- BlackRock’s iShares Bitcoin Trust (IBIT) accounted for about 94% of the net withdrawals from US spot Bitcoin ETFs during the week of November 2 to November 6, 2026.
- Fidelity’s Wise Origin Bitcoin Fund (FBTC) was the largest source of offsetting inflows, while the other funds combined recorded a smaller net outflow.
- The next test for ETF demand centers on whether IBIT’s redemptions slow ahead of the October Consumer Price Index release on November 10, 2026.
US spot Bitcoin ETFs recorded a net retreat in the week of November 2 to November 6, 2026, and almost all of it came from a single product. Data from Farside Investors shows that IBIT drove the category’s weakness, while Fidelity’s FBTC provided a partial counterbalance. Attention now turns to whether IBIT’s outflows ease in the sessions that follow.
What Happened
Farside Investors tracks 12 US spot Bitcoin ETFs. Across that group, weekly net outflows totaled $1,282 million for the November 2 to November 6, 2026 period. IBIT alone recorded net outflows of $1,210 million, which equals roughly 94.4% of the aggregate net withdrawal once positive flows elsewhere are taken into account.
FBTC moved in the opposite direction, posting net inflows of $93 million for the week. The remaining funds, excluding IBIT, collectively recorded net outflows of $72 million. Had IBIT’s redemptions been removed from the total, the rest of the group would still have finished in negative territory, though by a much smaller margin.
The daily pattern showed a similar concentration. IBIT recorded withdrawals in each of the five trading sessions. The group as a whole finished positive only on November 4, 2026. On November 6, 2026, US spot Bitcoin ETFs recorded net outflows of $412 million. Fidelity recorded withdrawals on Thursday, November 5, 2026, despite its strong showing earlier in the week. On Wednesday, November 4, 2026, Fidelity-led inflows pushed the aggregate reading positive, but that gain did not hold. Thursday’s withdrawals restored the negative total, and Friday ended the week with another net outflow. Three other funds finished the week in positive territory.
According to iShares, IBIT held net assets of about $61 billion as of November 6, 2026. The week’s withdrawals amounted to roughly 2% of that ending asset base.
Why It Matters
For investors, the figures suggest that the week’s weakness was not a uniform exit from Bitcoin ETFs. Positive results at several funds show that demand was uneven rather than universal. However, because IBIT is by far the largest product in the group, its flows carry substantial weight in the category total. When one fund accounts for nearly all of the net withdrawal, the aggregate figures largely reflect that fund’s behavior.
The data also requires careful interpretation. IBIT’s prospectus allows for both cash and in-kind redemptions. In a cash redemption, the trust sells bitcoin and delivers cash to the authorized participant, which is the intermediary handling the redemption. In an in-kind redemption, bitcoin itself is delivered to the authorized participant or to its designated agent or client. Farside’s net-flow figures do not reveal which settlement route was used during the week, what recipients did with any bitcoin they received, or what motivated the redemptions. As a result, the flow data alone cannot establish how much open-market bitcoin selling, if any, corresponded to the withdrawals.
For the broader crypto market, ETF flows are one of several indicators that traders monitor. A sustained pattern of net redemptions at the largest fund could weigh on sentiment, while a return to aggregate inflows would signal renewed institutional participation.
Market Context
Bitcoin was trading at about $75,759 at 10:44 UTC on November 8, 2026, according to CryptoSlate’s Bitcoin data. That price level provides the backdrop for the flow figures, though the ETF data itself does not directly explain price movements.
The macroeconomic calendar is also relevant. The Bureau of Labor Statistics has scheduled the release of the October Consumer Price Index for Tuesday, November 10, 2026, at 8:30 a.m. Eastern Time, which corresponds to 13:30 UTC. The Federal Reserve has explained that its policy rates influence borrowing costs and broader financial conditions. Inflation data can shape expectations for those policy rates, which in turn can affect appetite for assets such as Bitcoin. Whether the CPI report shifts expectations in a way that supports Bitcoin demand remains uncertain and depends on the data itself and how markets interpret it.
What to Watch Next
Readers should monitor several developments in the coming sessions:
- IBIT daily flows: Smaller withdrawals at IBIT, combined with a negative aggregate total, would indicate that redemption pressure is easing at the largest fund.
- Aggregate net flows: A positive total for the category in any session would confirm net inflows for that day. Consistency across several completed sessions would be a stronger signal than a single positive day.
- Breadth of participation: Inflows spread across multiple funds would suggest broader demand than a single-product rebound.
- The October CPI release on November 10, 2026: The inflation figures and the market’s reaction to them will provide a reference point for sessions that follow.
Observers should also watch for any disclosures clarifying the settlement mix behind IBIT’s redemptions, since current flow data does not show whether those withdrawals were cash or in-kind.
Source: original report
