Bitcoin ETFs Shed $1.44 Billion Over Five Straight Days of Outflows
BlackRock's IBIT lost $269.7 million on Wednesday alone. Morgan Stanley's MSBT was the only fund to take money in, adding $9.0 million.
Investors pulled $299.8 million out of U.S. spot bitcoin ETFs on Wednesday, Farside Investors data show. It was the fifth straight trading day of net outflows, and the five days add up to about $1.44 billion.
Black Mint reported Nov. 10 that the first three days of the streak had cost the funds about $1.04 billion. Tuesday added $95.0 million in outflows. Wednesday's figure was more than three times that.
BlackRock's IBIT did most of the selling
IBIT, the biggest fund, lost $269.7 million on Wednesday, and Grayscale's GBTC lost $39.1 million. Morgan Stanley's MSBT took in $9.0 million, the only fund with net inflows that day. MSBT also took in $22.1 million on Monday and $20.0 million on Tuesday, the same table shows.
Ether funds lost money on Wednesday as well, $144.8 million, with BlackRock's ETHA accounting for $129.8 million, Farside's ether table shows.
How a flow becomes a sale
A flow measures cash moving in or out; the price is a separate thing. When more holders cash out of a spot ETF than buy in, the large trading firms that make markets in it hand shares back to the issuer, and the issuer delivers or sells the matching bitcoin. So an outflow day means coins leaving the funds' custody accounts.
Size matters here. Even after this streak, the U.S. funds have taken in a net $55.17 billion since they launched in January 2024, by Farside's running total. November has been harder: about $1.88 billion out across eight trading days, with Nov. 4 the only day of net inflows ($74.6 million).
Bitcoin was near $73,390 at 6:02 a.m. ET Thursday, down 0.8% over 24 hours, per CoinGecko. The Crypto Fear & Greed Index sat at 28, in "fear," per Alternative.me.
In our opinion: the funds are still about $55 billion ahead since launch, so the streak has dented the pile without emptying it. The detail worth following is MSBT, which kept collecting money on three days when IBIT was handing it back. Thursday's flow numbers will show whether the streak reaches six. Five red days in a row is not the kind of streak anyone frames for the office wall.
Sources: Farside Investors: Bitcoin ETF flow, all data · Farside Investors: Ethereum ETF flow, all data · Black Mint: Bitcoin Hits Lowest Since Aug. 20 as ETFs Shed $1 Billion in 3 Days · CoinGecko: Bitcoin · Alternative.me: Crypto Fear & Greed Index
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