Key takeaways
- US spot Bitcoin ETFs recorded $95 million in outflows on Nov. 10
- BlackRock’s IBIT led withdrawals with $78.2 million
- Bitcoin fell toward $73,000 as selling pressure continued
US spot Bitcoin exchange-traded funds (ETFs) recorded another day of net outflows on Nov. 10. According to Farside Investors ETF flow data, the funds experienced approximately $95 million in net withdrawals, which was the fourth consecutive trading session of outflows.
Bitcoin ETF flows (Source: Farside Investors)
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the largest withdrawals, after losing $78.2 million. Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded $36.8 million in outflows.
The losses were partially offset by $20 million in inflows into the Hashdex Bitcoin ETF (DEFI), although the additional demand was not enough to reverse the overall negative trend.
Bitcoin ETFs Struggle to Recover From November Sell-Off
The latest withdrawals followed a particularly challenging period for US-listed Bitcoin investment products.
On Nov. 6, spot Bitcoin ETFs recorded $411.9 million in net outflows, followed by another $201 million on Nov. 9. BlackRock’s IBIT has experienced serious selling pressure, and suffered big outflows over the past eight trading sessions.
Despite the recent weakness, cumulative historical net inflows into US spot Bitcoin ETFs is still positive at approximately $55.47 billion, which suggests that longer-term institutional exposure is substantial.
Bitcoin Price Falls Toward $73,000
Bitcoin’s price also weakened over the past 24 hours, thanks to the broader uncertainty in the cryptocurrency market. BTC was trading around $73,810 on Nov. 11, down approximately 0.8% over the past 24 hours.
Overall, the combination of continued ETF withdrawals and weakening Bitcoin prices suggests that institutional investors are cautious. However, the latest $95 million outflow was considerably smaller than the previous session’s $201 million, which could indicate that selling pressure through the funds is beginning to ease.
For now, Bitcoin’s ability to defend the $73,000 region and recover toward $75,000 could be important in determining whether the crypto can regain momentum.
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