US Spot Bitcoin ETFs Bleed $412 Million in a Single Day

US spot Bitcoin exchange-traded funds recorded $412 million in net outflows on November 6, according to data aggregated by SoSoValue, with spot Ethereum ETFs shedding a further $93.19 million on the same day.

The redemption pressure was concentrated in a single product. BlackRock's iShares Bitcoin Trust (IBIT) accounted for approximately $403 million of the total Bitcoin outflow — roughly 98 cents of every dollar that left the category.

Not every fund followed. Fidelity's Wise Origin Bitcoin Fund (FBTC) drew $42.8 million in inflows, one of the few positive prints on the board. That split carries information: when the largest fund in the category loses hundreds of millions while a direct competitor gains tens of millions, investors are not exiting the asset class uniformly. They are reallocating between wrappers.

What does this change for ETF holders?

The immediate question for practitioners is whether the headline number reflects broad sentiment or the decisions of holders in one product. The evidence points to the latter. A category outflow of $412 million, of which about $403 million sits in IBIT, is substantially a story about a single fund's redemption queue rather than a category-wide flight.

Ethereum products mirrored the pattern at smaller scale. Spot Ethereum ETFs lost $93.19 million on November 6, with BlackRock products among the larger contributors, following outflows of roughly $100 million the prior day.

Two days, one direction

November 6 compounded an already difficult November 5, when Bitcoin ETFs saw outflows of approximately $430 million and Ethereum ETFs lost about $100 million. The back-to-back redemptions pushed cumulative net flows for Bitcoin ETFs — a figure that had looked robust for much of the year — into slightly negative territory, at a decline of roughly $502 million year-to-date as of early November.

Context matters when translating that number. Bitcoin ETFs held approximately $96.65 billion in assets at the time. Set against that base, a $502 million year-to-date deficit amounts to just over half of one percent of assets under management. It is a dent in the flows ledger, not a structural unwind of the vehicle class.

The macro backdrop

The redemptions did not occur in isolation. They coincided with a technology stock selloff and a significant decline in Nasdaq indices, with sentiment also cautious in the aftermath of the US midterm elections. Bitcoin traded near $75,000 to $76,000 while the outflows played out, tying the ETF flows to a broader risk-off move in equities rather than to anything specific to the crypto fund structure.

The FBTC inflow is the useful counterpoint to the gloomier interpretation. A $42.8 million gain on a day when the category lost $412 million indicates demand has not disappeared; it has become selective. For allocators, the practical takeaway is that flow data at the category level now requires fund-level decomposition before it can be read as sentiment.

The forward question is whether IBIT redemptions extend into a third session or mean-revert, and whether the year-to-date flow figure closes 2025 in negative territory — a symbolic threshold for a product class that launched to record demand.

By Nathan Brooks