Key Takeaways
- • U.S. spot Bitcoin and Ether ETFs recorded $530.1 million in combined net outflows on Nov. 5, according to Farside Investors data cited by crypto.news, with Bitcoin funds losing $430.2 million and Ether funds shedding $99.9 million.
- • Fidelity's FBTC led Bitcoin withdrawals with $199.9 million, while BlackRock's IBIT lost $105 million, reversing a $74.6 million Bitcoin ETF inflow from the prior day.
- • Bitcoin ETFs recorded approximately $1.51 billion in net withdrawals across the five sessions from Oct. 30 through Nov. 5, based on Farside's daily totals.
- • AMINA Bank derivatives head Andreja Cobeljic identifies Ether ETF flows as the key signal of institutional demand that could sustain crypto gains into 2027.
- • Cobeljic argues that low futures basis indicates arbitrage rather than directional bullish positioning, while rising demand for options puts signals hedging that could form a base for recovery.
Summary
U.S. Bitcoin and Ether exchange-traded funds recorded $530.1 million in combined net outflows on Nov. 5, according to Farside Investors data reported by crypto.news. Bitcoin ETFs lost $430.2 million, reversing a $74.6 million inflow the previous day, while Ether funds shed $99.9 million after a $53 million inflow on Nov. 4. Fidelity's FBTC led Bitcoin withdrawals with $199.9 million, and BlackRock's IBIT lost $105 million. The reversal followed an uneven recovery: Fidelity had attracted $236.7 million on Nov. 4 even as BlackRock recorded $201.2 million in withdrawals. Across the five sessions from Oct. 30 through Nov. 5, Bitcoin ETFs recorded approximately $1.51 billion in net withdrawals, based on Farside's daily totals. On the Ether side, BlackRock's ETHA accounted for $75.2 million of the latest outflows, with another $22 million leaving ETHB.
Andreja Cobeljic, head of derivatives trading at AMINA Bank, told crypto.news that ETF flows and corporate Bitcoin purchases offer the clearest signals of institutional adoption. Asked which indicators would convince him institutional demand could persist into 2027, he singled out Ether flows, arguing that the market now requires institutional-scale capital to grow meaningfully. He expects sustained outperformance to depend on capital rotating from assets such as gold and artificial intelligence equities into crypto, with ETF subscriptions providing the most visible evidence of that shift.
Market conditions have weakened. During the Nov. 6 selloff, Ether traded near $2,220, down roughly 8.3% over 24 hours, while Bitcoin fell about 6.1% to $75,500. Ethereum's tracked derivatives open interest had fallen to around $11.4 billion from nearly $16 billion in late September, according to CryptoQuant data cited in the coverage. A Nov. 5 market snapshot recorded $954.38 million in long liquidations against $127.30 million in shorts, for total forced closures of $1.08 billion.
Cobeljic cautioned that futures activity should not be read as bullish demand. Basis, the gap between futures and spot prices, has remained very low even on rallies, which he interpreted as evidence that much of the activity reflects basis trades and arbitrage rather than directional bets. He characterized futures exposure as shorter term and vulnerable to frequent stop-outs.
He attributed recent deleveraging and rising demand for protection to higher U.S. long-term yields, dollar strength and election uncertainty. In his assessment, Bitcoin and Ether options skew has shifted toward puts, reversing the historical preference for calls. He views this appetite for hedging as a possible foundation for recovery, noting that once the existing investor base is well protected, the upside asymmetry improves considerably. He classifies corporate Bitcoin purchases as long-term treasury decisions that are less sensitive to price, and says venture funding carries a separate risk profile without the same price effect as ETF flows or corporate buying.
Andreja Cobeljic, head of derivatives trading at AMINA Bank, told crypto.news that ETF flows and corporate Bitcoin purchases offer the clearest signals of institutional adoption. Asked which indicators would convince him institutional demand could persist into 2027, he singled out Ether flows, arguing that the market now requires institutional-scale capital to grow meaningfully. He expects sustained outperformance to depend on capital rotating from assets such as gold and artificial intelligence equities into crypto, with ETF subscriptions providing the most visible evidence of that shift.
Market conditions have weakened. During the Nov. 6 selloff, Ether traded near $2,220, down roughly 8.3% over 24 hours, while Bitcoin fell about 6.1% to $75,500. Ethereum's tracked derivatives open interest had fallen to around $11.4 billion from nearly $16 billion in late September, according to CryptoQuant data cited in the coverage. A Nov. 5 market snapshot recorded $954.38 million in long liquidations against $127.30 million in shorts, for total forced closures of $1.08 billion.
Cobeljic cautioned that futures activity should not be read as bullish demand. Basis, the gap between futures and spot prices, has remained very low even on rallies, which he interpreted as evidence that much of the activity reflects basis trades and arbitrage rather than directional bets. He characterized futures exposure as shorter term and vulnerable to frequent stop-outs.
He attributed recent deleveraging and rising demand for protection to higher U.S. long-term yields, dollar strength and election uncertainty. In his assessment, Bitcoin and Ether options skew has shifted toward puts, reversing the historical preference for calls. He views this appetite for hedging as a possible foundation for recovery, noting that once the existing investor base is well protected, the upside asymmetry improves considerably. He classifies corporate Bitcoin purchases as long-term treasury decisions that are less sensitive to price, and says venture funding carries a separate risk profile without the same price effect as ETF flows or corporate buying.
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