Key Insights
- Bitcoin ETFs lost $1.14 billion across four consecutive trading sessions.
- BlackRock led redemptions as the Nov. 10 total reached $95 million.
- Bitcoin traded near $74,000 while leveraged longs dominated liquidations.
U.S. spot Bitcoin ETFs recorded approximately $1.14 billion in net outflows across four trading sessions through Nov. 10. Farside Investors recorded another $95 million withdrawal on Tuesday as Bitcoin remained below $75,000. That extended the withdrawal streak, although their daily pace eased.
The withdrawals came as the Bitcoin price retreated from its early-November range. Investors faced weaker fund demand alongside falling spot prices and liquidations across leveraged derivatives markets. Still, ETF flow figures alone cannot establish which institutions sold Bitcoin or why.
Bitcoin Price Drops as Outflows Continue
CoinGecko’s historical data showed Bitcoin closing Nov. 10 near $73,721, versus $75,267 a day earlier. That represented a daily decline of approximately 2.1%, independent of changes in ETF share ownership. Its price history placed the Nov. 5 closing level near $76,006.
By Nov. 11, CoinGecko showed Bitcoin price near $73,775, with a daily range between $72,744 and $74,893. The market had therefore struggled to recover the level seen before the latest withdrawal streak. These prices describe market movement, but they do not isolate ETF redemptions as the cause.
CoinGecko also reported approximately $30.56 billion in trading volume for Nov. 11. Its historical table showed $30.81 billion for Nov. 10 and $16.54 billion for Nov. 9. The increase indicated heavier turnover during the latest price decline, rather than a confirmed shift in long-term ownership.
Bitcoin ETFs See Smaller Daily Outflows
Farside Investors tracked $430.2 million in outflows on Nov. 5 and another $411.9 million the following session. Funds subsequently lost $201 million on Nov. 9 before withdrawals slowed to $95 million. Together, those daily figures totaled approximately $1.138 billion, explaining the rounded four-session headline.
BlackRock’s iShares Bitcoin Trust accounted for roughly $799.4 million of those combined withdrawals, based on Farside’s figures. Its latest session alone brought $78.2 million in net redemptions. Fidelity’s fund lost $36.8 million, while Morgan Stanley’s product attracted $20 million.
The offsetting inflow mattered because withdrawals did not affect every issuer equally. Farside recorded zero net flows for several remaining products on Tuesday. The fund-level split indicated concentrated redemptions rather than a simultaneous exit from every listed vehicle.
BlackRock’s official product page placed its trust’s net asset value at $41.62 on Nov. 10. That followed a 1.64% daily decline, while fund net assets stood near $58.31 billion. The issuer describes the trust as an exchange-traded product designed to reflect Bitcoin’s price performance.
Fund flow totals measure net investment moving through those products, not verified exchange sales by identifiable investors. Their dollar values also fluctuate with prices, complicating comparisons expressed as a fixed number of Bitcoin. Consequently, the widely circulated estimate of 14,720 BTC should not represent confirmed institutional disposal.
Bitcoin ETFs Meet Futures Liquidations
CoinGlass reported Bitcoin futures open interest near $51.99 billion in its Nov. 11 market snapshot. The same dataset showed roughly $199.64 million in liquidations over the preceding 24 hours. Long positions accounted for approximately $168.31 million, or 84% of the liquidated value.
Despite those liquidations, CoinGlass showed a positive eight-hour funding rate near 0.0063%. That reading meant perpetual futures longs still paid shorts on average across the tracked exchanges. Positive funding did not establish fresh spot demand or guarantee an upward price reversal.
The derivatives provider also tracked about $61.73 billion in futures turnover and $6.23 billion in spot turnover. That comparison showed the scale of leveraged activity within its exchange coverage. It did not prove that ETF withdrawals triggered futures liquidations, which could reflect several overlapping market forces.
Bitcoin ETFs Await Next Session After Outflows Slow
The immediate technical reference remained Bitcoin’s recent trading range near $72,700–$74,900. These observed levels provide context for subsequent movements rather than guaranteed support or resistance.
A recovery above the upper boundary could indicate improving short-term momentum. Further weakness below recent lows would instead extend the prevailing decline.
For Bitcoin ETFs, the next measurable event will be the Nov. 11 U.S. trading-session flow report. The latest figures show that withdrawals continued, but their daily pace slowed.
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and exchange-traded products carry substantial market risks. Readers should independently verify market information before making investment decisions.
