Key Takeaways
- • U.S. spot bitcoin ETFs recorded net outflows of $115.6 million on Tuesday, November 3, marking the third consecutive day of withdrawals, according to Farside Investors data.
- • BlackRock's iShares Bitcoin Trust (IBIT) accounted for most of the selling with $95.0 million in outflows, while Grayscale's Bitcoin Mini Trust (BTC) lost $52.6 million.
- • Bitwise's BITB (+$21.9 million), Fidelity's FBTC (+$6.8 million) and Morgan Stanley's MSBT (+$3.3 million) partially offset the redemptions.
- • The three-session run has removed about $1.16 billion from the products, including $643.2 million on October 30 and $398.6 million on November 2.
- • Cumulative net inflows since launch stand at about $56.5 billion.
Summary
U.S. spot bitcoin exchange-traded funds recorded net outflows of $115.6 million on Tuesday, November 3, the third consecutive day of withdrawals, according to Farside Investors data as reported by HedgeCo.Net. The selling was concentrated in a few products. BlackRock's iShares Bitcoin Trust (IBIT) accounted for most of the redemptions with $95.0 million in outflows, and Grayscale's Bitcoin Mini Trust (BTC) lost $52.6 million.
Partly offsetting those losses, Bitwise's BITB took in $21.9 million, Fidelity's FBTC added $6.8 million and Morgan Stanley's MSBT attracted $3.3 million. The narrowing of net outflows on Tuesday, with several smaller issuers still taking in money, suggests that selling was concentrated in the largest product rather than broad-based.
The three-session run has removed about $1.16 billion from the products. Outflows totaled $643.2 million on October 30 and $398.6 million on November 2, the latter including $405.3 million of redemptions from IBIT alone. Cumulative net inflows since the products' launch stand at about $56.5 billion.
The pullback follows a period of inflows in late October and coincides with a broader risk-off tone across hedge fund portfolios and technology stocks over the past several weeks. Daily ETF flows are a noisy measure, but they provide a visible gauge of institutional and adviser demand for bitcoin.
Partly offsetting those losses, Bitwise's BITB took in $21.9 million, Fidelity's FBTC added $6.8 million and Morgan Stanley's MSBT attracted $3.3 million. The narrowing of net outflows on Tuesday, with several smaller issuers still taking in money, suggests that selling was concentrated in the largest product rather than broad-based.
The three-session run has removed about $1.16 billion from the products. Outflows totaled $643.2 million on October 30 and $398.6 million on November 2, the latter including $405.3 million of redemptions from IBIT alone. Cumulative net inflows since the products' launch stand at about $56.5 billion.
The pullback follows a period of inflows in late October and coincides with a broader risk-off tone across hedge fund portfolios and technology stocks over the past several weeks. Daily ETF flows are a noisy measure, but they provide a visible gauge of institutional and adviser demand for bitcoin.
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