US bitcoin ETFs lose $430M as Hong Kong broadens bitcoin market

What happened

US-listed spot bitcoin exchange-traded funds shed $430.2 million in net assets on November 5, according to Farside Investors data cited by crypto.news, wiping out the $74.6 million of inflows recorded a day earlier. Fidelity's Wise Origin Bitcoin Fund produced the largest single withdrawal at $199.9 million, a reversal from its $236.7 million inflow on November 4. BlackRock's iShares Bitcoin Trust followed with $105 million of redemptions, while Grayscale's GBTC lost $49.9 million, Franklin Templeton's EZBC $32.9 million and VanEck's HODL $23.6 million. Across the first four trading sessions of November, the funds have lost roughly $869.8 million net.

The withdrawals landed on a difficult day for risk assets generally. The Nasdaq Composite fell 5.5% and the S&P 500 dropped 4.3%, with investors weighing whether Democratic gains in the midterm elections could affect policy support for artificial intelligence infrastructure spending. CoinGlass data put crypto liquidations at about $1.26 billion over 24 hours, of which roughly $1.12 billion came from long positions. Bitcoin slipped below $76,000 during the session before recovering above that level on Friday, trading near $76,098 at the time of crypto.news' report, still more than 5% lower over 24 hours.

In Hong Kong, the regulated bitcoin fund market continued to broaden. The city lists four spot bitcoin ETFs, three of which debuted on April 30, 2024, with MicroBit joining in August 2025, alongside two futures-based products: the CSOP Bitcoin Futures ETF and the Samsung Bitcoin Futures Active ETF. Cryptonews.com reported that Hong Kong's private banking and wealth management assets reached HK$12.9 trillion ($1.65 trillion) in 2025, a 24% annual increase, while net fund inflows climbed 79%, citing the Hong Kong Private Wealth Management Report 2026.

Why it matters

The two developments illustrate how uneven institutional appetite for bitcoin remains. US flows can reverse within a single session, and the latest redemptions suggest demand from listed-product investors is fragile even as the asset trades well above its levels of a year earlier. Hong Kong's market is far smaller and its month-to-date outflows are modest by comparison, at $5.71 million from ChinaAMC, $1.58 million from Bosera HashKey and $68,880 from Harvest, which indicates it cannot yet absorb selling pressure on the US scale. Still, the survey behind the Hong Kong report found that 43% of firms had added crypto ETFs or exchange-traded products to their offerings, 25% were developing digital asset trading platforms, custody services or product ranges, and 28% planned to invest in digital assets within two to three years. The Securities and Futures Commission puts the city's asset management industry at HK$42.2 trillion, a large pool of capital from which new products can be built.

What the data shows

The November 5 session: $430.2 million in net outflows, against $74.6 million of inflows on November 4. Fund by fund, Fidelity's FBTC accounted for $199.9 million, BlackRock's IBIT $105 million, Grayscale's GBTC $49.9 million, Franklin Templeton's EZBC $32.9 million and VanEck's HODL $23.6 million. Cumulative November outflows across four finalized sessions reached about $869.8 million, and net withdrawals over the latest seven sessions total roughly $1.36 billion. On the Hong Kong side, November month-to-date figures from a regional tracker showed $5.71 million leaving ChinaAMC products, $1.58 million leaving Bosera HashKey and $68,880 leaving Harvest.

Background

Direct buying on exchanges has also weakened. CryptoQuant analyst Darkfost reported that the 30-day average spot net volume delta stood at positive $64.8 million on Binance and $64.3 million on Coinbase at the end of August, a period when bitcoin rose from $63,000 toward $85,000. By November 5 those readings had turned negative at $28 million on Binance and $9.4 million on Coinbase, with the deterioration beginning on Coinbase in October. Another market observer, Rain, pointed to CryptoQuant's 30-day apparent demand indicator, which has stayed negative for much of the period since late August and last read near negative 160,000 BTC, even after bitcoin recovered above $85,000 in September. BlackRock's IBIT has now recorded more than $1 billion of outflows since October 30, and bitcoin had briefly traded above $80,000 after the midterms before sliding. Evan Ceolini, chief executive of exchange aggregator SwapSpace, told crypto.news that bitcoin's predictable issuance schedule matters to its value but is not sufficient on its own: "A reduction in the rate of new BTC issuance alone doesn't guarantee an increase in Bitcoin's value: much depends on demand and other market factors."

What to watch

Traders are watching the $75,300 level as immediate support, with $72,000 below it; Darkfost flagged $70,000 as a possible target if $75,000 fails. Bitcoin is trading beneath its nine-day exponential moving average at $77,909.73, and the Money Flow Index at 27.74 sits under the 30 threshold commonly read as oversold, a signal that currently points to limited buying strength. Analyst Michaël van de Poppe has suggested bitcoin could form a bottom after another move toward $75,000, particularly if technology stocks steady following Thursday's losses.

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