Key Takeaways
- • US spot Bitcoin ETFs recorded $95 million of net outflows on 10 November, their fourth consecutive down session, per Farside Investors, with the drain shrinking from $430.2 million on 5 November.
- • BlackRock's IBIT accounted for most of the selling at minus $78.2 million on the day, its eighth straight session of redemptions, with about $1.73 billion out over the streak according to reported flow data.
- • Balchunas of Bloomberg ETF research said US-listed ETFs pulled in about $12 billion per day over five sessions, and all 17 top inflow funds held equities, indicating capital rotated out of crypto rather than leaving the ETF market.
- • CryptoQuant reported Bitcoin's apparent demand fell about 284,000 BTC over 30 days, its fastest contraction since March 2025, and USDT market cap dropped about $6.6 billion over 60 days.
- • Bitcoin traded near $73,000 on Wednesday, close to CryptoQuant's 200-day moving average at $73,200, which the firm identifies as the next key support.
Summary
US spot Bitcoin ETFs lost $95 million on Tuesday, 10 November, their fourth straight session of net outflows, according to Farside Investors' flow table. The drain is narrowing: outflows were $430.2 million on 5 November, $411.9 million the following day, $201.0 million on Monday, and $95.0 million on Tuesday. BlackRock's IBIT lost $78.2 million that day alone, its eighth consecutive session of withdrawals, with roughly $1.73 billion out since 30 October according to reported flow data. Morgan Stanley's Bitcoin Trust ETF (MSBT) was the only positive line in Farside's 10 November row, at $20 million. Net outflows across all US spot Bitcoin products reached roughly $1.6 billion since the start of November on SoSoValue's count.
Bloomberg ETF analyst Eric Balchunas said that over the same five sessions US-listed ETFs took in about $12 billion per day, and all 17 of the top funds by inflows held equities. The rotation suggests investors treated the pullback as an entry point in stocks while crypto funds continued to see redemptions. The source for these figures is a post on X that could not be accessed directly, so the numbers are as quoted in coverage.
On-chain and market gauges point in the same bearish direction. CryptoQuant's 10 November research put Bitcoin's apparent demand down about 284,000 BTC over 30 days, the fastest contraction since March 2025. Its Bull Score Index fell from 90 on 13 October to 20, a reading the firm classes as extra bearish. USDT's market capitalisation fell about $6.6 billion over 60 days, more than twice the contraction after FTX's collapse in December 2022, according to CryptoQuant. The Coinbase Premium has been negative for 30 straight days, and futures liquidations jumped 288% to $725 million on Tuesday, according to CoinGlass.
Bitcoin was trading near $73,000 on Wednesday after dipping to about $72,700 during Tuesday's session. CryptoQuant identifies the 200-day moving average at $73,200 as the next important support, and a break below it would, in the firm's view, open the door to a deeper correction. Reclaiming and holding above that level would keep the correction shallow. Figures from CryptoQuant's report and SoSoValue's dashboard could not be verified directly and rest on outlets citing them.
Bloomberg ETF analyst Eric Balchunas said that over the same five sessions US-listed ETFs took in about $12 billion per day, and all 17 of the top funds by inflows held equities. The rotation suggests investors treated the pullback as an entry point in stocks while crypto funds continued to see redemptions. The source for these figures is a post on X that could not be accessed directly, so the numbers are as quoted in coverage.
On-chain and market gauges point in the same bearish direction. CryptoQuant's 10 November research put Bitcoin's apparent demand down about 284,000 BTC over 30 days, the fastest contraction since March 2025. Its Bull Score Index fell from 90 on 13 October to 20, a reading the firm classes as extra bearish. USDT's market capitalisation fell about $6.6 billion over 60 days, more than twice the contraction after FTX's collapse in December 2022, according to CryptoQuant. The Coinbase Premium has been negative for 30 straight days, and futures liquidations jumped 288% to $725 million on Tuesday, according to CoinGlass.
Bitcoin was trading near $73,000 on Wednesday after dipping to about $72,700 during Tuesday's session. CryptoQuant identifies the 200-day moving average at $73,200 as the next important support, and a break below it would, in the firm's view, open the door to a deeper correction. Reclaiming and holding above that level would keep the correction shallow. Figures from CryptoQuant's report and SoSoValue's dashboard could not be verified directly and rest on outlets citing them.
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