Key Takeaways
- • US spot Bitcoin ETFs recorded $430.2 million in net outflows on Nov. 5, according to Farside Investors ETF flow data, reversing Wednesday's modest recovery.
- • BTC fell approximately 5.3% over 24 hours, dropping to an intraday low near $75,035 from an open close to $80,444.
- • Spot Bitcoin ETFs lost approximately $869.8 million across the first four trading sessions of November.
- • BlackRock's iShares Bitcoin Trust (IBIT) led withdrawals with $105 million, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) at $99.9 million.
- • None of the listed funds recorded net inflows during the Thursday session, suggesting institutional allocators remain cautious.
Summary
US-listed spot Bitcoin exchange-traded funds recorded $430.2 million in net outflows on Thursday, Nov. 5, according to ETF flow data cited by Coinpaper. The withdrawals reversed a modest recovery on Wednesday and followed inflows of $74.6 million on Nov. 4, raising questions about whether institutional demand can provide durable support for Bitcoin's price.
BlackRock's iShares Bitcoin Trust (IBIT) recorded the largest outflows of the session at $105 million. Fidelity's Wise Origin Bitcoin Fund (FBTC) followed with $99.9 million in outflows, while the ARK 21Shares Bitcoin ETF (ARKB) lost $89.9 million and Grayscale's Bitcoin Trust (GBTC) shed $49.9 million. Grayscale's Bitcoin Mini Trust recorded $32.9 million in outflows and VanEck's Bitcoin ETF (HODL) lost $23.6 million. None of the listed funds recorded positive net inflows during the session.
The Thursday outflows extended a volatile stretch for the products. Spot Bitcoin ETFs saw $398.6 million in outflows on Nov. 2 and $115.6 million on Nov. 3. Although Nov. 4 brought a brief recovery, the Nov. 5 withdrawals erased those gains. Across the first four trading sessions of November, the funds recorded cumulative net outflows of approximately $869.8 million.
Bitcoin's price fell approximately 5.3% over the 24-hour period, briefly approaching $75,000. The cryptocurrency opened near $80,444 before reaching an intraday low of approximately $75,035. By early Nov. 6, BTC was trading around $75,500, indicating that selling pressure remained elevated after the Thursday decline.
Coinpaper characterizes the combined ETF and price moves as evidence of weakening demand across both traditional investment products and the crypto market. The report notes, however, that ETF withdrawals alone do not establish the cause of the price decline.
BlackRock's iShares Bitcoin Trust (IBIT) recorded the largest outflows of the session at $105 million. Fidelity's Wise Origin Bitcoin Fund (FBTC) followed with $99.9 million in outflows, while the ARK 21Shares Bitcoin ETF (ARKB) lost $89.9 million and Grayscale's Bitcoin Trust (GBTC) shed $49.9 million. Grayscale's Bitcoin Mini Trust recorded $32.9 million in outflows and VanEck's Bitcoin ETF (HODL) lost $23.6 million. None of the listed funds recorded positive net inflows during the session.
The Thursday outflows extended a volatile stretch for the products. Spot Bitcoin ETFs saw $398.6 million in outflows on Nov. 2 and $115.6 million on Nov. 3. Although Nov. 4 brought a brief recovery, the Nov. 5 withdrawals erased those gains. Across the first four trading sessions of November, the funds recorded cumulative net outflows of approximately $869.8 million.
Bitcoin's price fell approximately 5.3% over the 24-hour period, briefly approaching $75,000. The cryptocurrency opened near $80,444 before reaching an intraday low of approximately $75,035. By early Nov. 6, BTC was trading around $75,500, indicating that selling pressure remained elevated after the Thursday decline.
Coinpaper characterizes the combined ETF and price moves as evidence of weakening demand across both traditional investment products and the crypto market. The report notes, however, that ETF withdrawals alone do not establish the cause of the price decline.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.