US spot Bitcoin exchange-traded funds (ETFs) are experiencing their first calendar year with net outflows since their market debut. As of early November 2026, total net outflows stand at approximately $1.1 billion, according to Crypto Briefing data.
First negative year for US spot Bitcoin ETFs
The suite of US spot Bitcoin ETFs was initially launched in January 2024. Both 2024 and 2025 concluded with net inflows, reflecting sustained investor appetite during their first two years of availability.
In 2026, however, the trend has shifted. Since the beginning of the year, US spot Bitcoin ETFs have seen withdrawals outpace new investments, marking a reversal in investor sentiment amid softer Bitcoin prices.
Five-day streak of withdrawals
On November 11, net outflows across the group of US spot Bitcoin ETFs reached $299.87 million, according to figures from market analysis platform Trader T. This represented the fifth consecutive trading session of net withdrawals, with cumulative outflows climbing to $1.44 billion over this period.
These five days mark the longest sustained outflow streak since July, and the withdrawals have coincided with a period of lower Bitcoin valuations. BlackRock’s iShares Bitcoin Trust led the withdrawals on November 11, losing $269.7 million—accounting for about 90% of that day’s total outflows.
The industry’s second-largest fund, Grayscale’s Bitcoin Trust, also recorded net outflows of $39.13 million. Several other funds, including those operated by Fidelity, Grayscale’s Bitcoin Mini Trust, Bitwise, and ARK Invest, reported no net flows during the day.
BlackRock’s iShares Bitcoin Trust accounted for nearly $270 million in outflows on November 11, making up the vast majority of withdrawals among US Bitcoin ETFs in a single day.
Mini dictionary: BlackRock is a leading global asset manager, known for its iShares ETF products, and oversees some of the world’s largest publicly traded funds.
| ETF Provider | Net Inflows/Outflows (Nov. 11) | Five-Day Net Flows |
|---|---|---|
| BlackRock | -$269.7 million | Included in $1.44 billion outflow |
| Grayscale | -$39.13 million | Included in $1.44 billion outflow |
| Fidelity, Bitwise, ARK | $0 | $0 |
| Morgan Stanley | +$8.96 million | Not disclosed |
Morgan Stanley stands out with inflows
Morgan Stanley’s spot Bitcoin fund was the only US fund in its category to record a net inflow on November 11, attracting $8.96 million. Although modest in size relative to the outflows from larger competitors, it distinguished itself as the sole product drawing positive investment during a wave of redemptions.
Meanwhile, BlackRock’s fund has now recorded outflows for seven consecutive trading sessions dating back to October 30, totaling around $1.66 billion over that period. The outflows result from clients redeeming their ETF shares through authorized participants—specialist firms responsible for creating and redeeming ETF shares on behalf of investors. When a redemption occurs, these firms receive Bitcoin from the fund to fulfill the transaction.
Despite these recent outflows, BlackRock’s iShares Bitcoin Trust maintains its position as the market leader, holding approximately 62% of all assets among US spot Bitcoin ETFs. Since its launch, the fund has collected roughly $64.8 billion in net inflows, most of which remains in place.
Investors are redeeming ETF shares through authorized participants, leading funds such as BlackRock’s to transfer Bitcoin as part of the outflow process, even as the provider does not directly make the decision to sell.
Bitcoin traded between $73,000 and $74,000 throughout the recent outflow streak, remaining below its 20-day moving average, according to supporting market data released alongside the latest ETF figures.
