Bitcoin ETFs log $2.35B in two-week outflows as IBIT's streak hits 11 sessions
In brief
- US spot Bitcoin ETFs recorded $185.4 million in net outflows on Friday, per Farside data.
- BlackRock's IBIT accounted for $143.5 million; Fidelity's FBTC shed $41.9 million.
- Two-week outflows across the funds totaled $2.35 billion, topping $1 billion each week.
- IBIT's withdrawal streak reached 11 sessions, with about $2.35 billion in outflows over that run.
Friday's numbers
Fidelity's Wise Origin Bitcoin Fund (FBTC) shed $41.9 million on the same day. Friday's total was actually the smallest of the last three sessions (net outflows were $284.1 million on Thursday and $299.8 million on Wednesday, per the same data).
Smaller doesn't mean the streak is over.
Friday was the seventh consecutive trading session of net withdrawals for the spot funds, and Cointelegraph puts the total at about $1.71 billion redeemed since Nov. 5. The outflows coincided with broader market weakness, and Bitcoin (BTC) fell below $70,000 that same day.
Two weeks, two billion-dollar weeks
According to Farside Investors data, spot Bitcoin ETFs shed $1.07 billion between Nov. 9 and Nov. 13. That came after $1.28 billion in outflows the week before, which Cointelegraph described as the largest weekly redemptions since late June. Put the two together and it's $2.35 billion leaving the funds over two consecutive weeks (with more than $1 billion going out in each).
IBIT carries most of the weight
IBIT's own run is a separate measurement, and it's worth keeping apart from the market-wide figure. The fund has posted net outflows in 11 consecutive trading sessions since Oct. 30, according to Cointelegraph. Total withdrawals over that streak reached about $2.35 billion after crossing the $2 billion mark on Wednesday. Yes, that's the same headline number as the all-ETF two-week total, but the two cover different windows and different sets of funds.
Week by week, IBIT shed $908.4 million during the latest week, following roughly $1.21 billion in withdrawals the week before. By Cointelegraph's calculation, the fund's November outflows have reached $2.12 billion, or roughly 90% of the broader Bitcoin ETF market's net withdrawals for the month.
That leaves one fund behind nearly all of the spot Bitcoin ETF outflows this month. FBTC and the rest of the field have seen money leave as well, but in much smaller amounts, and most of the dollars heading for the exit are coming out of BlackRock's product.
