Key Takeaways
- • U.S. spot Bitcoin ETFs recorded five consecutive days of net outflows, totaling $1.44 billion between November 5 and November 11, 2026, according to CryptoNews.
- • BlackRock's iShares Bitcoin Trust (IBIT) accounted for roughly three-quarters of the outflows, with $269.7 million in net redemptions on the most recent session.
- • Bitcoin is trading near $73,500 after briefly reclaiming $80,000 on November 4, and has fallen below the short-term holder cost basis of $75,600 per Glassnode's Week 46 report.
- • BTC futures open interest remains above $50 billion with positive funding rates, though open interest has declined and much long-side leverage has been flushed.
- • Morgan Stanley's Bitcoin ETF attracted $9 million on the latest session, while some accumulation among two large wallet cohorts suggests selling momentum is weakening.
Summary
U.S. spot Bitcoin ETFs have recorded five consecutive sessions of net outflows, removing $1.44 billion between November 5 and November 11, 2026, according to CryptoNews. The largest single-day withdrawals were $430.2 million on November 5 and $411.9 million on November 6, with outflows continuing on November 9, 10 and 11. BlackRock's iShares Bitcoin Trust (IBIT) accounted for most of the selling, recording $269.7 million in net outflows on the latest session and roughly three-quarters of the five-day total.
The withdrawals come as Bitcoin struggles to hold its recovery. The asset briefly reclaimed $80,000 on November 4 before reversing sharply the following day and is now trading near $73,500, below the $75,000 level. CryptoNews frames the ETF selling as raising the question of whether the market is entering another bull trap, in which a short-lived rally attracts buyers before a renewed decline.
Glassnode's Week 46 report adds to the caution, noting that Bitcoin has fallen below the short-term holder cost basis of $75,600, leaving recent buyers with unrealized losses. The research firm also pointed to shrinking stablecoin supply and continued ETF selling as signs that fresh capital is struggling to enter the market. Institutional demand has not disappeared entirely, however: Morgan Stanley's Bitcoin ETF attracted $9 million on the latest session.
Derivatives data shows mixed signals. BTC futures open interest remains above $50 billion and funding rates are positive, indicating leveraged traders are still paying to hold bullish positions. Open interest has nonetheless declined and much of the long-side leverage near current prices has been flushed, which could allow a spot-led recovery without a major liquidation cascade. Reclaiming $75,600 is identified as the key threshold, with a climb toward $80,000 offering stronger evidence of renewed buying, while losing the $72,000 area could expose BTC to a test of $70,000.
CryptoNews notes a counterpoint to the bull trap thesis: accumulation among two large wallet cohorts and weakening selling momentum suggest some investors are positioning for a recovery.
The withdrawals come as Bitcoin struggles to hold its recovery. The asset briefly reclaimed $80,000 on November 4 before reversing sharply the following day and is now trading near $73,500, below the $75,000 level. CryptoNews frames the ETF selling as raising the question of whether the market is entering another bull trap, in which a short-lived rally attracts buyers before a renewed decline.
Glassnode's Week 46 report adds to the caution, noting that Bitcoin has fallen below the short-term holder cost basis of $75,600, leaving recent buyers with unrealized losses. The research firm also pointed to shrinking stablecoin supply and continued ETF selling as signs that fresh capital is struggling to enter the market. Institutional demand has not disappeared entirely, however: Morgan Stanley's Bitcoin ETF attracted $9 million on the latest session.
Derivatives data shows mixed signals. BTC futures open interest remains above $50 billion and funding rates are positive, indicating leveraged traders are still paying to hold bullish positions. Open interest has nonetheless declined and much of the long-side leverage near current prices has been flushed, which could allow a spot-led recovery without a major liquidation cascade. Reclaiming $75,600 is identified as the key threshold, with a climb toward $80,000 offering stronger evidence of renewed buying, while losing the $72,000 area could expose BTC to a test of $70,000.
CryptoNews notes a counterpoint to the bull trap thesis: accumulation among two large wallet cohorts and weakening selling momentum suggest some investors are positioning for a recovery.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.