.03 million of net inflows back into Bitcoin ETFs, while Ethereum funds leaked another $1.96 million, their fourth straight day of redemptions.
Behind the flows, risk appetite has been rattled by the U.S. midterm elections and growing expectations of tighter regulation on artificial-intelligence infrastructure investment, which helped drive a sharp selloff in U.S. equities on Nov. 5. That session alone saw $430.2 million leave Bitcoin ETFs and $99.97 million exit Ethereum funds, pushing the Bitcoin category's weekly outflow to $1.28173 billion.
For the year to date through Nov. 9, Bitcoin ETFs were running a net outflow of roughly $1.1 billion, per Farside Investors. IBIT's own losing run stretched to seven consecutive sessions through Nov. 9, with cumulative redemptions of $1.66 billion.
The scale of the withdrawals matters for a market where ETF demand was a central pillar of the 2024-2025 rally. Persistent redemptions force fund managers to sell the underlying token to meet investor exits, adding mechanical selling pressure precisely when sentiment is already fragile. The concentration in IBIT is notable because the fund had been the single largest destination for institutional Bitcoin exposure; a reversal there signals that some large allocators are trimming rather than adding.
Separately, on-chain trackers flagged a large holder closing positions into the weakness. An address prefixed 0xec4a unwound long positions in both Bitcoin and Ether around 06:30 on Nov. 12, booking roughly $142,000 of profit in about two minutes ahead of further declines. The trade closed 331.49 BTC at an average of $74,181 for a $133,500 gain on a transaction worth about $24.59 million, and 4,000 ETH at an average of $2,066.05 for $8,560 on a position valued at $8.26 million.
With Bitcoin ETFs now on their longest losing streak in four months and Ethereum funds faring no better, attention turns to whether the flow picture stabilizes before month-end. A sustained rebound in inflows would need to overcome both the macro headwinds from the regulatory debate and the technical overhang created by five sessions of redemptions.
