Spot Bitcoin ETFs Shed $300M, Outflows Hit a 5th Day

US spot bitcoin ETFs recorded net outflows of $299.9M for Nov. 11, SoSoValue data show. It is the fifth straight trading day of withdrawals: from Nov. 5 through Nov. 11 the funds shed about $1.44B.

Details

Nearly all of the outflow came from BlackRock's IBIT at $269.7M, with another $39.1M leaving Grayscale's GBTC. The only fund with inflows was Morgan Stanley's MSBT at $9.0M (TokenPost, PANews). Trading volume across spot BTC ETFs was about $2.27B, of which $1.79B was in IBIT.

Total fund assets stand near $93.7B, roughly 6.24% of bitcoin's market cap; cumulative net inflows since launch are about $55.1B. Spot ether ETFs lost $145M the same day, also a fifth straight day of outflows.

Earlier days in the streak: $430.2M on Nov. 5, $411.9M on Nov. 6, $201.1M on Nov. 9 and $95.0M on Nov. 10 (see our Nov. 10 report). The Nov. 11 outflow is the third largest of the run. Fund-by-fund detail and history are on the ETF flows page.

What it means for the market

Outflows picked up again after easing on Nov. 10. Five days in a row keep the funds a source of selling pressure, and the breakdown shows the exits are concentrated in the largest fund. Traders are watching for inflows to return across more than one product. Per Binance, BTC traded near $73,500 as of 2:05 AM ET on Nov. 12, down 0.1% on the day; the live price is in the daily brief.