IBIT redemptions lead outflows of $411.9 million Friday
IBIT redemptions lead outflows as U.S. spot bitcoin ETFs shed $411.9 million on November 6, their second straight day of withdrawals above $400 million.
BlackRock's flagship fund turned into the main exit for bitcoin exposure at the end of a rough week. IBIT redemptions lead outflows in Farside data for November 6, when U.S. spot bitcoin ETFs posted net withdrawals of $411.9 million.
What happened
Farside's table shows the iShares Bitcoin Trust losing $403.0 million on Friday. Bitwise's BITB shed $20.5 million, ARK's ARKB $20.1 million and Grayscale's GBTC $11.1 million. Fidelity's FBTC was the only fund with a meaningful inflow, taking in $42.8 million, and the remaining products reported no change.
The session followed a $430.2 million outflow on Thursday. Over the five sessions from November 2 to November 6, Farside recorded outflows of $398.6 million, $115.6 million, $430.2 million and $411.9 million, with one inflow day of $74.6 million on November 4. By our tally of those figures, that is a net outflow of about $1.28 billion for the week. The Bitcoin Almanack tracker, which reconciles Farside's fund-level data, puts the seven most recent sessions at minus $1.91 billion.
Even after the week, Farside's running total still shows cumulative net inflows of about $56.2 billion across the funds since launch, with IBIT alone accounting for roughly $65.5 billion while GBTC remains deeply negative. Bitcoin traded near $75,880 on Saturday morning, according to altlar's market summary.
The selling was not limited to bitcoin. ChainCatcher reported that U.S. spot Solana ETFs lost $25.08 million on Friday, led by Bitwise's BSOL at $14.44 million, while ether funds shed $93.3 million. Fee gaps also shape the long-run picture: Farside lists IBIT's fee at 0.25%, against 1.50% for GBTC, which has bled assets since conversion.
Why it matters
The concentration in IBIT matters because the BlackRock fund has been the steadiest source of demand for most of the year. Our bitcoin ETF November outflows report showed IBIT driving a $405 million exit on the first trading day of the month; Friday's numbers suggest that selling pressure has not faded.
Thursday's spot bitcoin ETF outflow came during a tech-led liquidation. Friday's withdrawals arrived after a stronger-than-expected jobs report lifted Treasury yields and December hike odds, a mix that tends to weigh on assets with no yield. When IBIT redemptions lead outflows rather than smaller funds, it usually points to large allocators trimming rather than retail churn.
What's next
Monday's flows will show whether the selling extends into a second week, and whether Fidelity's FBTC keeps attracting money while BlackRock's fund loses it. A second straight week of heavy IBIT exits would mark a clear shift in how large holders are positioning into year-end. The October consumer price report on November 10 and the Fed's December 9 decision are the next macro catalysts for ETF demand.
A reversal would need IBIT to swing back to inflows; until then, IBIT redemptions lead outflows as the clearest gauge of institutional appetite. Daily fund-level figures are on Farside's bitcoin ETF page.
This article is for information only and is not investment advice.