Read this article on bsc.news BlackRock's (@BlackRock) spot Bitcoin ($BTC) ETF recorded $269.7 million in net outflows on November 11, accounting for most of the day's withdrawals from US-lis
BlackRock's (@BlackRock) spot Bitcoin ($BTC) ETF recorded $269.7 million in net outflows on November 11, accounting for most of the day's withdrawals from US-listed Bitcoin funds. Overall, US spot Bitcoin ETFs recorded $299.9 million in net outflows on November 11, extending withdrawals to five trading days.
Grayscale's (@Grayscale) GBTC accounted for another $39.13 million in outflows. Morgan Stanley's (@MorganStanley) MSBT was the only fund to report inflows, adding $8.96 million. Of the 12 ETFs, MSBT was the only one to attract inflows.
The fund involved is the iShares Bitcoin Trust (IBIT). Its $269.73 million in withdrawals made up nearly 90% of the $299.9 million total. IBIT's withdrawals alone exceeded the market's total inflows of $8.96 million.
The outflows reflect investor behaviour rather than a decision by the asset manager. Crypto Briefing noted that the outflows come from client redemptions of ETF shares, not from BlackRock deciding on its own to dump coins. The same report said IBIT holds roughly 62% of total US spot Bitcoin ETF holdings, which helps explain why its flows tend to dominate the daily totals.
Data from Farside, cited by CoinCentral, shows that across five trading sessions beginning November 5, Bitcoin funds lost $1.4379 billion. Reports differ on how long IBIT's own losing streak has run. Crypto Briefing counted seven straight sessions of outflows, while another report put the figure at nine, so the exact tally depends on the data provider.
Despite the withdrawals, the category remains large. According to SoSoValue data, total net assets stood at $93.70 billion, equivalent to about 6.24% of Bitcoin's market capitalization. Cumulative net inflows since launch stand at roughly $55.10 billion.
Ether products were also under pressure. Ether ETFs lost $144.8 million the same day, $129.8 million of it from BlackRock's ETHA.
MSBT, which launched in April, has been a consistent source of small inflows. CoinDesk reported that the fund carries a 0.14% expense ratio, making it the cheapest spot bitcoin ETF, though it remains far smaller than IBIT. Its November 11 gain of $8.96 million was modest against the scale of the day's redemptions.
Spot ETFs are widely tracked as a gauge of institutional demand for Bitcoin, so a run of daily outflows tends to draw attention to market sentiment. Bitfinex said in a report that a slowdown in ETF outflows could be an early sign that the market is approaching a bottom, though a slower pace alone is not enough to confirm a recovery.
