BlackRock's IBIT drove most of last week's Bitcoin ETF outflows
BlackRock's IBIT made up about 94% of net withdrawals from US spot Bitcoin ETFs in the week of November 2-6, according to CryptoSlate's reading of Farside data.
The facts
- According to CryptoSlate, citing Farside Investors, the 12 US spot Bitcoin ETFs recorded weekly net outflows of $1,282 million in the November 2-6 week. BlackRock's IBIT accounted for $1,210 million of that, or 94.4%.
- Fidelity's FBTC recorded net inflows of $93 million, and three other funds also finished the week positive. All funds other than IBIT were still net negative by $72 million.
- IBIT saw withdrawals on all five sessions, and the group was positive only on November 4. Net outflows on November 6 were $412 million.
- Net flows do not show how redemptions were settled. IBIT's prospectus allows both cash and in-kind redemptions, so the data cannot prove an equal amount of open-market Bitcoin selling, according to CryptoSlate.
Case notes · Danny's take
Why it matters
One fund making up 94% of the exits sounds like a stampede. It's not the same as everyone leaving. Fidelity took in money while IBIT bled, so this looks more like one big holder base moving than a category-wide retreat. Also remember what flow data can't tell you: not why people sold, and not whether a single coin hit the open market.
For traders
Don't trade the headline. Watch whether IBIT's daily outflows shrink, and whether the group total turns positive on more than one day in a row. The US CPI release on Tuesday, November 10 is the next scheduled test of sentiment, so size down if you plan to use leverage around it.
For builders
Flow dashboards that show net numbers without settlement detail can mislead users. If you build analytics tools, separate net flows from the cash and in-kind redemption routes, and label clearly what the data does not show.
Not financial advice. Do your own investigation.
This story was summarised with AI from CryptoSlate's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.