US spot bitcoin ETFs record $1.28bn in weekly net outflows
BlackRock’s IBIT fund accounted for the majority of the exits as ethereum funds extended their losing streak to six weeks.
Key takeaways
- 1US spot bitcoin ETFs recorded $1.282bn in net outflows from 2 to 6 November.
- 2BlackRock's IBIT fund saw $1.209bn in withdrawals during the same period.
- 3Ethereum ETFs recorded $365m in net outflows, their sixth consecutive week of losses.
US spot bitcoin exchange-traded funds recorded $1.282bn in net outflows between 2 November and 6 November. The heavy selling followed a period of volatility in the digital asset markets. BlackRock’s iShares Bitcoin Trust (IBIT) led the exits, with investors pulling $1.209bn from the fund over the five-day period.
Spot ethereum ETFs also faced significant pressure, recording $365m in net outflows during the same week. This marks the sixth consecutive week of net outflows for the ethereum funds. The trend continued from the previous week when ethereum products lost $432m, and market data shows the selling persisted with ether funds losing $99.9m on 5 November.
The outflows represent a shift in sentiment after a period of significant growth for US-listed crypto products. Bitcoin is the largest digital asset with a market value of $1.5trn, while ethereum ranks second at $261.9bn. Earlier reporting from YourKhabri on 2 November showed that bitcoin funds had already begun to see smaller exits of $203m before the selling accelerated.
The scale of the exits from BlackRock’s fund suggests that institutional vehicles are sensitive to broader market shifts. Traders are watching for whether these outflows indicate a long-term cooling of interest or a temporary rotation of capital. The ethereum funds have now lost a combined $797m over the last two weeks of trading.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.