As of 2026-11-04, U.S. spot BTC and ETH ETFs remained in net outflow territory overall (BTC: $1.07 billion in weekly net outflows and $1.16 billion in monthly net outflows; ETH: $433.5 million in weekly net outflows and $1.64 billion in monthly net outflows). However, both posted modest net inflows on November 4 (BTC: +$74.6 million; ETH: +$53 million), suggesting that institutional demand is showing signs of stabilization, but has not yet turned into a sustained return of inflows.
What the data is telling us
• BTC ETFs recorded $74.6 million in net inflows on November 4, ending three consecutive trading days of net outflows (-$643.3 million on October 30, -$398.6 million on November 2, and -$115.5 million on November 3). This was the first positive reading since October 26, but the inflow was far smaller than the preceding outflows, making it more a case of “stopping the bleeding” than “recovering.”
• BTC ETFs saw $1.07 billion in weekly net outflows and $1.16 billion in monthly net outflows, indicating that outflows over the past week accounted for nearly all of the month’s total. Selling pressure was concentrated from late October to early November, pointing to a temporary phase rather than a long-term trend.
• There was a clear divergence among BTC funds: FBTC saw $236.7 million in net inflows, while the largest fund, IBIT, recorded $201.2 million in net outflows. ARKB, BITB, and BTCO posted modest net inflows (+$19.9 million, +$15.2 million, and +$4 million, respectively), while HODL was flat. This suggests that capital is moving between funds rather than flowing into the sector across the board, so looking at any one fund alone can give a misleading signal.
• ETH ETFs recorded $53 million in net inflows on November 4, the only notably positive day among the 10 trading days listed (the previous positive reading was just $4.4 million on October 23). However, weekly net outflows stood at $433.5 million and monthly net outflows at $1.64 billion. Relative to their asset base, ETH outflows were heavier than BTC outflows, indicating weaker institutional demand for ETH.
• ETH funds also showed internal divergence: ETHA (+$32.8 million), FETH (+$19.2 million), ETH (+$13.6 million), and ETHE (+$9.7 million) posted inflows, while ETHB saw $22.4 million in outflows and TETH recorded just $100,000 in inflows. This indicates that inflows were concentrated in a small number of products, while redemptions from individual funds weighed on the overall figures.
What the data is telling us
• BTC ETFs recorded $74.6 million in net inflows on November 4, ending three consecutive trading days of net outflows (-$643.3 million on October 30, -$398.6 million on November 2, and -$115.5 million on November 3). This was the first positive reading since October 26, but the inflow was far smaller than the preceding outflows, making it more a case of “stopping the bleeding” than “recovering.”
• BTC ETFs saw $1.07 billion in weekly net outflows and $1.16 billion in monthly net outflows, indicating that outflows over the past week accounted for nearly all of the month’s total. Selling pressure was concentrated from late October to early November, pointing to a temporary phase rather than a long-term trend.
• There was a clear divergence among BTC funds: FBTC saw $236.7 million in net inflows, while the largest fund, IBIT, recorded $201.2 million in net outflows. ARKB, BITB, and BTCO posted modest net inflows (+$19.9 million, +$15.2 million, and +$4 million, respectively), while HODL was flat. This suggests that capital is moving between funds rather than flowing into the sector across the board, so looking at any one fund alone can give a misleading signal.
• ETH ETFs recorded $53 million in net inflows on November 4, the only notably positive day among the 10 trading days listed (the previous positive reading was just $4.4 million on October 23). However, weekly net outflows stood at $433.5 million and monthly net outflows at $1.64 billion. Relative to their asset base, ETH outflows were heavier than BTC outflows, indicating weaker institutional demand for ETH.
• ETH funds also showed internal divergence: ETHA (+$32.8 million), FETH (+$19.2 million), ETH (+$13.6 million), and ETHE (+$9.7 million) posted inflows, while ETHB saw $22.4 million in outflows and TETH recorded just $100,000 in inflows. This indicates that inflows were concentrated in a small number of products, while redemptions from individual funds weighed on the overall figures.