U.S. bitcoin ETFs lost $1.49 billion in five straight days as bitcoin fell 9%

Five days, $1.49 billion out

U.S. spot bitcoin exchange-traded funds (ETFs), which hold real bitcoin for shareholders, saw more money leave than arrive on every trading day from Thursday, November 5, through Wednesday, November 11. CoinMarketCap's ETF flow data, read at 6:45 a.m. ET on November 12, puts the five-day total at $1.486 billion in net outflows.

The two biggest days came first: $430.2 million out on November 5 and $411.5 million on November 6. Outflows slowed to $220.6 million on November 9 and $115.0 million on November 10, then picked up again to $308.6 million on Wednesday, November 11.

A net outflow means large firms called authorized participants handed fund shares back and the fund paid out the bitcoin behind them. It is the clearest sign that investors are taking money out, apart from any move in the price.

Nine sessions, one green day

The streak sits inside a longer run. Counting from Friday, October 30, the funds lost $2.571 billion over nine trading days. The only inflow in that stretch was $75.2 million on November 4. October 30 alone saw $643.2 million leave, the largest single day in CoinMarketCap's 30-day window.

Over the full 21 sessions from October 14 to November 11, the net figure is a $2.18 billion outflow, with money leaving on 12 of the 21 days. Two strong days, $526.7 million in on October 19 and $524.8 million on October 21, kept the month from looking worse.

Trackers can differ slightly on daily figures because issuers publish at different times. The numbers here are CoinMarketCap's as of the time we read them.

What the price did

CoinGecko showed bitcoin at $72,896 at 6:45 a.m. ET on November 12, down 1.4% in 24 hours. At the start of November 5 (midnight UTC, 7 p.m. ET on November 4) it was $80,443, so the coin lost 9.4% over the five outflow days. Measured from midnight UTC on October 29, when it stood at $81,274, the drop is 10.3%.

The two moved together, but flow data alone cannot say which drove which. Selling by fund holders can weigh on the price, and a falling price can also push holders to sell.

Ether funds bled too

U.S. spot ether ETFs lost $477.2 million over the same five days, including $139.5 million on November 11, per CoinMarketCap. Over 21 sessions they had outflows on 18 days, $1.49 billion net. CoinGecko had ether at $2,026.96 at 6:45 a.m. ET, 16.3% below its $2,423.10 level at the start of November 5.

Smaller funds followed the same direction. CoinMarketCap shows U.S. solana ETFs with $45.5 million in net outflows over the five days, and XRP funds with $18.0 million out on November 9 and 10 and no net flow on November 11.

Who holds the most

BlackRock's iShares Bitcoin Trust (IBIT) is still by far the biggest fund, with about $60.42 billion in assets on CoinMarketCap's list, ahead of Fidelity's FBTC at $14.92 billion and Grayscale's GBTC at $9.23 billion. On the ether side, BlackRock's ETHA holds about $8.61 billion. For how IBIT's share count moved earlier this month, see our November 8 report.

What's next

• Thursday's flow figures for November 12, usually published after the U.S. close.
• Whether bitcoin holds above $72,000 while outflows continue.
• Whether ether funds post a first inflow day since November 4.