On November 11 alone, BTC and ETH spot ETFs saw combined net outflows of $445 million. $BTC has now recorded outflows for five consecutive days, and $ETH has also seen five straight days of outflows.
First, BTC: net outflows totaled $299.8 million for the day. BlackRock’s IBIT alone accounted for $269.7 million, while Grayscale’s GBTC saw outflows of $39.1 million. Morgan Stanley’s MSBT was the only fund to buck the trend, with net inflows of $9 million.
For ETH, net outflows totaled $144.8 million for the day: $129.8 million from ETHA, $5.3 million from ETHB, $4.8 million from ETHW, $4.1 million from FETH, and $800,000 from EZET. Not a single fund recorded inflows.
The five-day totals are even bigger: from November 5 to 11, BTC spot ETFs saw combined outflows of about $1.44 billion. IBIT has recorded outflows for nine consecutive trading days, totaling about $2 billion. ETH ETFs saw total outflows of about $524 million over five days.
This whale’s take: redemptions are highly concentrated in BlackRock’s two flagship products, which account for 90% of the selling pressure. This looks more like large investors are shifting positions in a concentrated way than a broad, indiscriminate market exit. Selling pressure on BTC is still intensifying, while ETH has eased slightly at the margin. The November 12 figures aren’t finalized yet—IBIT and FBTC haven’t updated, so don’t rush to treat incomplete numbers as a conclusion. October PPI, due at 21:30 tonight, is the next variable. There’s just one number to watch: when will IBIT’s nine-day outflow streak end?
First, BTC: net outflows totaled $299.8 million for the day. BlackRock’s IBIT alone accounted for $269.7 million, while Grayscale’s GBTC saw outflows of $39.1 million. Morgan Stanley’s MSBT was the only fund to buck the trend, with net inflows of $9 million.
For ETH, net outflows totaled $144.8 million for the day: $129.8 million from ETHA, $5.3 million from ETHB, $4.8 million from ETHW, $4.1 million from FETH, and $800,000 from EZET. Not a single fund recorded inflows.
The five-day totals are even bigger: from November 5 to 11, BTC spot ETFs saw combined outflows of about $1.44 billion. IBIT has recorded outflows for nine consecutive trading days, totaling about $2 billion. ETH ETFs saw total outflows of about $524 million over five days.
This whale’s take: redemptions are highly concentrated in BlackRock’s two flagship products, which account for 90% of the selling pressure. This looks more like large investors are shifting positions in a concentrated way than a broad, indiscriminate market exit. Selling pressure on BTC is still intensifying, while ETH has eased slightly at the margin. The November 12 figures aren’t finalized yet—IBIT and FBTC haven’t updated, so don’t rush to treat incomplete numbers as a conclusion. October PPI, due at 21:30 tonight, is the next variable. There’s just one number to watch: when will IBIT’s nine-day outflow streak end?
