BlackRock's IBIT Drove $842 Million in Bitcoin (BTC) ETF Outflows

IBIT Drove the Two-Day Redemption

United States spot Bitcoin ETFs shed a combined $842.12 million in net outflows across November 5 and November 6, with the heaviest single-fund loss landing on BlackRock's IBIT. The Bitcoin (BTC) price has so far absorbed the exit, last changing hands at $76,108, up 0.6% over the past 24 hours. Issuer creation and redemption disclosures show $430.2 million leaving the funds on November 5 and a further $411.92 million on November 6. The second day carried the largest single redemption: IBIT alone lost $403 million. Bitwise's BITB recorded $20.55 million of net outflows, Ark 21Shares' ARKB $20.09 million and Grayscale's GBTC $11.11 million. Fidelity's FBTC was the only product to finish November 6 with net creations, taking in $42.82 million, while seven funds showed no net movement at all. Spot ETFs hold Bitcoin (BTC) directly, and each daily figure reflects authorized participants creating or redeeming shares against the coin a custodian holds, which makes the two-day total a measure of coin actually leaving fund wallets rather than a derivative position. IBIT is by a wide margin the largest of the United States spot funds, so its single $403 million day moves the aggregate more than the three smaller redemptions combined. The redemption also stayed concentrated: seven of the lineup's funds did not move, so the exit clustered in a handful of products instead of spreading across the wider Bitcoin market. It deepens a 2026 ledger that our earlier flow tally had already put at minus $502 million net for the year. Cumulative net inflows into the products stood near $55.7 billion as of November 6, a figure the two-day exit trimmed further.

Composite support scoring places the strongest floor at $74,849, a confluence of band, Fibonacci and Keltner indicators scored 100 out of 100, while the nearest overhead band sits at $76,363, scored 80 out of 100. With spot trading near $76,108, the market is compressed between the two. Derivatives positioning looks quiet by comparison: perpetual funding runs at just 0.0029%, effectively neutral, and 76.7% of accounts sit long, a 3.29 long/short ratio. A daily close below the mapped floor would be what changes that picture. Full readings sit on our Bitcoin technical analysis page.

Liquidation Clusters at $75,000 and $77,000

Derivatives liquidation-mapping data brackets the range with two dense clusters. Should Bitcoin (BTC) push above $77,000, accumulated short-position liquidation intensity across the major centralized exchanges reaches $958 million; a slide below $75,000 would set the equivalent measure for long positions at $345 million. The map gauges how tightly forced-closing orders cluster around nearby prices rather than a fixed payout sum, and the taller the reading, the more a triggered cascade can amplify the move it rides on. Spot-side pressure is the louder signal at the moment. Analyst Murphy, in commentary published on November 7, calculates that the spot volume differential on exchanges, the gap between taker buys and taker sells on spot books, turned decisively in sellers' favor on November 5. By his measure, active selling pressure reached its highest level since the uptrend that began in August, exceeding even the selling that followed the Binance security incident of October 30, the same breach after which hackers converted $124 million of stolen altcoins into Bitcoin. Whether buyers can meet supply of this size is, in Murphy's reading, still unproven: a comparable selling wave that fails to drag price down materially would point to deepening bid orders beneath the market. He ties the weaker conviction to two shocks, the Binance event and the sharp selloff in United States equities, a market in which the 30-day correlation between Bitcoin and the S&P 500 had reached 0.80. The effects of panic, he argues, can run for weeks, perhaps one to two months, and a V-shaped recovery looks unlikely near term. He names investor behavior, market sentiment and shifts in token distribution as the threads to follow, the last of them the window into crypto whale positioning.

Flows and the Tape Disagree

Issuer disclosures and the tape are pointing in opposite directions. The flow record prints redemption after redemption, $842.12 million over two days, while price holds its ground 0.1% above the level it occupied when the newest report landed. So far the divergence favors buyers: the heaviest seller-side pressure on spot since August has not broken the range the liquidation map draws. Murphy's absorption test remains the cleanest yardstick, a comparable selling wave met without material price damage. Two further days like the last would strain that reading; a firm tape into next week would argue the flows were crowded exits rather than the start of a repricing.