BlackRock's iShares Bitcoin Trust ETF (IBIT) accounted for 94% of net withdrawals from US spot Bitcoin ETFs during the completed November 2-6 trading week, according to data from Farside Investors. The 12 funds tracked recorded aggregate net outflows of $1,282 million, with IBIT responsible for $1,210 million of that total.
Fidelity provides a counterweight
Fidelity's Wise Origin Bitcoin Fund (FBTC) moved in the opposite direction, recording weekly net inflows of $93 million. Three other funds also finished the week positive, though their gains were not enough to offset IBIT's withdrawals. Excluding IBIT, all other funds collectively recorded net outflows of $72 million for the week.
The daily pattern showed IBIT recording withdrawals in each of the five sessions, while the group as a whole finished positive only on November 4. On November 6, US spot Bitcoin ETFs recorded net outflows of $412 million. Wednesday's Fidelity-led inflows failed to persist, with Thursday's withdrawals restoring the negative aggregate reading and Friday ending the week with another outflow.
Scale of withdrawals relative to assets
iShares reported IBIT net assets of about $61 billion as of November 6. The week's withdrawals were roughly 2% of that ending asset base.
Farside's net-flow figures do not disclose which settlement route—cash or in-kind—funded the week's withdrawals, nor what recipients subsequently did with bitcoin. According to the IBIT prospectus, a cash redemption involves the trust selling bitcoin and delivering cash, while an in-kind redemption delivers bitcoin to an authorized participant or its designated agent or client. The data therefore cannot establish an equivalent amount of contemporaneous open-market sales, investors' motives, or a proprietary bearish allocation by BlackRock.
Macro checkpoint ahead
Bitcoin's price was about $75,759 at 10:44 UTC on November 8, according to CryptoSlate's Bitcoin data. The Bureau of Labor Statistics schedules the October Consumer Price Index release for Tuesday, November 10, at 8:30 a.m. Eastern (13:30 UTC). Monday's completed fund session will provide another observation before the release, with subsequent sessions offering comparison afterward.
For ETF demand, the distinction is observable: smaller IBIT withdrawals alongside a negative aggregate total would show easing redemption pressure at IBIT, while positive aggregate flows would establish net ETF inflows for that session. Participation across funds and persistence over subsequent completed sessions would provide stronger evidence of sustained fund demand.
