BlackRock's IBIT leads $398.6M outflow as Bitcoin ETFs start November in the red

What happened

US-listed spot Bitcoin exchange-traded funds began November with $398.6 million in net outflows on Monday, according to Farside Investors data cited by Cointelegraph and NewsBTC. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $405.3 million of redemptions, the fund's largest single-day outflow since June 26, when investors withdrew $444.5 million.

The headline total understates the concentration of the selling. Because IBIT's outflow was larger than the market-wide net figure, other issuers were collectively close to flat or slightly positive. Fidelity's Wise Origin Bitcoin Fund (FBTC) took in $6.7 million, partially offsetting the redemptions, NewsBTC reported.

The withdrawals extended a difficult stretch for the funds. Bitcoin.com News reported that Monday's session followed a $643.3 million net outflow on Friday, putting the two-day total above $1.04 billion. Trading value in the Bitcoin ETFs fell to $1.99 billion from $6.35 billion on Friday, while net assets closed at $98.12 billion.

The move came amid broader crypto market volatility. Cointelegraph reported that Bitcoin briefly dropped below $76,400 on Monday, its lowest level since August, and was trading near $76,600 at the time of publication, down 3.7% over the prior seven days. The reports linked the market backdrop to a $6.3 billion Binance hack.

Why it matters

IBIT has been the largest source of demand among US spot Bitcoin ETFs, so a sharp reversal there draws more attention than a comparable move in a smaller fund. Bitcoin.com News noted that IBIT had been the strongest source of ETF demand through much of October and finished last week with positive net flows despite Friday's selloff, making two consecutive sessions of heavy withdrawals a notable shift. NewsBTC cautioned that a single concentrated day says less about institutional appetite than a multi-day pattern across issuers, and that flow figures measure creations minus redemptions rather than trading activity on exchanges. Edwin Mata, CEO of tokenization company Brickken, told Cointelegraph he would not read the outflows as a rejection of digital assets, saying investors cut exposure when uncertainty rises, particularly after an event that raises questions about market infrastructure.

Background

The November opening followed $515 million in net outflows from US spot Bitcoin ETFs in October, according to Cointelegraph. The funds have recorded roughly $38 million in net outflows so far in 2026. Ether funds have faced a longer stretch of redemptions: Cointelegraph reported that US spot Ether ETFs lost about $140 million on Monday, a sixth consecutive negative session, after record monthly outflows of $1.61 billion in October. Bitcoin.com News put the Ether figure at $139.8 million, with BlackRock's ETHA leading at $138.31 million and Morgan Stanley's MSSE attracting $3.15 million. Smaller crypto ETF categories also started the month in negative territory, including Zcash, HYPE and XRP products.

What to watch

The key question is whether IBIT redemptions persist in the coming sessions and whether other large issuers follow, which NewsBTC said would be a more convincing signal than one concentrated day. Bitcoin.com News framed the next test as whether Bitcoin can attract buyers before the two-day outflow approaches the scale of October's largest institutional reversals. Ether funds' ability to break their run of redemptions is a separate point to track.

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