Spot bitcoin ETFs shed $398.6M on Nov. 2

US spot bitcoin ETFs ended Monday, Nov. 2, with net outflows of $398.62M, according to SoSoValue data reported by Bitcoin.com News. In SoSoValue's final table for Friday, Oct. 30, funds lost $643.33M, bringing two-day outflows to about $1.04B.

Details

Nearly all of Monday's outflow came from one fund: BlackRock's IBIT shed $405.30M. Fidelity's FBTC took in $6.68M, and the two together make up the day's total. Trading volume across bitcoin ETFs was about $1.99B, versus $6.35B on Friday.

Total net assets of bitcoin ETFs fell to $98.13B per SoSoValue, and cumulative net inflows since launch stand near $57B. Assets were above $104B in late October. Our note on Oct. 30 used preliminary data; the final figure for the day turned out about three times larger.

What it means for the market

Two large outflows in a row break the Oct. 26⁠–⁠28 inflow streak, and the concentration in IBIT shows that the pressure is coming through a single large channel of institutional demand. One day is not a trend, and fund data is often revised.

As of 9:40 AM ET, BTC traded near $77,100 on Binance, about 0.8% lower over 24 hours. For the live price see the daily brief, for the fund table the ETF flows page, and for the coin the Bitcoin page.