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U.S. spot Bitcoin exchange-traded funds recorded approximately $1.28 billion in net withdrawals during the week ending November 6, their weakest weekly showing since June. The losses pushed the products into negative net-flow territory for 2026, underscoring how rapidly institutional demand can reverse during a market sell-off.

Five sessions that erased Bitcoin ETF inflows
An analysis of SoSoValue fund-flow data published by The Block on November 7 shows that the 12 U.S.-listed spot Bitcoin ETFs ended the week with about $914.1 million in net outflows year to date. They had entered it with around $368 million in positive annual net flows. The reversal was not driven by one isolated trading session.
The funds lost roughly $398.6 million on Monday, $115.6 million on Tuesday, $430.2 million on Thursday and $411.9 million on Friday. Wednesday’s inflow of about $74.6 million was the only positive day. BlackRock’s IBIT accounted for about $403 million of Friday’s outflows, while Fidelity’s FBTC attracted approximately $42.8 million on that session.
The distinction between net flows and asset values matters. ETF assets can decline because Bitcoin’s price falls even when no investor redeems shares; a flow figure seeks to measure subscriptions and redemptions instead. The Block estimated that the funds together held approximately $95.9 billion in assets at the end of the period, around 6.3% of Bitcoin’s market capitalization.
The pullback has spread beyond Bitcoin
Spot Ether ETFs posted around $365.3 million in net withdrawals over the same week, extending their losing streak to six weeks, according to the reported fund-flow figures. Solana ETFs lost approximately $26.3 million and products tracking Hyperliquid saw around $15.6 million exit. Both groups were reported to be in their fifth consecutive week of outflows.
This simultaneous pressure across several crypto ETF categories suggests a broader decline in risk appetite rather than a purely Bitcoin-specific development. U.S. equities and crypto assets were both volatile after the November midterm elections, while investors also weighed uncertainty around technology-sector spending and valuations.
Still, weekly ETF outflows do not by themselves establish that long-term institutional adoption has ended. Flow data are sensitive to portfolio hedging, short-term liquidity requirements and changes in investors’ preferred exposure. The next useful indicators are whether daily flows stabilize, whether market selling accelerates, and whether Bitcoin funds regain positive net subscriptions.
Previous institutional developments remain relevant to that longer-term picture. For example, Circle’s institutional stablecoin settlement changes illustrate that market-infrastructure investment can continue even as crypto asset prices fall.
Source and figures: The Block’s November 7 analysis of SoSoValue data. Flow and asset figures are point-in-time estimates and may be revised by providers.
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