Key Takeaways
- • U.S. spot bitcoin ETFs recorded five consecutive days of withdrawals totaling approximately $1.44 billion, according to Coinpedia.
- • BlackRock's IBIT accounted for nearly three-quarters of the five-day outflows and $269.7 million of the $299.8 million that left U.S. spot funds on Wednesday.
- • Morgan Stanley's Bitcoin Trust (MSBT) attracted roughly $51 million across Monday through Wednesday, a contrasting inflow amid broader redemptions.
- • Spot bitcoin funds still hold approximately $55 billion in cumulative net inflows since their 2024 launch.
- • Santiment data shows bearish comments outnumbering bullish ones for BTC, ETH, and XRP, while on-chain analyst Willy Woo argues fear alone does not confirm a bear market.
Summary
U.S. spot bitcoin exchange-traded funds have recorded five consecutive days of net withdrawals, losing approximately $1.44 billion, according to Coinpedia. The selling has been concentrated in BlackRock's iShares Bitcoin Trust (IBIT), which accounted for nearly three-quarters of the five-day total. On Wednesday alone, $299.8 million left U.S. spot funds, with IBIT contributing $269.7 million. Coinpedia notes these are client redemptions rather than BlackRock liquidating its own holdings. The pressure follows an earlier $405.3 million outflow from IBIT on November 2, its largest since June.
Morgan Stanley's Bitcoin Trust (MSBT) provided a counterpoint, attracting approximately $51 million across Monday, Tuesday and Wednesday. Grayscale Bitcoin Trust (GBTC) continued to record withdrawals during the period. Despite the recent outflows, spot bitcoin funds still hold roughly $55 billion in cumulative net inflows since their 2024 launch.
Sentiment indicators are mixed. The Bitcoin Fear and Greed Index has shifted from greed into fear territory, and Wall Street's fear gauge has risen following a sharp Nasdaq selloff. On-chain analyst Willy Woo argues that fear alone does not confirm a bear market and views the shift as a potential buying opportunity, noting that fear becomes a meaningful bearish signal when prices continue to print new lows. Santiment data, however, shows bearish comments outnumbering bullish ones for BTC, ETH and XRP.
The central question for institutional allocators is whether demand can stabilize. Coinpedia characterizes the outflows as substantial but says the broader picture does not amount to a complete institutional retreat.
Morgan Stanley's Bitcoin Trust (MSBT) provided a counterpoint, attracting approximately $51 million across Monday, Tuesday and Wednesday. Grayscale Bitcoin Trust (GBTC) continued to record withdrawals during the period. Despite the recent outflows, spot bitcoin funds still hold roughly $55 billion in cumulative net inflows since their 2024 launch.
Sentiment indicators are mixed. The Bitcoin Fear and Greed Index has shifted from greed into fear territory, and Wall Street's fear gauge has risen following a sharp Nasdaq selloff. On-chain analyst Willy Woo argues that fear alone does not confirm a bear market and views the shift as a potential buying opportunity, noting that fear becomes a meaningful bearish signal when prices continue to print new lows. Santiment data, however, shows bearish comments outnumbering bullish ones for BTC, ETH and XRP.
The central question for institutional allocators is whether demand can stabilize. Coinpedia characterizes the outflows as substantial but says the broader picture does not amount to a complete institutional retreat.
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