BlackRock's IBIT Drives $300 Million in Bitcoin ETF Outflows

U.S. spot Bitcoin exchange-traded funds recorded $299.9 million in net outflows on November 11, and BlackRock's iShares Bitcoin Trust (IBIT) accounted for nearly 90% of that total, according to SoSoValue data. The withdrawal marked a fifth consecutive trading session of net outflows across the U.S. spot Bitcoin ETF complex, extending cumulative losses over the period to roughly $1.44 billion.

IBIT lost $269.73 million during the session. Grayscale's Bitcoin Trust (GBTC) recorded a further $39.13 million in withdrawals, though fresh capital into one competing product trimmed the industry's net figure. In plain terms, one manager absorbed almost all of the day's selling.

Morgan Stanley's Bitcoin Trust (MSBT) was the only fund to attract new capital, drawing $8.96 million in net inflows. The remaining funds reported no net movement.

How did the five-day streak develop?

The outflow streak began on November 5, when $430.2 million left the funds, followed by $411.9 million the next session. Fidelity's FBTC accounted for $199.9 million of the November 5 withdrawals — a reversal from the $236.7 million it had attracted just one session earlier. IBIT, by contrast, bled capital across the entire period, even on days when competing products drew fresh investment.

The selling coincided with broader market stress. Bitcoin fell below $75,000 on November 9 as cryptocurrency liquidations exceeded $1 billion during the downturn. The funds' aggregate position remains substantial despite the streak: U.S. spot Bitcoin ETFs still hold $93.7 billion in combined net assets, roughly 6.24% of Bitcoin's market capitalization.

Cumulative net inflows since the products launched in January 2024 stand at $55.1 billion. IBIT remains the largest fund at $58.71 billion in assets, followed by Fidelity's FBTC at $12.98 billion and Grayscale's GBTC at $9.19 billion. Trading activity stayed heavy through the session, with total Bitcoin ETF volume of $2.27 billion; IBIT alone represented $1.79 billion of that figure.

What is happening to Ethereum ETFs?

Selling was not confined to Bitcoin products. U.S. spot Ethereum ETFs recorded $144.81 million in net withdrawals on November 11, also a fifth straight session of outflows. BlackRock's iShares Ethereum Trust (ETHA) accounted for $129.78 million of that total, with another $5.35 million leaving its staking product, ETHB. Bitwise, Fidelity and Franklin Templeton saw smaller withdrawals, and no tracked Ethereum fund attracted net inflows.

Ethereum ETFs retain $11.59 billion in cumulative net inflows and approximately $11.65 billion in combined assets. The November pressure follows earlier reported transfers of 580,145 ETH — roughly $1.32 billion — from BlackRock's Ethereum products over the preceding month. The pattern suggests institutional positioning, not retail churn; though flows data alone cannot identify the sellers.

Where does Bitcoin's price stand?

Bitcoin traded near $73,573 on November 12, down approximately 8.3% over seven days. Its 14-day relative strength index sat at 34.37, approaching the oversold threshold of 30. The MACD indicator remained negative at -1,943.19, below its signal line of -1,596.07, with a negative histogram of -347.12.

Bitcoin traded below its 20-day exponential moving average of $77,057, its 50-day EMA of $78,682 and its 200-day EMA of $76,417. Immediate support sits near $72,819; resistance stands at $79,321, with $81,383 in view beyond that. Bollinger Bands placed the price near the lower end of its range, between the lower band at $72,468 and the middle band at $77,437.

Bitfinex analysts identified $75,717 as Bitcoin's short-term holder cost basis in a November 11 market update. They set November 22 as the checkpoint for whether Bitcoin can reclaim that level after four consecutive days below it. Until flows stabilize, the technical picture remains defensive.