U.S. Spot Bitcoin ETFs Extend Outflow Streak to Seven Sessions

U.S. spot Bitcoin exchange-traded funds recorded $185.4 million in net outflows on Nov. 13, extending the withdrawal run to seven consecutive trading sessions and bringing the latest five-session total above $1 billion.

BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $143.5 million of that outflow. Fidelity Wise Origin Bitcoin Fund (FBTC) registered $41.9 million. Their combined net outflows matched the full daily figure.

Where did the Nov. 13 outflows go?

• Zero net flow: BITB, ARKB, BTCO, EZBC, BRRR, HODL, BTCW, MSBT, GBTC and BTC.

Ten other funds recorded no net flow. No fund in that group posted net inflows that offset the withdrawals from IBIT and FBTC.

That leaves a concentrated flow pattern rather than a synchronized drawdown across the lineup. On Nov. 13, every dollar of reported net outflow came from two funds, while the other 10 remained flat on the net-flow measure.

This concentration matters for interpreting the headline. The $185.4 million figure does not describe uniform net redemptions across all 12 listed products; it describes net withdrawals concentrated in IBIT and FBTC.

How did the seven-session streak unfold?

The streak began Nov. 5 and continued through Nov. 6, Nov. 9, Nov. 10, Nov. 11, Nov. 12 and Nov. 13. Seven trading sessions in all, each ended with net outflows from the group.

The largest daily figure among the dates provided came on Nov. 11, when the funds recorded $299.8 million in net outflows. The next session, Nov. 12, produced $284.1 million. Nov. 13’s $185.4 million was lower, but it extended the sequence for a fifth consecutive session in the Nov. 9-13 run.

The decline in the daily outflow did not reset the streak. It extended the sequence despite a smaller amount than the two preceding sessions, keeping the five-session aggregate above $1 billion.

How much left the funds over five sessions?

From Nov. 9 through Nov. 13, the five-session combined net outflow reached $1.0653 billion. That total covers the final five sessions of the longer seven-session run, including the $299.8 million outflow on Nov. 11 and the $284.1 million outflow on Nov. 12.

The disclosed seven-session streak covers more dates than the $1.0653 billion calculation. Nov. 5 and Nov. 6 sit outside that five-day window, so the aggregate should not be read as the cumulative withdrawal across all seven sessions.

Despite the five-session withdrawal, cumulative net inflow since launch stood at $54.701 billion after Nov. 13. The latest outflows reduced that launch-to-date net inflow balance, but they did not erase it.

The five-day figure exceeded $1 billion even as the daily pace eased on Nov. 13. The direction remained negative throughout the Nov. 9-13 sequence, and Nov. 13 added no offsetting net inflows from the 10 funds that finished flat.

What does the flow split change for market participants?

For market participants, the immediate variable is whether the next session stays concentrated in IBIT and FBTC or broadens to other funds. Continued concentration would keep the latest session’s issuer-specific character; broader net outflows would show the pattern spreading beyond those two funds.

The run also leaves two distinct aggregate figures: $1.0653 billion over the five disclosed sessions and $54.701 billion in cumulative net inflow since launch. Keeping those horizons separate avoids overstating the recent withdrawals relative to the funds’ full post-launch flow history.

Continued net outflows in the next session would extend the streak to eight sessions, while a return to net inflows would end it. The breadth across all 12 funds will show whether Nov. 13’s concentration persists or spreads across the market.