Bitcoin spot ETFs see $412 million in net outflows on November 6

BlackRock's IBIT drove most of the redemptions as Ethereum funds shed $93.19 million on the same day US spot Bitcoin exchange-traded funds lost $412 million in net outflows on November 6. Ethereum spot ETFs shed another $93.19 million on the same day. This was not a one-off. It was the second straight day of heavy redemptions, and it pushed a year that once looked like a victory lap for Bitcoin ETFs into slightly negative territory. BlackRock carries most of the weight According to data aggregated by SoSoValue, the bulk of Thursday’s Bitcoin outflow came from a single product. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for around $403 million of the total. Fidelity’s Wise Origin Bitcoin Fund (FBTC) went the other way. It pulled in $42.8 million in inflows, making it a rare green number on an otherwise red board. The split matters. One fund losing hundreds of millions while a direct competitor gains tens of millions suggests investors were not uniformly heading for the exits. Ethereum products did not escape the mood. Spot Ethereum ETFs recorded $93.19 million in net outflows, with BlackRock products among the larger contributors to those losses. Two days, one direction Nove...