Bitcoin (BTC) Spot ETFs Shed $296 Million in Two-Day Outflows

IBIT Drives $296 Million Two-Day Outflow

Spot Bitcoin ETFs shed a net $296 million across November 9 and 10, the latest redemptions against $55.86 billion in cumulative net inflows since the category launched. BlackRock's IBIT carried almost all of the selling. Bitcoin (BTC) price last printed $73,824, down 1.2% over the past 24 hours.

Flow data splits the two days unevenly. November 9 saw $201 million leave the funds, and November 10 saw $95 million follow, a drop of more than half that points to easing redemption pressure rather than a fresh wave of selling. The second-day total corresponds to roughly 1,260 Bitcoin (BTC) pulled out at prevailing prices. IBIT, the largest of the funds, posted the heaviest outflows on both sessions: $213.2 million on the first day and $78.24 million on the second, or $291.44 million in total, which is nearly 98% of the two-day figure. ARKB recorded $9.9 million of outflows on November 9, and FBTC followed with $36.79 million on November 10. One vehicle ran against the tide: MSBT took in $22.1 million and then $20.03 million, net creations on both days.

The funds are not passive wrappers. They buy coins on the open market, so redemptions translate into real spot trading sales, and creations do the reverse. In the November 11 update, daily trading volume across the group stood at $2.74 billion, total net assets at $99.01 billion, and the lifetime net-inflow tally at $55.86 billion. Those aggregates frame how contained the episode is so far: even after two straight sessions of redemptions, the category's asset base sits within a rounding error of its recent level. Issuer-level disclosures settle after the US close, so the November 11 session will show whether the deceleration held. Our standing Bitcoin coverage tracks those disclosures daily.

Fund	Nov 9	Nov 10	Two days
IBIT	-$213.2M	-$78.24M	-$291.44M
ARKB	-$9.9M	-	-$9.9M
FBTC	-	-$36.79M	-$36.79M
MSBT	+$22.1M	+$20.03M	+$42.13M
All funds	-$201M	-$95M	-$296M

Live pricing keeps both readings in play. Bitcoin (BTC) changes hands at $73,824, down 1.2% in 24 hours and nearly flat since the flow data was published, holding above support at $73,092, scored 93 out of 100 on our composite model, with resistance at $74,502 scored 85 out of 100. Positioning leans crowded: open interest stands at $15.58 billion and the long/short account ratio reads 3.17, with 76% of accounts long into a downtrend. Sentiment gauges read 29 out of 100, deep in fear, alongside social feeds where bearish posts dominate. The full level-by-level breakdown sits in our Bitcoin technical analysis.

Treasury Buying Slips Below Sales

The selling reaches past the funds. Charles Edwards, founder of Capriole Fund, flagged that the ratio of cumulative purchases to sales among companies holding Bitcoin as a strategic Bitcoin reserve has fallen below 90%, a level he described as “capitulation”. These are the corporate treasuries whose identity was built on the promise to HODL, and a sub-90% buy-to-sell reading means they are, in aggregate, selling more than they buy. Edwards added that three comparable setups in earlier cycles lined up with market bottoms and strong entry points, and he treats the current one the same way. He is not alone in that camp: Bitwise CIO Matt Hougan has argued the market already bottomed in June.

Direction from here may hinge on stablecoin supply. CryptoQuant contributor CW writes that Bitcoin's stablecoin supply ratio, or SSR, sits in neutral territory and is approaching a death cross, the setup that forms when a short-term moving average drops below its long-term counterpart and that chart readers conventionally treat as bearish. SSR divides Bitcoin's market capitalization by the combined market capitalization of stablecoins. A falling ratio can mean stablecoin buying power is swelling relative to Bitcoin (BTC), which supports recovery; but a slide in Bitcoin's own value drags the ratio down too, which is why the cause matters more than the print. In CW's framing, rising stablecoin supply adds potential fuel for a rebound, while contracting supply drains liquidity and deepens the pressure on price.

The test, then, is translation: stablecoin liquidity has to show up as fund creations and actual demand rather than sit on the sidelines. Until it does, the scale still favors the incumbents. The two-day redemption wave removed roughly 0.5% of the $55.86 billion the ETFs have absorbed since launch, and net assets of $99.01 billion are barely dented. What changed this week is the direction at the edges: issuers seeing creations slow, and the corporate reserve cohort flipping to net selling.