BlackRock's IBIT Drives $115.6 Million Bitcoin (BTC) ETF Outflow on November 3

A Third Session of Redemptions

United States spot Bitcoin (BTC) ETFs bled cash for a third straight session on Tuesday, November 3, when a net $115.6 million left the funds in a single day. The print comes from the issuers' own creation and redemption disclosures, filed after each US close: a creation mints new fund shares when money arrives, a redemption burns shares when money leaves, and the daily tally records the net of the two. On its own the number is modest; the weight sits in the streak around it. Across the five trading days from October 28 to November 3, net outflows totaled $1.0029 billion, which means the largest regulated wrappers for Bitcoin exposure have surrendered more than a billion dollars since late October. Every session since October 30 has ended in net redemptions, and the two earlier outflow sessions carried at least $887 million of the five-day total.

The Bitcoin price has been steadier than the tape of flows: spot changed hands near $77,390 at the time of writing, about 0.5% above its level when the disclosures were tallied early on Wednesday. Tuesday's ledger shows one fund absorbing most of the damage. BlackRock's IBIT, the largest vehicle in the lineup by assets and by lifetime creations, recorded $95 million in redemptions, more than four fifths of the day's net total. Grayscale's Bitcoin (BTC) Mini Trust lost another $52.6 million. Six funds printed zero for the session: Grayscale's flagship GBTC, VanEck's HODL, ARK Invest and 21Shares' ARKB, Franklin Templeton's EZBC, Invesco Galaxy's BTCO and CoinShares' BRRR. A handful of issuers stood on the other side of the tape. Bitwise's BITB added $21.9 million, the largest single-day creation among the funds, while Fidelity's FBTC took in $6.8 million and Morgan Stanley's MSBT drew $3.3 million. Nothing in the disclosures identifies the holders behind the redemptions, and no single crypto whale can be isolated from the filings.

IBIT Down $585 Million in Five Days

The five-day ledger spreads the pain more evenly across the lineup. BlackRock's IBIT has lost $585.2 million since October 28, Fidelity's FBTC $177 million and ARK Invest and 21Shares' ARKB $129.5 million. Grayscale's two vehicles gave back a combined $121.2 million over the window, $67.9 million from the Bitcoin (BTC) Mini Trust and $53.3 million from GBTC, while WisdomTree's BTCW shed $3.8 million. Only two funds stayed positive across the five sessions: Morgan Stanley's MSBT, up $7.5 million, and Bitwise's BITB, up $6.3 million. The monthly picture frames how quickly sentiment has turned. October closed with a net $515.9 million flowing out of the funds, a reversal from September, when the group absorbed $2.6477 billion of net creations, a swing of more than $3 billion between accumulation and distribution. The long arc still dwarfs both months. Since the funds began trading in January 2024, cumulative net inflows stand at $56.53 billion, of which IBIT accounts for $65.81 billion while GBTC, the converted legacy trust, has surrendered $28.01 billion. The rest of the table is thinner: FBTC has gathered $10.20 billion since launch, BITB $2.03 billion, HODL just over $1.01 billion, ARKB $969.7 million, MSBT $813.7 million, EZBC $335.4 million, BRRR $329.2 million, BTCO $135.5 million and BTCW $74.1 million.

Price has so far refused to follow the flows. The market held near $76,800 through the US midterm counts before this redemption run began and now trades above that line, up 0.7% over the past 24 hours. That resilience matters for the standing bullish case: 10x Research's $90,000 year-end target was built on a dip into the $70,000s, roughly where spot trades now.

The redemption streak lands on a market still pinned inside a narrow technical range. COINOTAG's composite scoring puts the strongest floor at $75,005, scored 89 out of 100, and the ceiling at $78,362 at a maximum 100/100; spot at $77,390 sits between them, nearer the top. Derivatives positioning has not turned defensive: the perpetual funding rate runs at 0.0053% and the long/short account ratio stands at 2.72, with 73.1% of accounts leaning long. That bias echoes decentralized venues, where top perp traders went 75% long within 15 hours. The Fear and Greed Index reads 34/100, in fear territory. A decisive loss of the $75,005 floor would change that read, as would a run of net creations that lets price attack the $78,362 ceiling; the full level map is kept current on our Bitcoin technical analysis page.