Spot ETF Outflows Hit $201M, Concentrated in IBIT and ETHA

U.S. spot Bitcoin and Ether ETFs shed a combined $201 million on November 3, according to Farside Investors' daily flow data, with Bitcoin funds accounting for $115.6 million and Ether funds $85.3 million. The redemptions landed as U.S. midterm results rolled in.

BlackRock's IBIT recorded $95 million in Bitcoin redemptions, the largest single Bitcoin fund exit of the session. Grayscale's Bitcoin Mini Trust (BTC) followed with $52.6 million, and Bitwise's BITB added $21.9 million.

Fidelity's FBTC took in $6.8 million and Morgan Stanley's MSBT added $3.3 million. Those inflows offset only part of the day's withdrawals.

Where did the Ether outflows land?

BlackRock's ETHA recorded $74.4 million in net outflows, and Grayscale's Ethereum Mini Trust (ETH) lost another $10.9 million. No other Ethereum ETF logged net flows in the session, per Farside data.

ETHA alone made up most of the Ether category's daily withdrawal, while IBIT carried the bulk of the Bitcoin side. Selling centered on BlackRock's largest products rather than spreading across issuers, which makes this a concentrated redemption pattern, not a broad industry exit.

How large is the two-day outflow run?

The November 3 session followed a heavier wave on November 2, when U.S. spot Bitcoin ETFs lost about $398.6 million and Ethereum funds shed $139.7 million — nearly $538 million combined in one session.

BlackRock drove most of those redemptions: IBIT recorded $405.3 million in outflows and ETHA lost $138.3 million, while Fidelity's FBTC attracted $6.7 million and Morgan Stanley's MSSE took in $3.2 million.

The two-day total for Bitcoin and Ether funds reached about $739 million. Bitcoin funds have now logged three straight withdrawal sessions, and Ethereum products have posted seven consecutive days of net outflows, a streak that echoes Bitcoin ETF outflows recorded in prior weeks.

What do the midterms mean for crypto oversight?

More than $64 million in industry spending failed to stop Sherrod Brown from winning his Senate race, journalist Eleanor Terrett reported. Brown could take a committee leadership post with jurisdiction over cryptocurrency.

Several pro-crypto Republican lawmakers also lost seats, including Bryan Steil, Zach Nunn and Ann Wagner. Republican Mike Lawler conceded to Democrat Cait Conley in New York's 17th District; the Associated Press had not called the race because delayed ballots were still being counted.

Democrats strengthened their Senate majority, with Kirsten Gillibrand helping deliver a larger-than-expected win, and Republicans lost control of the chamber. Tim Scott is expected to become the Banking Committee's ranking member, and in the House Maxine Waters is expected to take Financial Services if Democrats secure the chamber.

French Hill's race remained uncalled. Pro-crypto Republican Andy Barr won Kentucky's open Senate seat, and Pete Ricketts retained his Nebraska seat.

Did the rebound change the flow picture?

After the results, Bitcoin and Ethereum recovered from earlier declines. Analyst Ash Crypto noted Bitcoin rose 3.65% from its low and moved back above $78,000, while Ethereum advanced 4.57% to trade near $2,320.

Outflows keep stacking in BlackRock's flagship funds, and rival inflows remain too small to offset them. The next two sessions of flow data will show whether the midterm rebound holds or institutional demand keeps cooling, while the Senate's new committee assignments determine which panel holds jurisdiction over digital-asset rules.