The downward trend persisted on November 2, as $BTC ETFs faced net outflows totaling $398.6 million. The following day, however, the rate of outflows significantly slowed, dropping to $115.6 million in withdrawals.
Over these three days, BlackRock’s IBIT was responsible for $734 million in outflows, marking it as the primary factor in the negative pattern.
Did Ethereum ETFs Reflect the Same Trend as Bitcoin ETFs?
Conversely, spot Ethereum [$ETH] ETFs saw ongoing capital outflows for a full week, from October 26 to November 3, 2026. In total, Ethereum spot ETFs experienced approximately $656.4 million in cumulative net outflows.
Commenting on this trend, Bloomberg analyst James Seyffart stated,
The outlook appeared positive at the end of September, but much of that shifted negatively in October.
He further noted that the average cost for ETF holdings was $3,182, while the market price of $ETH hovered around $2,341, resulting in total unrealized losses for investors approaching $3.47 billion.
Analyzing Other Altcoin ETF Performances
In the altcoin sector, XRP ETFs recorded a net outflow of $529.51K on November 2.
On November 3, Binance [BNB] ETFs experienced net outflows totaling $271.01K. However, Hyperliquid [HYPE] spot ETFs distinguished themselves with a positive trend, gaining $605.08K in net inflows on the same day, reversing significant outflows of $2.86 million from the previous day.
In contrast, Solana [SOL] spot ETFs showed no movement in either direction on those days.
Evaluating Broader Macroeconomic Events
This all unfolded against a challenging macroeconomic landscape, as the U.S. Federal Reserve’s decision in October to maintain interest rates between 3.75% and 4.00% raised concerns about ongoing inflation.
Additionally, the U.S. midterm elections on November 3 added to market uncertainty, compounded by a slight rebound in the U.S. dollar that placed further pressure on dollar-denominated assets.
The situation was exacerbated by a security breach at Binance, which raised fresh concerns within the cryptocurrency market, potentially accelerating withdrawals from institutional investors.
Conclusion
- Compared to $BTC ETFs, spot Ethereum ETFs are facing a more challenging environment.
- Nonetheless, the recent 24-hour price increases of tokens indicate that investors may be anticipating a shift in momentum.