BlackRock's Bitcoin ETF Posts Seventh Straight Day of Outflows, $1.66 Billion Since Oct. 30

BlackRock's iShares Bitcoin Trust (IBIT) lost $213.2 million on Monday, Nov. 9, its seventh consecutive session of net withdrawals, according to Farside Investors data. Since Oct. 30, the fund has shed about $1.66 billion.

IBIT is the largest U.S. spot Bitcoin ETF. It holds about $61 billion in net assets as of Nov. 6, per iShares.

The week that set the pace

The 12 U.S. spot Bitcoin ETFs tracked by Farside recorded $1.282 billion in net outflows for the week of Nov. 2-6. IBIT accounted for $1.21 billion of that, or 94.4%, and it was the fund's largest weekly redemption on record.

Money left IBIT on all five days. The heaviest were Monday, Nov. 2 ($405.3 million) and Friday, Nov. 6 ($403 million). The whole category lost $411.9 million on that Friday.

The picture was not uniform. Fidelity's FBTC took in $93 million for the week, and three other funds also finished positive. Strip out IBIT, and the remaining funds still lost a combined $72 million.

On Monday, Bitcoin ETFs as a group lost $201 million. Morgan Stanley's MSBT drew $22.1 million, offsetting part of the withdrawals, and ARK 21Shares' ARKB lost $9.9 million. FBTC, Bitwise's BITB and Grayscale's GBTC reported no net flows.

Ether funds are bleeding too

Ether products lost $365.2 million in the first week of November. Monday added about $184.6 million, the largest single-day outflow for Ether funds this month.

BlackRock's ETHA led with $119.3 million in redemptions. Across Bitcoin and Ether, BlackRock's products accounted for roughly $353.3 million of Monday's $385.6 million in combined outflows.

Solana and XRP products lost about $7.7 million and $10.42 million.

The 12 Bitcoin funds are now down about $914.1 million in net flows for 2026, which erases their year-to-date gains. Cumulative net inflows since launch still exceed $55 billion.

Bitcoin was around $75,759 on Nov. 8 and has hovered near $75,000 since, well below its earlier 2026 highs. The Crypto Fear and Greed Index has dropped to 32, which signals fear.

What the outflows do and do not show

Wallet-tracking accounts on X put BlackRock's coin movements on Monday at $213.23 million in Bitcoin and $118.28 million in Ether. Those figures sit close to the fund-flow data.

BlackRock describes such transfers as routine fund management driven by investor redemptions, not a discretionary or bearish position. Spot ETFs hold the underlying asset, so when shareholders redeem, the fund has to deliver value out.

The flow numbers themselves are limited. The IBIT prospectus allows both cash and in-kind redemptions. In a cash redemption the trust sells bitcoin. In an in-kind redemption bitcoin goes to an authorized participant. Farside's net figures do not say which route funded the withdrawals or what recipients did with the coins.

They also cannot establish an equal amount of open-market selling. Net flows are not gross redemptions.

BlackRock's counter-signal

Robbie Mitchnick, BlackRock's head of digital assets, told Barron's on Nov. 9 that demand from large holders converting their own Bitcoin into IBIT shares is "the highest we've seen at any point." He cited "security and peace of mind," particularly among holders who would rather not manage private keys.

BlackRock has recorded about $3.6 billion in such in-kind conversions since regulators authorized them in July 2025. Mitchnick said the true figure may be higher because BlackRock does not track every transaction handled by intermediaries.

The practical minimum has fallen from about $30 million to $1 million to $2 million. Galaxy Digital, Talos and Virtu are among the firms facilitating conversions.

That means money is entering IBIT through one door while it leaves through another. Conversions add shares without showing up as ETF cash inflows, and Mitchnick's figures cover the period since July 2025, not the past two weeks.

Politics, rates and the timing question

BigGo Finance's market analysis ties the selling to the midterm elections, in which Democrats won control of Congress. It points to Sen. Elizabeth Warren, a crypto critic, expected to chair the Senate Banking Committee, and to fading odds that the Senate passes the CLARITY Act. That bill would move much digital-asset oversight from the SEC to the CFTC.

The same analysis says Democrats are expected to press regulators over the Office of the Comptroller of the Currency's provisional national trust bank charter for World Liberty Trust Co., an affiliate of a crypto venture tied to President Trump's family.

The dates complicate the election story. IBIT's streak began Oct. 30, and $405.3 million left the fund on Monday, Nov. 2, before the midterms were held. The streak predates the vote.

The same analysis says traders price about an 80% chance of a quarter-point Fed rate hike in December.

Separately, the FBI said on Oct. 31 that North Korea's "TraderTraitor" group was behind the theft of $6.3 billion from Binance, the biggest crypto heist on record. Binance co-CEO Richard Teng said all customers would be reimbursed. No source has linked the hack to the ETF outflows.

What comes next

The Bureau of Labor Statistics releases the October Consumer Price Index today, Tuesday, Nov. 10, at 8:30 a.m. ET. With rate-hike odds elevated, that print is the next data point for crypto markets.

Farside's figures for today's session will show whether IBIT's streak reaches eight days.