US Spot Bitcoin ETFs Bleed $2.22 Billion in Eight Sessions

US spot bitcoin ETFs have lost a net $2.22 billion over eight trading sessions, the largest such outflow run since July 2. The figure comes from Bitfinex's "Bitcoin: Correction or Reset?" report, published on November 11, 2026, which traced the withdrawals back to October 30.

The pace is easing. That much is clear. Net outflows hit $201 million on November 9 and shrank to $95 million on November 10, stretching the withdrawal streak to four straight sessions — each one smaller than the last. But Bitfinex's analysts are not ready to call a bottom on deceleration alone.

Slowing outflows are, in the exchange's words, an initial step toward establishing a floor, but insufficient on their own to signal one. The real test is whether the funds flip back to sustained net inflows and hold there.

Where is the selling coming from?

Bitfinex identified two main sources of spot demand for bitcoin: US spot ETFs and companies that hold bitcoin as a treasury asset. Both matter. ETFs have been doing the selling in this stretch, reducing their bitcoin holdings week over week, though the pace slowed this week compared with last week.

That distinction matters for anyone reading the flow data. Treasury-driven buying tends to be sticky, announced in advance, and tied to corporate allocation policy. ETF flows, by contrast, move with market sentiment and can reverse in a single session.

What does history say happens next?

To answer that practical question — what does this change for investors watching the tape? — Bitfinex turned to its own November 4 Intelligence Update, which examined earlier outflow runs this year. The pattern was specific.

• When past outflow runs ended with at least three consecutive sessions of net inflows, a median gain of 6.4% followed over the subsequent 10 sessions.
• Without that three-session inflow confirmation, the recovery signal did not hold.
• The report framed the current situation as a test of whether that pattern recurs.

In other words, the number to watch is not the size of any single day's outflow. It is the arrival of three straight inflow sessions, the threshold that preceded every 6.4% median bounce in this year's sample.

Why the streak matters

An eight-session run of net withdrawals totaling $2.22 billion marks the longest and deepest stretch of ETF attrition since the July 2 episode, according to the Bitfinex analysis. For a product category that has become the primary institutional gateway to spot bitcoin exposure, that kind of sustained rotation out of the funds signals softer demand at the margin, even if the daily bleed is narrowing.

The market now has a concrete benchmark. Until the ETF complex posts three consecutive net-inflow sessions, Bitfinex's own historical framework treats the floor as unconfirmed — and the 6.4% median-recovery precedent as a scenario, not a forecast.