Bitcoin ETFs Shed $398.6 Million as BlackRock's IBIT Loses $405M

Investors pulled a net $398.6 million from U.S. spot bitcoin ETFs on Monday, and one fund did nearly all of it (with room to spare). BlackRock's IBIT lost $405.3 million, Farside Investors data shows.

That is more than the group's total. How? The math works because Fidelity's FBTC took in $6.7 million, and every other bitcoin fund on Farside's table, Grayscale's GBTC included, showed no flow at all.

Two days, about $1 billion

Monday followed Friday's $643.2 million exit. Together the two sessions pulled about $1.04 billion from the funds. That is more than double the $440.8 million they took in over the four days before Friday.

Ether funds had a similar day. Spot ether ETFs lost $139.7 million, with BlackRock's ETHA accounting for $138.3 million, Farside's ether table shows. It was their sixth straight session of outflows, about $571 million in all since Oct. 26.

What a bitcoin ETF outflow moves

A spot bitcoin ETF owns real bitcoin on behalf of its shareholders. When more investors sell than buy, large trading firms that stand between the fund and the market return the extra shares to the issuer. The fund then hands back bitcoin or the cash from selling it. So Monday's figure roughly measures bitcoin leaving fund custody, though not necessarily bitcoin sold on the open market that day.

Where prices sit

Bitcoin traded near $76,950 at 5:58 a.m. ET Tuesday, down 1.2% over 24 hours, according to CoinGecko. Ether was near $2,267, down 0.7%, per CoinGecko.

The size line still matters. Even after two red days, Farside's running total shows the bitcoin funds holding about $56.6 billion in net inflows since they launched.

In our opinion: Monday's flow report reads like a one-person exit interview, since IBIT did the leaving for the whole group. A single fund's redemptions can come from a handful of large holders rebalancing, so one day says little about the crowd. Watch whether FBTC and the smaller funds join in over the next few sessions: selling spread across several issuers would carry more weight than one big ticket.