Bitcoin exchange-traded funds (ETFs) in the United States posted seven consecutive trading days of net outflows, with withdrawals totaling between $2.1 billion and $2.35 billion in November, according to multiple industry reports. The extended period of outflows coincided with a significant decline in Bitcoin’s price, which approached the $64,000 mark on November 13.
Seventh consecutive session of ETF withdrawals
Reports from Decrypt and The Block confirmed that spot Bitcoin ETFs in the U.S. recorded net outflows for a seventh straight session through Friday, November 13. Decrypt estimated the single-day withdrawal at $185.4 million, while The Block cited $185.5 million for the same trading day.
According to The Block, BlackRock’s iShares Bitcoin Trust (IBIT) saw $143.5 million in outflows on November 13 alone, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced $41.9 million in withdrawals that day. No other spot Bitcoin ETFs reported flows during this session.
Decrypt placed November’s total outflows at approximately $2.1 billion, while The Block reported that the figure reached $2.35 billion after nine trading sessions. The lack of a clear explanation for the difference underscores inconsistencies between reporting methodologies and timing.
The Block identified $1.91 billion in outflows over the seven-session period, with IBIT accounting for roughly 77% of Friday’s total withdrawals. IBIT, despite these redemptions, retained $53.99 billion in Bitcoin holdings, with $64.19 billion in cumulative net inflows since its launch.
| ETF/Fund | November Outflows | Friday, Nov 13 Outflows | Current Holdings |
|---|---|---|---|
| IBIT (BlackRock) | Largest contributor | $143.5 million | $53.99 billion |
| FBTC (Fidelity) | Significant outflows | $41.9 million | N/A |
| Other Spot Bitcoin ETFs | No notable flows | $0 | N/A |
Broader market backdrop and context
The sharp outflows occurred against a backdrop of broad market caution and falling digital asset prices. The Block documented $1.28 billion in spot Bitcoin ETF outflows from November 2 to November 6, marking the segment’s largest weekly withdrawal since late June. That week left the funds $914.1 million net negative for 2026, and further withdrawals in the second week deepened the deficit to approximately $1.98 billion year-to-date.
Earlier trends had shown stronger investor demand, as highlighted by Binance Research’s November market update, which noted $2.6 billion of net inflows into spot Bitcoin ETFs in September. However, October saw the funds tumble by about $515 million amid rising inflation, anticipated Federal Reserve rate hikes, and turbulence in technology equities linked to AI investment concerns and corporate debt.
Market participants considered several contributing factors, including uncertainty about future Fed moves and volatility in the tech sector, yet the reports did not identify a singular cause for the withdrawals.
Bitcoin’s price fell below $69,000 on November 13, marking its lowest level since August 20. CoinGecko data placed the price at $65,201 at 14:13 UTC on November 15, reflecting a 1.8% drop over 24 hours and a 13.76% decline over seven days during the outflow period.
| Metric | Value | Date/Period |
|---|---|---|
| Bitcoin price | $65,201 | Nov 15, 14:13 UTC |
| 24-hour price change | -1.8% | Nov 15 |
| Seven-day price change | -13.76% | Nov 8-15 |
| Longest outflow streak | 7 sessions | Nov 5-13 |
| Cumulative November ETF outflows | $2.1B–$2.35B | Nov 1–13 |
The Crypto Fear & Greed Index, a sentiment gauge for the digital asset market, recorded a level of 10—extreme fear—on November 15, signaling elevated apprehension among investors but not making firm predictions about future market moves.
Industry observers cautioned that more data is needed to determine whether these ETF outflows will continue or if inflows will return in the coming days. For now, both price and ETF flows should be watched closely, as the relationship between these factors remains complex and open to interpretation.
Spot Bitcoin ETFs are market-traded investment vehicles designed to track the price of Bitcoin, allowing investors exposure to the cryptocurrency through traditional brokerage accounts. They experience daily inflows and outflows as investors buy and redeem shares in response to market developments.
Mini dictionary: BlackRock is one of the world’s largest asset management companies. Its iShares Bitcoin Trust (IBIT) is a spot Bitcoin ETF, meaning it holds actual Bitcoin to back each share rather than using derivatives or synthetic exposure.
Looking ahead for the ETF market
The persistence of outflows across multiple sessions draws further attention to ongoing investor caution and market volatility. While a reversal in daily flows could signal shifting sentiment, a single strong session would not erase the considerable cumulative redemptions seen already in November. The gap between reported figures from Decrypt and The Block also highlights the value of comparing data from multiple sources when tracking ETF market trends.
As market watchers look ahead, the possibility of continued Federal Reserve rate actions, equity market weakness, and the interplay with cryptocurrency valuations will remain on the radar for those tracking both ETF flows and Bitcoin price movements.
