Key Takeaways
- • US spot Bitcoin ETFs lost $201 million on November 9, 2026, their third consecutive outflow session, with BlackRock's IBIT alone shedding $213.2 million.
- • Spot Bitcoin ETFs lost $1.282 billion in the November 2–6 trading week, pushing 2026 year-to-date net flows into a deficit of roughly $914 million.
- • Total US spot Bitcoin ETF net assets stand at $94.435 billion, down from roughly $99 billion in early November, with cumulative net inflows since January 2024 at $55.498 billion.
- • Bitcoin fell to $73,124 after a hotter-than-expected October CPI print, below Strategy's $75,451 average cost basis; reclaiming that level is cited as a path toward an $80,000 upside target.
- • Futures pricing after the CPI showed 85% odds of a 25bp Fed hike and 15% odds of a 50bp hike at the December 9 FOMC, lifting Treasury yields and competing with Bitcoin for allocator capital.
Summary
US spot Bitcoin ETFs recorded net outflows of $201 million on Monday, November 9, 2026, the third straight session of redemptions. BlackRock's iShares Bitcoin Trust (IBIT) lost $213.2 million on its own, more than the category's total net outflow. ARK 21Shares Bitcoin ETF (ARKB) lost $9.9 million, while Morgan Stanley's MSBT was the only fund with inflows, adding $22.06 million. Fidelity's FBTC, Bitwise's BITB and Grayscale's GBTC recorded zero net flows that day, according to the data cited.
The category has had a difficult stretch. Spot Bitcoin ETFs lost $1.282 billion during the November 2–6 trading week, and net outflows since the start of November reached $1.483 billion across six sessions with only one positive day. Those redemptions moved 2026 year-to-date net flows from a small surplus to a deficit of roughly $914 million. Total net assets stand at $94.435 billion, equal to 6.27% of Bitcoin's total market value, versus nearly $99 billion in early November.
IBIT has accounted for most of the selling. It lost $405.3 million on November 2, $95 million on November 3, $201 million on November 4 (a day the rest of the category was positive, with $74.6 million of net inflows), and $403 million on November 6. Across those five sessions IBIT lost $1.317 billion. Smaller issuers, including Bitwise's BITB, which took in $21.9 million in the first two sessions of November while IBIT lost $500.3 million, have partly offset the outflows, but the net effect remains negative. Since rotation between funds is neutral for total holdings, the net redemptions indicate the ETF channel has been a source of Bitcoin supply this month.
Macro conditions weighed on the category. The October CPI rose 0.4% month over month against a 0.3% forecast, and core CPI rose 0.3% against 0.2%. Following the release, futures priced 85% odds of a 25bp hike and 15% odds of a 50bp hike at the December 9 FOMC. The 2-year Treasury yield rose 19 basis points to 4.736%, the 10-year traded at 4.99% and the 30-year at 5.29%. The S&P 500 fell 0.71% and the Nasdaq dropped 0.87%, with the Nasdaq 100 down 6.36% on November 5, a session that coincided with $430 million of Bitcoin ETF outflows.
Bitcoin traded at $73,124 after the CPI release, about 3.1% below the $75,451 average cost basis of Strategy, which held 849,327 BTC as of November 1 according to company disclosures. The asset is roughly 42% below its cycle high above $126,000 reached in October 2025. Upcoming catalysts include Friday's Producer Price Index, Fed minutes on November 18 and the November CPI on December 10, the day after the FOMC decision.
The category has had a difficult stretch. Spot Bitcoin ETFs lost $1.282 billion during the November 2–6 trading week, and net outflows since the start of November reached $1.483 billion across six sessions with only one positive day. Those redemptions moved 2026 year-to-date net flows from a small surplus to a deficit of roughly $914 million. Total net assets stand at $94.435 billion, equal to 6.27% of Bitcoin's total market value, versus nearly $99 billion in early November.
IBIT has accounted for most of the selling. It lost $405.3 million on November 2, $95 million on November 3, $201 million on November 4 (a day the rest of the category was positive, with $74.6 million of net inflows), and $403 million on November 6. Across those five sessions IBIT lost $1.317 billion. Smaller issuers, including Bitwise's BITB, which took in $21.9 million in the first two sessions of November while IBIT lost $500.3 million, have partly offset the outflows, but the net effect remains negative. Since rotation between funds is neutral for total holdings, the net redemptions indicate the ETF channel has been a source of Bitcoin supply this month.
Macro conditions weighed on the category. The October CPI rose 0.4% month over month against a 0.3% forecast, and core CPI rose 0.3% against 0.2%. Following the release, futures priced 85% odds of a 25bp hike and 15% odds of a 50bp hike at the December 9 FOMC. The 2-year Treasury yield rose 19 basis points to 4.736%, the 10-year traded at 4.99% and the 30-year at 5.29%. The S&P 500 fell 0.71% and the Nasdaq dropped 0.87%, with the Nasdaq 100 down 6.36% on November 5, a session that coincided with $430 million of Bitcoin ETF outflows.
Bitcoin traded at $73,124 after the CPI release, about 3.1% below the $75,451 average cost basis of Strategy, which held 849,327 BTC as of November 1 according to company disclosures. The asset is roughly 42% below its cycle high above $126,000 reached in October 2025. Upcoming catalysts include Friday's Producer Price Index, Fed minutes on November 18 and the November CPI on December 10, the day after the FOMC decision.
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