Key Takeaways
- • US spot Bitcoin ETFs recorded approximately $1.28 billion in net outflows during the week of Nov. 2–6, their largest weekly withdrawal since late June, according to SoSoValue data.
- • BlackRock's iShares Bitcoin Trust (IBIT) led the sell-off with roughly $1.21 billion in weekly outflows, about 95% of the industry's net withdrawals, and six consecutive sessions of outflows totaling approximately $1.44 billion since Oct. 30.
- • Year-to-date, Bitcoin ETFs have recorded roughly $919 million in net outflows, pushing 2026 flows into negative territory after a weak October.
- • Fidelity's Wise Origin Bitcoin Fund (FBTC) bucked the trend with approximately $93 million in net inflows for the week, despite nearly $200 million in Thursday withdrawals.
- • Bitcoin fell below $76,000 amid the Binance reported $6.3 billion hack, post-midterm election uncertainty, weakness in technology stocks, and Federal Reserve rate expectations, with Bitfire Research flagging $74,400 to $75,000 as critical support.
Summary
US spot Bitcoin exchange-traded funds recorded approximately $1.28 billion in net outflows during the week of Nov. 2–6, their largest weekly withdrawal since late June, according to data from SoSoValue. The sell-off pushed Bitcoin ETF flows into negative territory for 2026, with cumulative net outflows of approximately $919 million this year following a disappointing October.
BlackRock's iShares Bitcoin Trust (IBIT) accounted for the overwhelming majority of the withdrawals, losing approximately $1.21 billion during the week. The fund recorded six consecutive trading sessions of outflows through Friday, with roughly $1.44 billion withdrawn since Oct. 30. Friday was particularly heavy for IBIT, which lost approximately $403 million. According to Farside Investors data cited by the publication, IBIT alone accounted for roughly 95% of the industry's weekly net withdrawals.
Not all products faced selling pressure. Fidelity's Wise Origin Bitcoin Fund (FBTC) attracted approximately $93 million in net inflows over the week, although it recorded nearly $200 million in withdrawals on Thursday.
The outflows coincided with a broader decline in Bitcoin, which dropped below $76,000 as investors responded to several concurrent developments. These included fallout from a reported $6.3 billion hack at Binance, uncertainty following the US midterm elections, and weakness in technology stocks. Bitfire Research also pointed to shifting expectations for Federal Reserve interest rates and doubts over whether Congress could pass the CLARITY Act before the end of 2026.
Bitfire Research characterized Bitcoin as being in a period of price discovery toward a potential market bottom, warning that further downside is possible if key support levels fail. The firm identified $74,400 to $75,000 as a critical support zone and cautioned that a sustained break below that range could trigger additional selling. Market participants will be watching upcoming US inflation data, Federal Reserve signals and Bitcoin ETF flows to determine whether institutional demand can recover from one of the year's most difficult withdrawal periods.
BlackRock's iShares Bitcoin Trust (IBIT) accounted for the overwhelming majority of the withdrawals, losing approximately $1.21 billion during the week. The fund recorded six consecutive trading sessions of outflows through Friday, with roughly $1.44 billion withdrawn since Oct. 30. Friday was particularly heavy for IBIT, which lost approximately $403 million. According to Farside Investors data cited by the publication, IBIT alone accounted for roughly 95% of the industry's weekly net withdrawals.
Not all products faced selling pressure. Fidelity's Wise Origin Bitcoin Fund (FBTC) attracted approximately $93 million in net inflows over the week, although it recorded nearly $200 million in withdrawals on Thursday.
The outflows coincided with a broader decline in Bitcoin, which dropped below $76,000 as investors responded to several concurrent developments. These included fallout from a reported $6.3 billion hack at Binance, uncertainty following the US midterm elections, and weakness in technology stocks. Bitfire Research also pointed to shifting expectations for Federal Reserve interest rates and doubts over whether Congress could pass the CLARITY Act before the end of 2026.
Bitfire Research characterized Bitcoin as being in a period of price discovery toward a potential market bottom, warning that further downside is possible if key support levels fail. The firm identified $74,400 to $75,000 as a critical support zone and cautioned that a sustained break below that range could trigger additional selling. Market participants will be watching upcoming US inflation data, Federal Reserve signals and Bitcoin ETF flows to determine whether institutional demand can recover from one of the year's most difficult withdrawal periods.
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