Between November 2 and November 6, U.S. Bitcoin and Ether exchange-traded funds (ETFs) experienced a dramatic decline, recording total net outflows of $1.65 billion. BlackRock’s IBIT faced losses during each trading session, despite Fidelity’s Bitcoin fund showing some positive movement.
Overview
- Over five trading days, Bitcoin ETFs lost $1.28 billion, while Ether funds saw $365.2 million in withdrawals.
- BlackRock’s IBIT alone accounted for $1.21 billion of losses, which included $403 million withdrawn on Friday.
- Contrarily, Fidelity’s FBTC gained $93.1 million in net inflows for the week, despite a $199.9 million pullback on Thursday.
- On Friday, total outflows from Bitcoin and Ether ETFs reached $504.2 million following a brief recovery on Wednesday.
As reported by Farside Investors’ Bitcoin analytics, U.S. spot Bitcoin ETFs faced net withdrawals of $411.9 million on November 6, along with Ether funds losing another $93.3 million, marking the second consecutive negative session for both types of assets.
On Thursday and Friday, investors withdrew a total of $1.04 billion from these ETFs. The only gain during the week occurred on Wednesday, when Bitcoin funds attracted $74.6 million and Ether products brought in $53 million.
Concentration of Withdrawals in BlackRock’s IBIT
On Friday, BlackRock’s IBIT was responsible for $403 million of the total Bitcoin withdrawals. Other funds like Bitwise’s BITB, ARK 21Shares’ ARKB, and Grayscale’s GBTC lost $20.5 million, $20.1 million, and $11.1 million, respectively.
In contrast, Fidelity’s FBTC gathered $42.8 million, helping to counteract the outflows from other funds. The rest of the Bitcoin products tracked by Farside remained neutral.
Throughout the week, IBIT saw a total loss of $1.21 billion, with the highest daily withdrawal occurring on Monday, at $405.3 million, closely followed by Friday’s figure. The Wednesday outflow of $201.2 million happened even as the overall Bitcoin ETF sector only just turned positive.
Fidelity accumulated a net subscription total of $93.1 million for the week. Its inflow of $236.7 million on Wednesday surpassed the $199.9 million outflow on Thursday, while smaller inflows on Monday, Tuesday, and Friday maintained a positive weekly total.
Other products posted varied results, with Bitwise gaining $16.6 million, ARKB losing $19.1 million, Grayscale’s GBTC recording $61 million in withdrawals, and its Bitcoin Mini Trust losing $52.6 million.
Ether ETFs Experience $365.2 Million Loss Despite Wednesday Gains
According to Farside’s Ethereum data, BlackRock’s ETHA led the outflows on Friday with $90.8 million. Fidelity’s FETH and Grayscale’s Ethereum Mini Trust reported losses of $1.7 million and $1.9 million, respectively.
In contrast, BlackRock’s ETHB gained $1.1 million, while no other monitored Ether funds showed positive flows that day.
By the end of the period from November 2 to 6, ETHA shed $345.9 million, and ETHB experienced a loss of $47.9 million. Fidelity’s FETH brought in $15.3 million during this week, bolstered by a $19.2 million inflow on Wednesday.
The Ether ETF category began November with withdrawals of $139.7 million on Monday and $85.3 million on Tuesday. This was followed by a $53 million inflow on Wednesday, but outflows of $99.9 million occurred on Thursday and $93.3 million on Friday.
Previously, Ether funds had incurred $431.4 million in losses between October 26 and 30. Reports indicate that their October total withdrawals reached $1.61 billion, culminating in $155.7 million pulled out during the final trading day of that month.
Failed Continuation of Wednesday’s ETF Recovery
Weekly outflows for Bitcoin surpassed six times the $202.4 million tallied in the previous week. Merged withdrawals from Bitcoin and Ether jumped from $633.8 million to an estimated $1.65 billion this time around.
The recent totals for the five trading days indicated that Bitcoin funds had four negative sessions and just one positive session. Ether products mirrored this pattern, although their overall weekly outflows were lower than the previous period.
During the short-lived recovery, Ryan Kirkley, co-founder and CEO of Global Settlement Network, warned against interpreting a single positive session as an end to selling. He highlighted the discrepancy in investor sentiment between Fidelity and BlackRock as a sign of uneven exposure adjustments.
Kirkley also pointed out that institutional allocation remained reliant on liquidity, monetary policies, and strategic portfolio decisions, while unsettled U.S. regulations on custody, payments, and settlements continued to be significant factors for financial institutions.
Trader Notes Ether Flows as Potential Demand Indicator
On November 6, Andreja Cobeljic, the head of derivatives trading at AMINA Bank, emphasized in a statement that increased activity in Ether ETFs could be an indicator to monitor for assessing future institutional demand and potential price increases by 2027.
“To put it simply, ETH flows are key,” he explained.
Cobeljic noted that ETF subscriptions and corporate purchases of Bitcoin differ from futures positioning, which typically involves hedging without a direct bet on price rises. He remarked that muted futures premiums during recent rallies indicated that such strategies are still active.
Through November 6, Farside reported cumulative totals of approximately $55.77 billion in net inflows for Bitcoin ETFs and $11.95 billion for Ether funds.