Bitcoin ETFs Lose $412M as BlackRock’s IBIT Leads Withdrawals - Altcoin Buzz
US spot Bitcoin exchange-traded funds recorded a combined $411.92 million withdrawal on November 6, with BlackRock's IBIT accounting for the majority of the outflows.
The outflows marked the second consecutive trading session of net withdrawals for Bitcoin ETFs, following approximately $430.20 million in outflows on November 5. Despite the recent declines, cumulative historical net inflows across all US spot Bitcoin ETFs remained positive at approximately $55.70 billion.
BlackRock's IBIT Accounts for Most of the Outflows
BlackRock's iShares Bitcoin Trust (IBIT) recorded the largest net outflow on November 6, with approximately $403 million leaving the fund. Despite this withdrawal, IBIT's cumulative historical net inflows remained substantial at approximately $65.10 billion.
The contrast between IBIT and FBTC is notable. While investors withdrew substantial capital from BlackRock's product, Fidelity continued to attract inflows.
Fidelity's FBTC Attracts Fresh Capital
Fidelity's Wise Origin Bitcoin Fund (FBTC) moved in the opposite direction, attracting $42.82 million in fresh capital and becoming the only Bitcoin spot ETF to record a net inflow during the session. Its cumulative historical net inflows reached approximately $10.27 billion.
Bitcoin ETF Assets Fall Below $96 Billion
The latest withdrawals reduced the total assets held by US spot Bitcoin ETFs to approximately $95.90 billion as of November 6. Their net asset ratio stood at 6.28%, measuring ETF assets against Bitcoin's total market capitalization.
Other funds also recorded significant withdrawals, including Bitwise's BITB ($20.55 million), ARK 21Shares' ARKB ($20.09 million), and Grayscale's GBTC ($11.11 million). The remaining funds recorded no net change.
What Do Continued ETF Outflows Mean for Bitcoin?
Continued net outflows can reduce demand from this investment channel and potentially add selling pressure to the market. However, ETF flows alone do not determine Bitcoin's price, as exchange activity, derivatives positioning, and macroeconomic conditions also matter.
The latest withdrawals follow a difficult period for cryptocurrency markets, with Bitcoin falling below $76,000 on November 5 amid a broader technology-stock selloff and more than $1 billion in cryptocurrency liquidations. The next few trading sessions will be important for determining whether the latest ETF withdrawals represent temporary portfolio adjustments or a more sustained decline in institutional demand.
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