US spot Bitcoin exchange-traded funds (ETFs) saw net outflows totaling $502 million for 2026 through November 5, according to recent data from SoSoValue. The net withdrawal erased all inflows recorded earlier in the year, following four consecutive days of investor redemptions. Notably, $430.2 million was withdrawn in a single day on November 5.
Sharp reversal in spot Bitcoin ETF flows
Despite these persistent withdrawals, the total value of Bitcoin assets held by US spot funds stood at $96.65 billion as of early November, declining from $113.29 billion at the end of 2025, as reported by BeInCrypto. This figure reflects an aggregate drop that includes capital outflows in addition to changes in the value of Bitcoin itself.
Cumulative data shows the funds received $25.6 billion and paid out $26.1 billion by November 5, producing the negative net flow. Outflows accelerated between November 2 and November 5, with $869.8 million leaving the funds during this period, according to CoinDesk. Despite the withdrawals, ETF share trading volume reached $3.89 billion on November 5.
Spot Ethereum ETFs in the US also posted $310 million in net redemptions so far in 2026, with fund assets dropping from $17.95 billion to $13.04 billion.
| Fund Type | Net Outflows (2026 YTD) | Assets (Nov 5, 2026) | Assets (End 2025) |
|---|---|---|---|
| Bitcoin ETF | $502 million | $96.65 billion | $113.29 billion |
| Ethereum ETF | $310 million | $13.04 billion | $17.95 billion |
Timeline and context of 2026 ETF flow shift
US spot Bitcoin ETFs launched in January 2024 and have experienced significant asset mobility since. By mid-July 2026, net flows year-to-date dropped to $5.8 billion below zero, based on The Block’s reporting. However, as of late September, a $2.4 billion weekly inflow briefly returned year-to-date net flows positive at $934.1 million before November’s withdrawals turned the balance negative again.
SoSoValue’s data show dramatic swings are possible within just a few days, making it difficult to predict whether negative flows will continue through year-end.
Mini dictionary: SoSoValue, a cryptocurrency data analytics provider that delivers comprehensive statistics on ETF flows, market volumes, and digital asset trends.
On November 5, the ETF outflows coincided with broader financial market declines. The Nasdaq dropped 5.5% and the S&P 500 fell 4.3%, as highlighted by CoinDesk. Some analysts from FalconX and GSR suggested that political developments, such as Democratic midterm gains, might have contributed to wider concerns affecting both technology stocks and crypto funds.
CoinDesk reported that crypto liquidations on November 5 reached $1.26 billion in 24 hours, including $1.12 billion in long positions, highlighting intensified selling pressure across digital assets as fund withdrawals surged.
Not all funds affected equally
While aggregate flows turned negative, individual Bitcoin ETFs experienced varied investor activity. BeInCrypto reported Morgan Stanley’s MSBT fund collected $783 million in net inflows even as the sector overall saw outflows. Citi Wealth also promoted Bitcoin ETFs to clients during the period, indicating some institutions remain optimistic about spot products.
Glassnode’s data indicated that by October 31, Ethereum spot funds faced 23 consecutive trading days of outflows. However, the broader fund ecosystem showed diverse movement from product to product.
For the year to date through November 5, US spot Bitcoin ETFs registered $502 million in net outflows, with the trend shifting sharply over just a few weeks as redemptions accelerated and assets declined.
Some daily reporting delays remain, meaning the final 2026 figure may change as new data come in throughout November and December. Market observers are watching whether net inflows can return before year-end, or if the sector will complete its first negative year since spot ETF launches.
