Key Takeaways
- Bitcoin ETFs lost $398.62M on Monday, pushing 2-day outflows above $1.04B.
- Blackrock’s IBIT drove most bitcoin selling as ether lost another $139.80M.
- November begins with weak institutional risk appetite and little support from altcoin ETFs.
Blackrock Drives $399M Bitcoin ETF Exit
November began with institutional investors still clearing risk from their books.
Bitcoin exchange-traded funds (ETFs) lost $398.62 million on Monday, following Friday’s much larger $643.33 million withdrawal. Across those two sessions alone, more than $1.04 billion has left the products.
Blackrock’s IBIT accounted for $405.30 million of Monday’s exit. Fidelity’s FBTC moved against the tide with a modest $6.68 million inflow. Trading value fell sharply to $1.99 billion from Friday’s $6.35 billion, while net assets closed at $98.12 billion.
That drop in turnover gives Monday a different character from Friday’s rush for the exits. Selling continued, though with far less trading intensity.
IBIT Becomes the Center of the Bitcoin Unwind
The concentration in Blackrock is particularly striking.
IBIT had been the strongest source of bitcoin ETF demand through much of October. It also finished last week with positive net flows despite Friday’s selloff.
Now, two consecutive sessions have brought heavy withdrawals from the market’s largest bitcoin fund.
That shift matters for bitcoin’s price because recent rebounds in ETF demand have often depended heavily on IBIT. A sustained withdrawal cycle there would remove one of the strongest institutional support channels seen throughout the year.
Fidelity’s small inflow offers some balance, but Monday’s activity lacked the broad buying that characterized stronger bitcoin sessions in recent weeks.
Ether’s Redemption Cycle Shows Little Relief
Ether ETFs lost another $139.80 million, marking a sixth consecutive negative session.
Blackrock’s ETHA led with a $138.31 million withdrawal, while ETHB shed another $4.63 million. Morgan Stanley’s MSSE attracted $3.15 million. Trading activity reached $577.77 million, with assets closing at $13.18 billion.
Ether entered November after five consecutive weeks of net redemptions. Monday extended that trend immediately.
The persistence remains more concerning than any single daily total. Bitcoin has repeatedly produced strong inflow sessions between bouts of selling. Ether has struggled to generate the same sustained recovery in institutional demand.
Altcoin Flows Offer Few Signs of Risk Appetite
The smaller crypto ETF categories offered little relief.
Zcash lost $3.63 million through Grayscale’s ZCSH. That follows Friday’s $4.57 million withdrawal, giving the fund two consecutive negative sessions after its earlier eight-day inflow streak.
HYPE ETFs shed $2.86 million, split almost evenly between 21Shares’ THYP and Bitwise’s BHYP. XRP ETFs posted a smaller $529,510 outflow through Canary’s XRPC.
Solana and NEAR recorded no net flows.
Their inactivity is worth watching after both faced periods of sustained selling in October. A quiet session may signal investors are waiting for a clearer market direction before adding fresh exposure.
The opening message for November is therefore cautious. Bitcoin selling has carried over from Friday, ether remains trapped in a prolonged redemption cycle, and demand across higher-beta crypto products remains thin.
The next test will be whether bitcoin can attract buyers before the two-day outflow approaches the scale of October’s largest institutional reversals.
