Spot Bitcoin exchange-traded funds (ETFs) listed in the United States registered significant net outflows totaling $430.2 million on Thursday, reversing the brief recovery seen just a day earlier. This latest data from ETF flow trackers points to sustained caution among institutional investors, who appeared reluctant to increase their exposure to Bitcoin during the turbulent trading week.
Major funds see largest withdrawals
BlackRock, the world’s largest asset manager, saw its iShares Bitcoin Trust (IBIT) experience the greatest capital flight on Nov. 5, with investors pulling out $105 million. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed closely, losing $99.9 million, while the ARK 21Shares Bitcoin ETF (ARKB) also suffered withdrawals amounting to $89.9 million. Grayscale’s Bitcoin Trust (GBTC), one of the most widely traded Bitcoin funds, recorded an additional $49.9 million in outflows.
Other products did not escape selling pressure. Grayscale’s Bitcoin Mini Trust reported $32.9 million in outflows, and VanEck’s Bitcoin ETF (HODL) faced $23.6 million in withdrawals. None of the major Bitcoin ETFs listed on US exchanges managed to attract net inflows during Thursday’s session.
These persistent outflows extended recent volatility for Bitcoin-focused investment products. On Nov. 2, spot Bitcoin ETFs witnessed $398.6 million in outflows, followed by another $115.6 million on Nov. 3. Despite a brief inflow of $74.6 million on Nov. 4, Thursday’s sharp exit of funds erased this short-lived rebound.
| ETF | Outflows on Nov. 5 |
|---|---|
| BlackRock IBIT | $105 million |
| Fidelity FBTC | $99.9 million |
| ARK 21Shares ARKB | $89.9 million |
| Grayscale GBTC | $49.9 million |
| Grayscale Mini Trust | $32.9 million |
| VanEck HODL | $23.6 million |
Over the first four trading days of November, spot Bitcoin ETFs saw cumulative net outflows reach approximately $869.8 million. This continued withdrawal trend reflects ongoing caution among larger investors regarding further exposure to Bitcoin.
Pressure on Bitcoin price and sentiment
The sell-off in ETF products coincided with a significant drop in Bitcoin’s price. The world’s largest cryptocurrency fell about 5.3% over the last 24 hours. BTC opened the session near $80,444, slipped to a low of around $75,035, and by early Nov. 6 was hovering at approximately $75,500.
This price action underscored the impact that ETF withdrawal momentum can have on broader market sentiment. Still, analysts noted that ETF outflows alone are not enough to conclusively pinpoint the cause of Bitcoin’s decline, as overall crypto market conditions and traditional investment sentiment also play significant roles.
The drop in both Bitcoin ETF flows and spot prices highlights softening demand from institutional and retail sides. While funds continued to see withdrawals, experts cautioned that multiple factors could be influencing Bitcoin’s current volatility.
