Twelve US spot bitcoin funds recorded a combined net outflow on November 2, their second consecutive losing session, while BlackRock's IBIT alone shed $405.3 million. Fidelity's FBTC took in $6.7 million and every other product was flat, which accounts for the gap exactly.
US spot bitcoin exchange-traded funds recorded a net outflow of $398.6 million on Monday, November 2, their second consecutive session of withdrawals, according to the daily compilation published by Farside Investors. BlackRock's IBIT accounted for $405.3 million of that, the largest single-fund figure, while Fidelity's FBTC took in $6.7 million and the remaining products recorded no net flow either way.
Those two funds account for the entire session. Subtracting FBTC's inflow from IBIT's outflow leaves $398.6 million, the group total exactly, which means one fund's withdrawals were larger than the net loss of all twelve products combined. The day's selling was concentrated in a single product rather than spread across the group, and the two disclosed components leave no residual to explain.
A second compiler reports the same session. SoSoValue's figures, reported by crypto.news, give the same $398.6 million group total, $405.3 million of IBIT withdrawals and $6.68 million into FBTC. The two providers compile from the same underlying fund disclosures, so agreement between them is expected rather than an independent measurement, but their rows match. The same two series differed by no more than $0.1 million on any session across the week to September 25.
The run began on Friday, October 30, when the funds lost $643.3 million, their largest single-day outflow since June 25, on SoSoValue figures reported by The Block. Across the two sessions, $1.04 billion left the group.
The Friday figure should not be read as a week of selling, though. SoSoValue put the net outflow for the week ending October 30 at $202.6 million, which is $440.7 million less than Friday alone removed. On that measure the four sessions before it were a combined net inflow, and the week only turned negative on its final day.
Against the size of the group, the two sessions are small. Both compilers agreed on cumulative net inflows of $57.6 billion since the funds launched in January 2024, measured in the week to September 25, which puts the $1.04 billion removed on October 30 and November 2 at about 1.8% of everything the group had taken in to that point. October's own flows will have moved that base, so the ratio is an approximation rather than a current reading.
Ether funds have been losing money for longer. Farside's monitoring, reported through MarsBit, put spot ether ETF outflows at $139.7 million on November 2, a sixth consecutive session of net withdrawals, and crypto.news gave the same session as about $140 million on SoSoValue's numbers. On October 30 the ether funds lost $155.9 million, their largest day since October 7, and $431.5 million across the week to that date, more than twice the bitcoin funds' figure for the same week.
Bitcoin was trading at about $76,456 at 06:40 UTC on November 3, down 2.19% over the preceding 24 hours and 3.59% over seven days, on crypto.news's market data. That is below where it stood when the outflows started: The Block recorded bitcoin at $78,491 at 23:20 ET on November 1, up 1% on the day at that point, with ether at $2,296.
October had already produced a run of this shape. US spot bitcoin funds shed $729.0 million across the sessions of October 7 and 8, with IBIT supplying 43% of the first day's outflow and almost none of the second. The concentration on November 2 was far higher, because IBIT supplied all of it.
Both outflow sessions followed the theft of about $6.3 billion from Binance's hot wallets on October 29, and The Block reported Friday's figure in that context. Binance reopened withdrawals on November 1 and recorded about $3.64 billion in net outflows over the first nine and a half hours. Jeff Ko of ViaBTC called the fund flows a "sentiment shock" and said spot ETF holders have no direct exposure to Binance, because the bitcoin behind the funds is held with regulated custodians. That is a sequence and an attributed reading of it rather than a demonstrated cause. The flow data on its own does not identify why any holder sold.
