Bitcoin (BTC) ETFs Log Second Straight Weekly Outflow of $1.28 Billion, Worst Since June

Five Days of Withdrawals

United States spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded approximately $1.28 billion of net outflows across the trading week of Nov. 2-6, a second straight week of redemptions and the heaviest since late June. Daily creation and redemption disclosures from the issuers, compiled in the publicly available ETF flow tracker, show withdrawals from Bitcoin funds on four of the five sessions. Monday, Nov. 2 opened the run with $399 million of outflows, Tuesday added $116 million, and Wednesday was the lone reprieve at $74.6 million of net creations. Wednesday's figure was the only positive session of the week, and it would have been erased several times over by Thursday alone. The pace then steepened into the back half: Thursday, Nov. 5 carried $430 million out, and Friday, Nov. 6 another $412 million. The full ledger for the week reads as follows.

Update (8 Nov 05:41 UTC): Cross-asset flow tracking for the five hours to 2:30 p.m. Korea time on Nov. 8 showed Bitcoin (BTC) recording the largest outflow of any major cryptocurrency, about $6.27 million, with XRP next at $4.8 million and Ethereum losing roughly $1.87 million.

The weekly ledger matters because issuers disclose creations and redemptions themselves, leaving little room for estimation. The withdrawals landed inside a broader risk-off stretch that followed the United States midterm elections, in which the Bitcoin price dropped 5.6% on Nov. 5 as crypto and equities sold off together. The prior week had already removed about $200 million, so the latest print lifted the two-week total to roughly $1.48 billion.

IBIT Carried the Selling

BlackRock's IBIT, the largest of the spot funds, carried the bulk of the selling. It shed $405 million on Monday and another $403 million on Friday, single-day totals that dwarfed the rest of the field. Fidelity's FBTC moved the other way late in the week: after close to $200 million left on Thursday, Friday delivered a net inflow of $42.8 million, the only positive print among the two largest funds. Because redemptions oblige the issuer to sell custodied Bitcoin (BTC), the daily numbers read as realized spot pressure rather than a sentiment survey. On a weekly scale, the retreat ranks second only to the week of June 22, when about $1.79 billion exited the funds.

The cumulative arithmetic moved further, and faster. Before last week began, the spot funds still carried about $450 million of net inflows for 2026; five sessions later, the year stands at roughly $830 million of net outflows. A second tally of the same disclosures, using a slightly different date convention, puts the year-to-date deficit at $914 million. The two figures differ on method, not on direction. The timing sharpens the point: the funds had returned to cumulative net inflows for the year only in late September, and gave that ground back within a single week of trading. The selling coincided with the post-midterm drawdown in risk assets, which followed Democrats winning both chambers of Congress and mounted alongside doubts about AI-related capital spending in United States equities. Between IBIT's back-to-back $400 million days and the full-year flip, last week stacked the heaviest weekly outflow since June on top of an already negative prior week.

Beneath the outflow tally, one on-exchange gauge has begun to ease. Bitcoin traded at a discount on Coinbase, the largest United States digital asset exchange, for a 61st consecutive day, with the Coinbase premium against global venues printing minus 0.13% on Nov. 7, a reading in the bottom 8% of observations over the past two years. The discount, though, has narrowed from the start of the month: the premium improved from minus 0.18% on Nov. 2 to minus 0.09% by Nov. 4, and sat at minus 0.13% on Nov. 7, a shallower gap than the month's opening levels. Analysts read the shrinking discount as a possible sign that United States selling pressure is fading, while cautioning that the confirmation lies in a return of net ETF inflows alongside the premium flipping positive.

The selling has carried into the weekend at the asset level. Cross-asset flow tracking for the five hours to 2:30 p.m. Korea time on Nov. 8 showed Bitcoin recording the largest outflow of any major cryptocurrency, about $6.27 million, with XRP next at $4.8 million and Ethereum losing roughly $1.87 million. Bitcoin did appear on the inflow side as well, drawing about $1.36 million, but that was smaller than the amounts moving into ZEC at $4.83 million and IN at $4.52 million, which topped the inflow table ahead of Ethereum's $1.5 million. Much of the exiting capital pooled in stablecoins, with roughly $12.51 million of USDT and $5.63 million of USDC absorbing the flows, alongside $5.32 million of dollar and $1.23 million of won cashing out.

Composite readings put spot near $75,790.00, up 0.21% on the 24-hour window, with the market still in a downtrend: RSI reads 38.10 and the MACD signal is bearish. Support at $75,179.09 is scored 98 out of 100, the strongest floor on our Bitcoin technical analysis page, while the first major resistance sits at $77,692.71 scored 96 out of 100. Derivatives data shows open interest at $15.82 billion and a long/short account ratio of 3.29, with 76.7% of accounts positioned long, and funding sits at 0.0055%. Aggregate sentiment reads 28 out of 100, in fear territory. A decisive loss of the $75,179.09 floor would put the $72,272.76 level, scored 95 out of 100, back in play, and is what would force that long-leaning book to unwind (as of 20:54 UTC).