Bitcoin Spot ETF Outflows Halve to $201.08 Million in Third Straight Red Day

U.S. spot Bitcoin ETFs shed $201.08 million in net outflows on November 9, their third consecutive session of withdrawals, according to SoSoValue data. The daily loss narrowed roughly 51% from the previous session, signaling a deceleration in institutional redemptions even as the outflow streak that began on November 5 extended another day.

The contraction matters for market structure: total trading volume across the 12 funds reached $1.73 billion, and cumulative net inflows since launch held at $55.50 billion. Total net assets stood at $94.43 billion, equivalent to about 6.27% of Bitcoin's market capitalization.

Which funds drove the bleeding?

BlackRock's IBIT accounted for effectively all of the day's damage. The largest spot Bitcoin ETF posted $213.23 million in net outflows — more than the day's total net loss across the entire category. IBIT's withdrawals alone exceeded total inflows into the 12-fund complex.

ARK·21Shares' ARKB lost $9.91 million. Morgan Stanley's MSBT was the only fund to attract fresh capital, pulling in $22.06 million.

How concentrated is the market?

Trading activity remained heavily skewed toward BlackRock. IBIT turned over $1.34 billion of the $1.73 billion in total volume — roughly 77% of all spot ETF trading. Fidelity's FBTC ranked second at $171.96 million, followed by Grayscale's GBTC at $87.87 million.

The asset base shows the same hierarchy. IBIT held $59.29 billion in net assets, FBTC $13.07 billion and GBTC $9.25 billion. Combined, the three funds control roughly 86% of the category's $94.43 billion total.

What does the trend signal?

The 51% day-over-day contraction in outflows suggests the selling pressure that began on November 5 is easing rather than accelerating. A third straight negative session still marks the longest sustained withdrawal run since flows turned, and it comes against a backdrop where cumulative inflows remain near their $55.50 billion peak.

One comparison frames the scale: IBIT's single-day outflow of $213.23 million wiped out the combined fresh inflows of the entire category more than nine times over. When the market's largest fund swings from anchor to drag, category-level numbers follow it — which is precisely what the November 9 data shows.

The next test for the complex is whether the shrinking outflow curve bends back toward inflows within the coming sessions, or whether IBIT's redemption pressure deepens and pulls the category's $55.50 billion cumulative inflow figure lower for the first time in this streak.