US Spot Bitcoin ETFs Post $842.12 Million in Two-Day Outflows

By Elena Vasquez

US spot Bitcoin exchange-traded funds recorded $842.12 million in net outflows across two consecutive sessions through Nov. 6, according to SoSoValue data. SoSoValue data for Nov. 6 showed: “US spot Bitcoin ETFs recorded net outflows of $411.92 million on the day.”

The prior session produced $430.20 million in net outflows, leaving Nov. 6 $18.28 million lower, a 4.25% moderation. The earlier day supplied 51.1% of the two-day total, so withdrawals persisted without accelerating.

Takeaway: Investors withdrew money for a second session, although the rate of withdrawal eased slightly.

Where did the money go?

The Nov. 6 fund-level figures were:

• BlackRock's IBIT: $403 million net outflow.
• Bitwise's BITB: $20.55 million net outflow.
• Ark 21Shares' ARKB: $20.09 million net outflow.
• Grayscale's GBTC: $11.11 million net outflow.
• Fidelity's FBTC: $42.82 million net inflow, and the only fund to record one.

The report said seven other products showed no net inflows or outflows. It did not identify those products or reconcile that seven-product count with the five funds named above, leaving a reporting gap that limits independent checking.

On a net basis, IBIT accounted for roughly 98% of the day's $411.92 million outflow. Its $403 million withdrawal was about 9.4 times Fidelity's $42.82 million inflow and nearly eight times the $51.75 million combined outflow from BITB, ARKB and GBTC. The concentration, rather than an even distribution, defines the session.

Adding the four reported outflows produces $454.75 million. Subtracting the $42.82 million FBTC inflow yields $411.93 million, one cent above the $411.92 million headline, a discrepancy consistent with rounding. The report provides no transaction counts, investor categories or breakdown of creations and redemptions, so the data cannot establish who sold or why.

Takeaway: One BlackRock product drove most of the reported withdrawal, while Fidelity recorded new net subscriptions.

How large is this against the cumulative total?

As of Nov. 6, cumulative net inflows into US spot Bitcoin ETFs stood at $55.7 billion. The two-day $842.12 million outflow equals about 0.015% of that cumulative balance, or roughly 1.5 basis points.

It did not erase the broader inflow recorded to date. The reported $55.7 billion therefore reflects the cumulative position as of Nov. 6, not a balance insulated from the withdrawals.

At the product level, sustained net outflows would put downward pressure on assets under management and associated fee revenue. Two sessions do not establish such a trend, and FBTC's positive flow shows that demand remained selective rather than absent.

The report identifies no regulatory filing, market-structure change or scheduled event that would explain the timing. Assigning a policy catalyst would therefore go beyond the data.

Takeaway: The withdrawal is large in dollar terms but small against the funds' accumulated inflow.

What happens next?

A third consecutive outflow would make the pattern harder to dismiss as a one-day fluctuation. A smaller loss or net inflow in the next daily report would weaken the case that the two-session pullback had become a durable shift, while another IBIT-led result would show that concentration persists.

Takeaway: Nothing in the report sets a formal deadline, so the next session's flow report is the practical test: a third outflow would strengthen the withdrawal signal, while a reversal would weaken it.