【Deep Dive】$1.282B in weekly outflows, 94% from a single firm
The weekly figures released Monday morning hit harder than that intraday spike. From November 2 to 6, U.S. time, spot Bitcoin funds saw net outflows of $1.282 billion—their biggest weekly outflow since late June (Source: PANews, citing SoSoValue, November 9). Spot Ethereum funds shed another $365 million that week, marking six consecutive weeks of outflows. Together, the two channels saw $1.647 billion pulled out.
What really stands out is the concentration. On the Bitcoin side, BlackRock alone saw $1.209 billion in weekly outflows, about 94% of the total; Grayscale shed another $61.01 million. Fidelity, by contrast, recorded $93.12 million in net inflows that same week. The money isn’t disappearing from crypto; it’s being redeemed from the biggest product and shifting to a manager that’s still attracting inflows—a pattern matching “BlackRock out, Fidelity in” on the 4th of this month, only magnified from daily to weekly. Ethereum showed almost the same pattern: BlackRock’s flagship fund saw $346 million in weekly outflows, about 95% of the total, while Fidelity took in just $15.34 million—not enough to offset six straight weeks of withdrawals.
As of publication, spot Bitcoin funds had $95.9 billion in net assets, or 6.28% of the crypto market; spot Ethereum funds had $12.84 billion, or 4.71%. Cumulative historical net inflows remain positive ($55.7 billion/$11.92 billion), but 2026 calendar-year net flows have turned negative by about $919 million (Source: Cointelegraph). For the first time this year, Wall Street’s buying channel has become a net source of supply.
Spot markets are showing the same divergence. At 19:00 (Beijing time, November 9), Bitcoin was around $74,170, down 2.30% over 24 hours; Ethereum was around $2,109, down 5.71%—about 3.4 percentage points weaker. Total crypto market capitalization was $2.47 trillion, down 5.13% over 24 hours, while Bitcoin dominance rose to 60.2% (Source: Binance spot/CoinGecko). Futures funding was 0.0087%, below the 0.01% neutral line; open interest hit a low of about 94,700 BTC this morning, then recovered to around 96,800 BTC by evening, while the price stayed near $74,200—leverage is building as spot-fund flows drain. The Fear & Greed Index is at 29, up just 4 points from 25 three days ago and still in fear territory (Source: Binance futures/alternative.me).
1️⃣ Of the $1.282 billion in weekly outflows, 94% came from redemptions from a flagship fund. That doesn’t mean the whole market is giving up—watch first to see whether Fidelity can keep attracting inflows.
2️⃣ Ethereum has seen six straight weeks of outflows and spot performance is weaker, too. Don’t use a Bitcoin rebound to price altcoins.
3️⃣ The October inflation index is due tomorrow at 21:30. Funds are already pricing in rate-hike expectations; if the data is hawkish, assume outflows may not be over yet.
Data sources: PANews/SoSoValue 2026-11-09 / Cointelegraph / Binance spot and futures / CoinGecko / alternative.me
$BTC
#深度 #分析 #FundFlows
The weekly figures released Monday morning hit harder than that intraday spike. From November 2 to 6, U.S. time, spot Bitcoin funds saw net outflows of $1.282 billion—their biggest weekly outflow since late June (Source: PANews, citing SoSoValue, November 9). Spot Ethereum funds shed another $365 million that week, marking six consecutive weeks of outflows. Together, the two channels saw $1.647 billion pulled out.
What really stands out is the concentration. On the Bitcoin side, BlackRock alone saw $1.209 billion in weekly outflows, about 94% of the total; Grayscale shed another $61.01 million. Fidelity, by contrast, recorded $93.12 million in net inflows that same week. The money isn’t disappearing from crypto; it’s being redeemed from the biggest product and shifting to a manager that’s still attracting inflows—a pattern matching “BlackRock out, Fidelity in” on the 4th of this month, only magnified from daily to weekly. Ethereum showed almost the same pattern: BlackRock’s flagship fund saw $346 million in weekly outflows, about 95% of the total, while Fidelity took in just $15.34 million—not enough to offset six straight weeks of withdrawals.
As of publication, spot Bitcoin funds had $95.9 billion in net assets, or 6.28% of the crypto market; spot Ethereum funds had $12.84 billion, or 4.71%. Cumulative historical net inflows remain positive ($55.7 billion/$11.92 billion), but 2026 calendar-year net flows have turned negative by about $919 million (Source: Cointelegraph). For the first time this year, Wall Street’s buying channel has become a net source of supply.
Spot markets are showing the same divergence. At 19:00 (Beijing time, November 9), Bitcoin was around $74,170, down 2.30% over 24 hours; Ethereum was around $2,109, down 5.71%—about 3.4 percentage points weaker. Total crypto market capitalization was $2.47 trillion, down 5.13% over 24 hours, while Bitcoin dominance rose to 60.2% (Source: Binance spot/CoinGecko). Futures funding was 0.0087%, below the 0.01% neutral line; open interest hit a low of about 94,700 BTC this morning, then recovered to around 96,800 BTC by evening, while the price stayed near $74,200—leverage is building as spot-fund flows drain. The Fear & Greed Index is at 29, up just 4 points from 25 three days ago and still in fear territory (Source: Binance futures/alternative.me).
1️⃣ Of the $1.282 billion in weekly outflows, 94% came from redemptions from a flagship fund. That doesn’t mean the whole market is giving up—watch first to see whether Fidelity can keep attracting inflows.
2️⃣ Ethereum has seen six straight weeks of outflows and spot performance is weaker, too. Don’t use a Bitcoin rebound to price altcoins.
3️⃣ The October inflation index is due tomorrow at 21:30. Funds are already pricing in rate-hike expectations; if the data is hawkish, assume outflows may not be over yet.
Data sources: PANews/SoSoValue 2026-11-09 / Cointelegraph / Binance spot and futures / CoinGecko / alternative.me
$BTC
#深度 #分析 #FundFlows