U.S. spot Bitcoin ETFs recorded $411.9 million in net outflows on November 6, with BlackRock's iShares Bitcoin Trust (IBIT) accounting for $403 million of the withdrawals, according to Farside Investors data. Fidelity's FBTC partially offset the losses with $42.8 million in net inflows.
Ethereum spot ETFs also faced selling pressure, recording $93.3 million in net outflows, led by $90.8 million leaving BlackRock's ETHA. Bitcoin traded near $75,920 while prediction markets priced its November low around $70,000.
Bitcoin ETF outflows concentrated in IBIT
Farside Investors' November 6 data showed that Bitcoin ETF outflows were heavily concentrated in BlackRock's IBIT, which accounted for almost the entire daily net loss.
Other funds also reported negative flows. Bitwise's BITB lost $20.5 million, ARK 21Shares' ARKB recorded $20.1 million in outflows, and Grayscale's GBTC shed $11.1 million. Several funds, including BTCO, EZBC, BRRR, HODL, BTCW, MSBT and BTC, reported no net flow.
Fidelity's FBTC was the day's strongest performer, attracting $42.8 million in fresh investments, but those inflows failed to offset withdrawals from competing products.
The concentration of selling in IBIT suggests that withdrawals from one major fund drove much of the day's negative result. Daily ETF flows alone cannot establish whether investors are abandoning Bitcoin or reallocating capital.
Spot Bitcoin ETFs hold actual Bitcoin to back their shares. When investors redeem shares, fund managers generally sell corresponding Bitcoin holdings to meet those requests, a process that can create additional selling pressure in the underlying market.
Ethereum ETF outflows reach $93M
Ethereum spot ETFs recorded $93.3 million in net outflows on November 6. BlackRock's ETHA dominated withdrawals with $90.8 million leaving the fund.
Fidelity's FETH recorded another $1.7 million in outflows, while Grayscale's ETHE lost $1.9 million. BlackRock's staked ETHB attracted approximately $1.1 million, providing limited relief.
The simultaneous withdrawals from Bitcoin and Ethereum products indicate broader weakness in institutional ETF demand, though one trading session does not establish a sustained trend.
Bitcoin price outlook under pressure
CoinGecko data placed BTC at $75,920.79, up 0.52% over 24 hours but down 1.50% across seven days.
Kalshi Crypto reported that prediction market traders were pricing Bitcoin's November low near $70,000, a level implying approximately 8% downside from its November 6 trading level.
Market analyst More Crypto Online identified $74,804 to $63,326 as a potential correction-ending zone, while warning that entering this range would not independently confirm a market bottom. The analyst also identified $75,580 as a range floor and $81,238 as the recovery level. Until Bitcoin breaks above that resistance, the analysis leaves room for further downside.
The ETF withdrawals and cautious price expectations reflect weakening near-term confidence. Bitcoin's ability to defend its current support levels could determine whether selling pressure continues.
