Bitcoin and Ether ETFs See $1.65B in Net Outflows as BlackRock Funds Lead Withdrawals
U.S. spot Bitcoin and Ether ETFs saw about $1.65 billion in combined net outflows from Nov. 2 to 6, according to fund-flow data reported by Farside Investors. BlackRock’s products accounted for much of the withdrawals, while Fidelity’s Bitcoin and Ether funds ended the period with net inflows. The year for these dates was not specified.
- Bitcoin ETFs lost $1.28 billion; Ether ETFs lost $365.2 million.
- Wednesday was the only positive session for both fund categories.
- Fidelity’s FBTC and FETH finished the period with net inflows.
Withdrawals accelerated late in the week
On Friday, Nov. 6, Bitcoin ETFs recorded $411.9 million in net outflows, while Ether ETFs lost $93.3 million. Together, the funds saw $505.2 million leave. Investors withdrew a combined $1.04 billion across both categories on Thursday and Friday.
Wednesday was the only positive session. Bitcoin funds received $74.6 million, and Ether funds took in $53 million. Each category had four days of outflows and one day of inflows over the five trading days. Earlier Bitcoin ETF inflows show how quickly daily fund-flow trends can shift.
Farside’s figures show combined Bitcoin and Ether ETF outflows of $633.8 million from Oct. 26 to 30, followed by about $1.65 billion in outflows from Nov. 2 to 6. Bitcoin ETF withdrawals climbed from $202.4 million to $1.28 billion between the two periods. Ether funds lost $431.4 million in the earlier week and recorded $1.61 billion in outflows over October, including $155.7 million on the month’s final trading day. Another period of heavy Bitcoin ETF outflows shows that sharp withdrawals are not unprecedented.
BlackRock products accounted for much of the outflow
BlackRock’s Bitcoin ETF, IBIT, lost $1.21 billion over the week. Its biggest daily outflow was $405.3 million on Monday, followed by $403 million on Friday. On Wednesday, when Bitcoin ETFs as a group attracted money, IBIT still saw $201.2 million in outflows.
BlackRock’s Ether ETF, ETHA, lost $345.9 million over the week, including $90.8 million on Friday. Its other Ether product, ETHB, had $47.9 million in weekly outflows but took in $1.1 million on Friday.
Fidelity’s Bitcoin fund, FBTC, went the other way, ending the week with $93.1 million in net inflows. Its $236.7 million intake on Wednesday outweighed a $199.9 million withdrawal on Thursday. It also received $42.8 million on Friday.
Other Bitcoin products posted mixed results. Bitwise’s funds attracted $16.6 million over the week, although its BITB product lost $20.5 million on Friday. ARK 21Shares’ ARKB lost $19.1 million for the week. Grayscale’s GBTC recorded $61 million in weekly outflows, while its Bitcoin Mini Trust lost $52.6 million.
Ether fund flows were mixed as well. Fidelity’s FETH received $15.3 million for the week, including $19.2 million on Wednesday, but lost $1.7 million on Friday. Grayscale’s Ethereum Mini Trust lost $1.9 million that day. ETHB was the only tracked Ether fund with a positive flow on Friday.
Flows are a signal, not a verdict
Ryan Kirkley, co-founder and CEO of Global Settlement Network, warned against treating Wednesday’s inflows as proof that selling had ended. The split between Fidelity and BlackRock also shows that fund flows did not move in lockstep.
ETF net flows measure the balance of creations and redemptions in a fund. They are different from trading volume and price performance, and they do not show who traded or why. One positive session is not enough to establish that demand has turned around.
Kirkley said institutional allocation decisions also depend on liquidity, monetary policy and portfolio choices. He pointed to U.S. rules on custody, payments and settlement as relevant to financial institutions, but did not identify any specific rules or proposals.
AMINA Bank head of derivatives trading Andreja Cobeljic said he would watch for renewed Ether ETF buying when assessing whether institutional demand could support gains into 2027. He summed up the signal he would monitor as “Simply put, ETH flows.”
Cobeljic also drew a distinction between ETF subscriptions and corporate Bitcoin purchases on one hand, and futures positioning on the other. Futures trades may seek to profit from price differences between markets, an approach known as arbitrage, rather than bet directly that an asset will rise. He said subdued futures premiums during recent rallies suggested arbitrage trades remained prominent. He provided no specific figures or measurement period.
Farside’s cumulative totals through Nov. 6 stood at approximately $55.77 billion in net inflows for Bitcoin ETFs and $11.95 billion for Ether funds. Those figures put the latest withdrawals in context, but do not show whether they were a short-term adjustment or a lasting shift in demand.
Key questions about the ETF outflows
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Do ETF outflows show why investors sold?
No. Net flows show the balance of creations and redemptions, but do not identify investors or explain their decisions.
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Did every ETF record net outflows?
No. Fidelity’s FBTC and FETH ended the week with net inflows, and several individual funds had positive sessions even as their broader categories lost money overall.
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Do the withdrawals prove institutional demand has turned bearish?
No. They show net money leaving the funds during this period, but do not establish a longer-term trend or predict future prices.
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What signal is Cobeljic watching?
Renewed Ether ETF buying, or “ETH flows, ” as one indicator of institutional demand.
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What year do the Nov. 2 to 6 dates refer to?
The year was not specified in the reported flow data.
