Bitcoin ETFs Record Fifth Straight Outflow Day as IBIT Redemptions Persist
U.S. spot Bitcoin ETFs recorded $299.9 million in net outflows on November 11, led by BlackRock's IBIT, extending a five-session withdrawal streak. Cumulative outflows over that stretch total roughly $1.44 billion as Bitcoin trades near $73,000.
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Outflows Extend Across Five Sessions
U.S. spot Bitcoin ETFs recorded $299.9 million in net outflows on November 11, according to SoSoValue data cited by Crypto.news, marking a fifth consecutive session of redemptions. Bitcoin Magazine, which counts the same session at $299.8 million, reports a near-identical total. The discrepancy is immaterial to the trend, and both outlets put cumulative outflows over the five sessions at about $1.44 billion.
BlackRock's iShares Bitcoin Trust (IBIT) accounted for most of the selling. Crypto.news puts IBIT's outflow at $269.73 million for the session, and Bitcoin Magazine reports $269.7 million. Grayscale's GBTC lost $39.1 million. Morgan Stanley's MSBT was the only fund with inflows, at about $9 million. Crypto.news says BlackRock's withdrawals represented nearly 90% of the day's net outflows; Bitcoin Magazine puts IBIT's share of November-to-date outflows at roughly 94%, a different measure over a longer window.
Longer-Term Flow Picture
Bitcoin Magazine reports that IBIT has now seen outflows on every trading day in November and has shed about $2 billion across nine straight sessions since October 30. Its two largest daily outflows of 2026 both occurred this month, at $405.3 million on November 2 and $403 million on November 6. The broader group of 11 funds has lost roughly $1.88 billion in November, with outflows on seven of the month's eight sessions.
The year-to-date picture has also turned. Bitcoin Magazine reports U.S. spot Bitcoin ETFs are down about $1.42 billion in net flows for 2026, against roughly $25.2 billion of inflows at the same point in 2025. IBIT remains positive for the year at about $2.45 billion, though that cushion has narrowed quickly, with November's withdrawals already erasing nearly twice its October inflow of about $932 million. Crypto.news gives a different framing, citing cumulative net inflows since the January 2024 launch of $55.1 billion across the products, and IBIT's cumulative figure at $58.71 billion in assets; Bitcoin Magazine cites roughly $64.5 billion in IBIT net inflows since launch. The two outlets measure different things (net flows versus assets under management), so the figures should not be compared directly.
The outflows are not unprecedented. Bitcoin Magazine notes that IBIT and the group went 13 straight trading days without an inflow between May 15 and June 3, and IBIT had an 11-session streak from June 17 to July 2.
Market Backdrop and Price Action
Bitcoin was trading near $73,573 on November 12, down about 8.3% over the prior seven days according to Crypto.news, and near $72,800 early Thursday according to Bitcoin Magazine, roughly 6% lower over the past week. Both outlets describe the price as near Tuesday's low of about $72,700, the weakest level since August 20. Crypto.news reports a 14-day relative strength index of 34.37, close to the oversold threshold of 30, and a MACD reading that remains negative. Bitcoin is trading below its 20-day and 200-day exponential moving averages.
Bitcoin Magazine attributes part of the pressure to macro conditions. A hotter-than-expected October inflation report lifted bets on a Federal Reserve rate hike in December, with Polymarket odds of a hike reported near 97% by Yahoo Finance. Equities also weighed on sentiment: Nvidia shares fell roughly 9% after the close on Wednesday following reports that its board was preparing to remove CEO Jensen Huang, a development Nvidia has not confirmed or denied. Bitcoin has tracked tech shares closely this year, according to Bitcoin Magazine. Separately, MSCI confirmed it will remove Strategy (MSTR) from its indexes after November 30, a decision that forces tracking funds to sell shares of the largest corporate bitcoin holder.
Ethereum ETFs are experiencing similar pressure. Crypto.news reports $144.81 million in net withdrawals on November 11, including $129.78 million from BlackRock's ETHA, and cumulative net inflows of $11.59 billion across five consecutive outflow sessions.
What to Watch
Bitcoin Magazine notes that ETF flows for Thursday will be reported after the close. The open question is whether IBIT breaks its streak before matching the 13-day run from the spring, or whether continued redemptions keep pressure on Bitcoin into the Federal Reserve's December meeting.
Why It Matters
For Traders
Continued IBIT redemptions near the $72,700 support level raise the risk of a test below recent lows, with the December Fed meeting now a near-term catalyst.
For Investors
Erasure of 2026 net inflows and shrinking IBIT cushion suggest institutional demand has weakened materially against a rate-hike backdrop, not just temporarily.
For Builders
Protocols and products relying on ETF-driven liquidity or collateral assumptions should stress-test scenarios where spot ETF net flows turn persistently negative.
This article is for information only and is not financial advice. Read the full disclaimer.
