Key Takeaways
- • U.S. spot Bitcoin ETFs recorded net outflows of $1.0653 billion during November 9–13, 2026, following $1.2817 billion the prior week, for a combined $2.347 billion across the first two completed November trading weeks, according to Brave New Coin's calculations from Farside Investors' fund-flow table.
- • BlackRock's IBIT accounted for $908.4 million, or about 85%, of the latest week's net withdrawals and $2.118 billion, roughly 90%, of November outflows through Friday, extending its losing streak to 11 trading sessions.
- • The industry outflow streak is shorter, at seven sessions beginning November 5, which underscores that fund-specific and industry-wide streaks should not be used interchangeably.
- • IBIT still held approximately $54.13 billion in net assets as of November 13, with a net asset value of $39.00 per share, indicating a substantial remaining investor base.
- • The flows reflect net investor movements through the products rather than a decision by BlackRock's corporate treasury to sell its own Bitcoin, and the data may be revised.
Summary
U.S. spot Bitcoin ETFs have seen $2.347 billion in net outflows across the first two completed November trading weeks, according to calculations by Brave New Coin using Farside Investors' fund-flow table. Outflows totaled $1.0653 billion during November 9–13, after $1.2817 billion in the preceding week. The figures are checked as of November 15 and may be revised later.
BlackRock's IBIT accounted for most of the withdrawals. It recorded outflows on every session in both weeks and on October 30, extending its losing streak to 11 trading days. IBIT posted $908.4 million in net withdrawals for the latest week, about 85% of the industry total, and $2.118 billion for November through Friday, roughly 90% of combined net outflows. Friday's withdrawal of $185.4 million was smaller than Thursday's $284.1 million, but the report notes this indicates a slower pace rather than a recovery in demand. The broader industry streak stood at seven sessions, starting November 5, and on November 4 the combined funds attracted $74.6 million even as IBIT lost money.
The iShares product page reported IBIT net assets of approximately $54.13 billion as of November 13, with a net asset value of $39.00 per share and a closing market price of $38.94. The report stresses that assets under management can fall because of price declines, redemptions, or both, and that ETF share trading volume does not equal net inflows.
BlackRock has previously argued that weak flows do not necessarily undermine Bitcoin's long-term investment case, describing pullback pressures as "cyclical flow dynamics" in a research paper co-authored by Robert Mitchnick, Will Su and Alice Wang. That research used data through mid-2026 and predates the November withdrawals. The report also notes BlackRock sponsors IBIT. Macroeconomic conditions, including a wholesale inflation release, add pressure through financing conditions and risk appetite, though the flow data alone cannot isolate causes. A durable improvement would require sustained net buying across several sessions and more than one fund.
BlackRock's IBIT accounted for most of the withdrawals. It recorded outflows on every session in both weeks and on October 30, extending its losing streak to 11 trading days. IBIT posted $908.4 million in net withdrawals for the latest week, about 85% of the industry total, and $2.118 billion for November through Friday, roughly 90% of combined net outflows. Friday's withdrawal of $185.4 million was smaller than Thursday's $284.1 million, but the report notes this indicates a slower pace rather than a recovery in demand. The broader industry streak stood at seven sessions, starting November 5, and on November 4 the combined funds attracted $74.6 million even as IBIT lost money.
The iShares product page reported IBIT net assets of approximately $54.13 billion as of November 13, with a net asset value of $39.00 per share and a closing market price of $38.94. The report stresses that assets under management can fall because of price declines, redemptions, or both, and that ETF share trading volume does not equal net inflows.
BlackRock has previously argued that weak flows do not necessarily undermine Bitcoin's long-term investment case, describing pullback pressures as "cyclical flow dynamics" in a research paper co-authored by Robert Mitchnick, Will Su and Alice Wang. That research used data through mid-2026 and predates the November withdrawals. The report also notes BlackRock sponsors IBIT. Macroeconomic conditions, including a wholesale inflation release, add pressure through financing conditions and risk appetite, though the flow data alone cannot isolate causes. A durable improvement would require sustained net buying across several sessions and more than one fund.
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