BlackRock’s iShares Bitcoin Trust (IBIT) lost $213.2 million in net outflows on Monday 9 November, its seventh trading day in a row of money leaving the fund, according to Farside Investors data. US spot bitcoin ETFs as a group lost $201.0 million that day. Over the seven sessions since 30 October, IBIT alone has shed about $1.66 billion.
Ether funds had a worse Monday in relative terms. US spot ether ETFs lost $184.6 million, led by $119.3 million out of BlackRock’s iShares Ethereum Trust (ETHA), Farside’s ether table shows. The only bitcoin fund that took money in was the Morgan Stanley Bitcoin Trust (MSBT), with $22.1 million.
None of this tells you where prices go after the US consumer price index for October, due at 13:30 UTC today. It does show which buyers have stepped back. For the overnight market and the run-up to CPI, see our Tuesday morning bitcoin market report.
Bitcoin ETF outflows on 9 November: IBIT carried almost all of it
Monday’s picture is simple once the zeros are taken out. Farside’s table lists 12 bitcoin funds. Nine of them recorded no flow at all on 9 November: Fidelity’s FBTC, Bitwise’s BITB, Invesco Galaxy’s BTCO, Franklin’s EZBC, Valkyrie’s BRRR, VanEck’s HODL, WisdomTree’s BTCW, Grayscale’s GBTC and the Grayscale Bitcoin Mini Trust (BTC).
Three funds moved. IBIT lost $213.2 million, Ark 21Shares’ ARKB lost $9.9 million, and MSBT gained $22.1 million. Add them up and you get the $201.0 million net outflow for the day. Without the Morgan Stanley fund, the group number would have been larger than IBIT’s own loss.
For scale, the iShares fund page shows IBIT with net assets of $59.5 billion as of 9 November and 793,068.98 bitcoin in its holdings table. Monday’s $213.2 million is about 0.36% of those assets. Priced at the fund’s benchmark for 9 November, the CME CF Bitcoin Reference Rate at $74,759.39, it equals roughly 2,850 bitcoin, by Coindaro’s arithmetic. Those 793,069 coins, listed on the iShares product page, are about 3.8% of the 21 million bitcoin that will ever exist.
That gap between the daily number and the size of the fund matters. A seventh day of outflows reads badly in a headline. It is still a small slice of a fund that, on the iShares page, has more than 1.4 billion shares outstanding.
Seven sessions, $2.13 billion out of US spot bitcoin ETFs
The streak began on Friday 30 October. IBIT had taken in money on each of the four sessions before it, $410.6 million in total from 26 to 29 October according to Farside’s daily figures. Since then, every session has been an outflow for the BlackRock fund.
| Session (US) | IBIT net flow | All US spot bitcoin ETFs |
|---|---|---|
| Fri 30 Oct | -$233.7m | -$643.2m |
| Mon 2 Nov | -$405.3m | -$398.6m |
| Tue 3 Nov | -$95.0m | -$115.6m |
| Wed 4 Nov | -$201.2m | +$74.6m |
| Thu 5 Nov | -$105.0m | -$430.2m |
| Fri 6 Nov | -$403.0m | -$411.9m |
| Mon 9 Nov | -$213.2m | -$201.0m |
| Seven sessions | -$1,656.4m | -$2,126.0m |
Source: Farside Investors, figures in US dollars as of 10 November; the seven-session totals are Coindaro’s sums of Farside’s daily figures.
The group lost about $2.13 billion over the seven sessions, and IBIT accounts for roughly 78% of that. Yet the group was not down every day: on Wednesday 4 November it took in $74.6 million net. So the “seventh straight day” belongs to IBIT, not to bitcoin ETFs as a whole. Six of the seven sessions were group outflows. The first of them, $643.2 million on 30 October, was the outflow we reported after the Binance hack.
Cointelegraph, which reported the IBIT streak on 10 November citing Farside and SoSoValue, put the outflow for the six sessions since 2 November at about $1.5 billion. Farside’s numbers give $1,482.7 million for those six days, which matches. The Cointelegraph report also gives the $1.66 billion for IBIT’s seven sessions.
Why a group total can hide IBIT selling
The 4 November session shows how the daily total can mislead. That Wednesday, IBIT lost $201.2 million. The group still ended positive because Fidelity’s FBTC took in $236.7 million, according to Farside. Someone reading only the total would have seen a calm day of inflows.
Part of what looks like money leaving may be money moving between wrappers. An investor who sells IBIT and buys FBTC or MSBT stays in bitcoin; only the fund changes. Farside’s table cannot say who sold or bought, so the size of that rotation is unknown. It does show that on some days the flows went in opposite directions.
Friday 6 November is a cleaner example of broad selling. The group lost $411.9 million: IBIT $403.0 million, BITB $20.5 million, ARKB $20.1 million and GBTC $11.1 million, with FBTC the only gain at $42.8 million. On Monday it was MSBT’s turn to take in money while the largest fund lost it.
Grayscale’s GBTC is the long-running case. It charges 1.50% a year, and since US spot bitcoin ETFs began trading in January 2024 it has lost $28.1 billion net, Farside’s cumulative column shows. It did not move on Monday.
How much of the inflow story is left
Seen against the whole life of the funds, the last seven sessions are a dent rather than a reversal. Farside’s cumulative column, as of 10 November, puts net inflows into US spot bitcoin ETFs since launch at $55.6 billion. IBIT alone accounts for $64.9 billion of net inflows; the group figure is lower because GBTC’s outflows are subtracted. The $2.13 billion lost since 30 October is about 3.8% of the group’s lifetime net inflows.
The year is a different story. According to Cointelegraph, citing its flow data, US spot bitcoin ETFs are about $1.1 billion in net outflows for 2026 so far, against roughly $25 billion of net inflows by early November in both 2024 and 2025. Farside’s public table only lists daily figures from 22 October, so that year-to-date number rests on Cointelegraph’s data.
Bitcoin has also been trading close to the price at which ETF buyers got in on average. On 22 October, bitcoin slipped under the ETF cost basis during the US session, which puts the average holder at or near a loss and can change how patient they are.
Ether ETFs lose $184.6 million, their heaviest day in Farside’s recent table
On the ether side, Monday’s outflow was spread wider. Farside lists these flows for 9 November:
| Ether fund | Net flow, 9 Nov |
|---|---|
| iShares Ethereum Trust (ETHA) | -$119.3m |
| Grayscale Ethereum Mini Trust (ETH) | -$25.0m |
| iShares Staked Ethereum (ETHB) | -$20.8m |
| Fidelity Ethereum Fund (FETH) | -$19.1m |
| 21Shares ether fund (TETH) | -$2.0m |
| Morgan Stanley ether fund (MSSE) | +$1.6m |
| ETHE, ETHW, ETHV, QETH, EZET | $0.0m |
| Total | -$184.6m |
ETHA’s $119.3 million is about 1.9% of its $6.25 billion in net assets as of 9 November, by Coindaro’s arithmetic on the iShares Ethereum Trust page, which lists 2,883,937.52 ether in the fund. In proportion, that is about five times the share IBIT lost the same day.
Cointelegraph called Monday the largest daily withdrawal from ether ETFs since 6 October. Farside’s ether table shows daily figures from 22 October; within that window, 9 November is the biggest outflow day, ahead of $155.7 million on 30 October.
The ether pattern since 30 October mirrors bitcoin’s. Farside’s daily totals for the seven sessions are -$155.7 million, -$139.7 million, -$85.3 million, +$53.0 million on 4 November, -$99.9 million, -$93.3 million and Monday’s -$184.6 million. That adds up to about $705.5 million out, with six outflow days out of seven. Since launch, ether ETFs still hold $11.8 billion of net inflows, $11.4 billion of it in ETHA.
No source names a cause for the outflows
Neither Farside nor the issuers say why money left. Cointelegraph named no direct cause either, noting only that the weakness persisted despite Coinbase’s newly effective national trust bank charter. What follows are possible explanations, not established facts.
The first is the calendar. The October CPI report lands at 13:30 UTC today, and some investors cut risk before a data release that can move rate expectations. The second is the gap between stocks and crypto. On Monday Wall Street jumped about 2% while bitcoin did not, as our US session analysis of 9 November showed. “Stocks are up while crypto keeps falling, even with the big Coinbase news,” Kevin Boeve of Palladium Network said, as quoted by Cointelegraph. He was referring to Coinbase’s trust bank charter.
The third is rotation between funds, seen on 4 November and again on Monday with MSBT. The fourth is the cost basis: holders who bought near the current average price have little cushion. Any of these could be part of the answer, and none can be proven from the flow data alone.
What ETF flows say about bitcoin, and what they do not
A spot bitcoin ETF is a fund listed on a stock exchange that holds bitcoin for its shareholders. When demand for its shares rises, large trading firms called authorised participants create new shares and the fund adds bitcoin. When shares are redeemed, the fund gives up bitcoin. Daily “flows” are the net of those creations and redemptions, in dollars. Our guide to how spot bitcoin ETFs work covers fees and the creation process in more detail.
Flows are a fair measure of one thing: whether investors who use regulated US funds are adding or removing exposure. They are a partial view. Most bitcoin trades on exchanges around the clock, outside these funds, and a US fund records its flow once per US trading day. An outflow does not mean BlackRock has a view on bitcoin; the fund only follows what its shareholders do.
Flows also arrive late. Farside updates its table after the US close, so Monday’s data was public on Tuesday morning in Europe, and its figures can be revised. Farside itself warns that the table is generated automatically and may contain errors. The issuers’ own pages confirm fund size and holdings but do not publish a daily flow figure, so the per-fund numbers here rest on Farside.
A streak is not a trend line for the price either. Bitcoin can rise on a day of outflows if buyers elsewhere outweigh the funds’ sellers, and the reverse happens too.
Where the market stood at midday, and the next dates
Bitcoin traded near $74,290 around 11:22 UTC on Tuesday, down 0.2% over 24 hours and 3.6% over seven days. Ether was near $2,091 at the same time, down 1.3% on the day and 7.8% on the week. The Crypto Fear and Greed Index stood at 32, in the “fear” zone.
The October CPI report comes at 13:30 UTC today. Farside’s figures for Tuesday’s flows will appear after the US close tonight, and they will show whether IBIT’s streak reaches an eighth day. The bitcoin blockchain and earns a reward, which makes rewriting history very expensive.">mining difficulty adjustment follows on 13 November.