US spot Bitcoin exchange-traded funds (ETFs) registered significant investor withdrawals for two straight weeks, with total net outflows hitting $2.35 billion, according to data from Farside Investors.
Weekly redemptions surpass $1 billion
The wave of outflows began in early November. Between November 9 and November 13, spot Bitcoin ETFs experienced net redemptions totaling $1.07 billion. This followed an even larger outflow of $1.28 billion the previous week, marking the highest level of weekly withdrawals since late June.
On Friday, net outflows across all spot Bitcoin ETFs reached $185.4 million. This figure reflected a slight decline compared to the previous two days, which saw withdrawals of $284.1 million on Thursday and $299.8 million on Wednesday.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) were at the center of the latest activity. IBIT accounted for the largest single-day withdrawal at $143.5 million on Friday, while FBTC saw $41.9 million in redemptions.
Since November 5, total net withdrawals for US spot Bitcoin ETFs have reached approximately $1.71 billion, with Friday marking the seventh consecutive session of outflows. The sustained redemptions occurred alongside a broad market pullback, as Bitcoin’s price slipped below $70,000 the same day.
BlackRock’s iShares Bitcoin Trust withdrawal streak continues
BlackRock, based in the United States, is the world’s largest asset manager and launched its iShares Bitcoin Trust (IBIT) in January 2024 as one of the first US spot Bitcoin ETFs. On Friday, IBIT recorded its eleventh consecutive trading session of net outflows, with a single-day withdrawal of $143.5 million.
IBIT’s ongoing streak has now led to withdrawals totaling $2.35 billion over 11 sessions, maintaining heavy outflows as of the most recent data. The fund saw net redemptions of $908.4 million over the past week, adding to $1.21 billion withdrawn the week before.
In November alone, IBIT’s total outflows reached $2.12 billion, which Farside Investors reported as accounting for nearly 90% of the total net redemptions across the US Bitcoin ETF sector during the month.
Mini dictionary: Farside Investors — A UK-based research firm specializing in ETF and investment market data, widely referenced for its tracking of cryptocurrency-related funds and their investor flows.
The redemptions across the sector have raised concerns among market participants about short-term sentiment shifts. Market analysts have pointed to a combination of profit-taking, risk aversion, and broader macroeconomic factors as potential drivers.
| Period | Total Bitcoin ETF Outflows | IBIT Outflows | FBTC Outflows |
|---|---|---|---|
| Nov 2–8 | $1.28 billion | $1.21 billion | Data not specified |
| Nov 9–13 | $1.07 billion | $908.4 million | Data not specified |
| Nov 2024 (to recent) | $2.35 billion | $2.12 billion | Data not specified |
The current trends mark a sharp reversal from the sector’s strong inflow periods earlier in the year, when investor enthusiasm for spot Bitcoin ETFs surged following regulatory approvals. Observers are now monitoring whether the outflows will continue or if inflows might return should market sentiment recover.
