US spot Bitcoin ETFs continue to see sharp capital outflows, while equity ETFs attract billions of USD. On Tuesday, November 10 alone, investors pulled another USD 95 million from Bitcoin funds, bringing total net withdrawals for November to roughly USD 1.6 billion. BlackRock’s IBIT is under the heaviest selling pressure, recording its eighth consecutive trading day of outflows, while on-chain data also point to weakening demand and a deteriorating mood, putting the bitcoin price to a key test.
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Bitcoin ETFs see capital outflows, while equity ETFs attract billions
Although the pace of withdrawals from US spot Bitcoin ETFs has gradually slowed, from USD 430.2 million on Thursday and USD 411.9 million on Friday, through USD 201 million on Monday, to USD 95 million on Tuesday, the overall direction remains unfavorable, and between November 5 and 10 alone, USD 1.14 billion left the funds. Some investors have decided to use the market dip to buy at a discount, as confirmed by data from Bloomberg analyst Eric Balchunas – over five trading days, US equity ETFs attracted roughly USD 12 billion per day, with all 17 top-performing funds investing in stocks, led by those tracking the S&P 500 index (VOO, IVV) and the tech-heavy Nasdaq-100 (QQQ).
The brunt of these outflows falls on the market’s largest fund, BlackRock’s IBIT, which saw USD 78.2 million leave on Tuesday alone and has lost approximately USD 1.73 billion over the past eight consecutive losing days. On Tuesday, withdrawals of USD 36.8 million from Fidelity’s FBTC were added to that. Only the Morgan Stanley Bitcoin Trust ETF (MSBT) went against the negative trend, with an inflow of USD 20 million, which, however, reversed neither the overall November balance nor the decline in net assets to USD 92.82 billion, although over the long term, since their launch in January 2024, the funds still hold cumulative net inflows of around USD 55.47 billion.
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Bitcoin ETFs and BlackRock’s IBIT under pressure: Where will the bitcoin price head next?
According to analytics firm CryptoQuant, however, the slowdown in withdrawals from Bitcoin ETFs and from BlackRock‘s IBIT does not yet mean a reversal in market sentiment. Its Bitcoin Bull Score Index fell from 90 out of 100 points in October to just 20, signaling exceptionally bearish conditions, with only two of the ten tracked indicators showing positive signals. At the same time, so-called apparent demand for bitcoin dropped by 284,000 BTC over 30 days, the fastest decline since March 2025, confirming that current buyer interest cannot sufficiently absorb the available supply.
For the further development of the bitcoin price, which over the past week weakened from above USD 80,000 to a low of USD 72,880 and is currently trading around USD 74,000 to 74,115, holding the significant support zone at USD 73,200 will be absolutely crucial. If the market fails to hold this level, selling pressure could intensify further, as the combination of weakening demand and outflows from large funds shows that bitcoin currently lacks strong buyer support. Until investors’ confidence returns and new capital starts flowing into crypto funds, caution remains in order, because the appetite for buying dips is so far concentrated mainly in equity markets.
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Sources:
- Farside Investors – overview of daily capital flows in US Bitcoin ETFs
- SoSoValue – statistics on net assets and cumulative inflows of spot ETFs
- CryptoQuant – on-chain analysis of the Bitcoin Bull Score Index and apparent demand
- KryptoMagazín Terminal – live bitcoin price development and market metrics
- KryptoMagazín.cz – latest news and analysis of the cryptocurrency market
- Eric Balchunas (Bloomberg) on X – data on inflows into US equity ETFs
Image source: Unsplash
