Bitcoin ETFs Bleed $1.04 Billion in Two Days as 2026 Inflows Vanish

November 4, 2026 MM Crypto Team

United States spot Bitcoin exchange-traded funds opened November with a sharp withdrawal of institutional money, extending a sell-off that had already closed October on a weak note. According to Bitcoin.com News, citing SoSoValue data, Bitcoin funds lost $398.62 million in net outflows on Monday, November 2. That followed a much larger $643.33 million withdrawal on Friday, October 30. Across those two sessions alone, more than $1.04 billion left the products, a figure that captures the speed of the shift in sentiment even if it does not, by itself, explain why every investor chose to sell.

The size of the two-day total is what makes this episode stand out. Single-day outflows happen regularly in crypto markets, and they do not always signal a lasting change in direction. When two heavy sessions arrive back to back, however, traders pay closer attention, because the pattern suggests that the selling was not a one-off rebalancing trade. It suggests that a broader set of holders decided, over the same short window, that they wanted less exposure. The fact that the second day was smaller than the first also matters. Selling eased rather than accelerated, which leaves open the possibility that the worst of the immediate exit had already passed, even though the overall tone remained cautious.

Bitcoin ETF Outflows Concentrated in BlackRock’s IBIT

The Bitcoin ETF outflows were strikingly concentrated. Bitcoin.com News reported that BlackRock’s iShares Bitcoin Trust, known by the ticker IBIT, accounted for $405.30 million of Monday’s exit. That is more than the entire net outflow for the complex on the day, which means other funds partly offset IBIT’s redemptions. Fidelity’s Wise Origin Bitcoin Fund, or FBTC, moved against the tide with a modest $6.68 million inflow. Every other spot Bitcoin product combined was essentially flat, according to related reporting on the same flow data, which underlines how much of Monday’s story was really an IBIT story.

Concentration of this kind can be interpreted in more than one way, and traders should avoid jumping to a single explanation. A large redemption from one fund can reflect a single large holder rebalancing, a shift between products, or redemptions routed through authorised participants rather than a coordinated exit by thousands of investors. Fund flow data are reported on a net daily basis, so creations and redemptions within the same day are not visible in the headline figure. What can be said with confidence is that IBIT, which had been the strongest source of Bitcoin ETF demand through much of October, became the centre of the unwind. Bitcoin.com News noted that IBIT had finished the previous week with positive net flows despite Friday’s sell-off, which makes the turn on Monday more notable. When the market’s largest and most reliable source of demand starts to see heavy withdrawals, other traders notice, because recent rebounds in ETF demand have often depended heavily on that fund.

Trading Volume Falls as Assets Slip Below $99 Billion

The character of Monday’s session differed from Friday’s in an important respect: trading intensity fell sharply. Bitcoin.com News reported that trading value dropped to $1.99 billion on Monday, down from $6.35 billion on Friday, while net assets closed at $98.12 billion. Lower turnover alongside continued outflows suggests a different kind of selling from the rush seen on Friday. Friday looked like an urgent exit, with heavy trading and a large headline withdrawal. Monday looked more like a steady, persistent withdrawal, with fewer trades but still a substantial net loss.

Net assets of about $98.12 billion also provide useful context. That level remains very large in absolute terms, and it reflects the scale that spot Bitcoin funds have reached since launch. Cumulative net inflows since launch stood near $57 billion, according to SoSoValue data reported by Bitcoin.com News, while rounded figures put cumulative inflows at approximately $56.6 billion and assets under management at approximately $98.1 billion. The small difference between those rounded figures reflects different reporting snapshots and rounding, not a disagreement about the direction of travel. The important point is that two days of outflows, however dramatic, removed only a small fraction of the total assets in these funds. The damage was to sentiment and momentum, not to the existence of the products themselves. Even so, assets had fallen from above $104 billion in late October, which shows how quickly a combination of price declines and redemptions can reduce the total.

Ethereum ETF Redemptions Extend to a Sixth Straight Session

While Bitcoin dominated the headlines, Ethereum funds told an equally worrying story. Bitcoin.com News reported that Ether ETFs lost another $139.80 million on Monday, marking a sixth consecutive negative session. BlackRock’s ETHA led the withdrawals with $138.31 million, while Bitwise’s ETHB shed another $4.63 million. Morgan Stanley’s MSSE attracted $3.15 million, a small offset that did little to change the overall picture. Trading activity reached $577.77 million, with assets closing at $13.18 billion, according to the same report.

The persistence of the Ethereum outflow streak is more concerning than any single daily total. Bitcoin has repeatedly produced strong inflow sessions between bouts of selling, which gives traders a reason to believe that demand can return quickly. Ethereum has struggled to generate the same kind of sustained recovery in institutional demand. Bitcoin.com News noted that Ether entered November after five consecutive weeks of net redemptions, and Monday extended that trend immediately. A six-session losing streak, on top of a five-week pattern, suggests that institutional investors have not yet found a reason to rebuild Ethereum exposure at scale. That could reflect caution about the broader market, disappointment with recent performance, or a preference for Bitcoin as the safer crypto allocation when risk appetite falls. Whatever the mix of reasons, the flow data show a market that is still waiting for a catalyst to change the Ethereum narrative.

Altcoin Funds Offer Little Comfort

The smaller crypto ETF categories offered little relief on Monday, which reinforced the impression that risk appetite was thin across the board. Bitcoin.com News reported that Zcash lost $3.63 million through Grayscale’s ZCSH fund. That followed a $4.57 million withdrawal on Friday, giving the fund two consecutive negative sessions after an earlier eight-day inflow streak. The end of that streak matters because it had been one of the few bright spots in the altcoin fund landscape. When even a fund that had been attracting money for eight straight sessions turns negative, it suggests that caution had spread beyond Bitcoin and Ethereum.

HYPE ETFs shed $2.86 million, split almost evenly between 21Shares’ THYP and Bitwise’s BHYP, according to Bitcoin.com News. XRP ETFs posted a smaller $529,510 outflow through Canary’s XRPC fund. Solana and NEAR recorded no net flows at all. Their inactivity is worth watching after both faced periods of sustained selling in October. A quiet session may signal that investors are waiting for a clearer market direction before adding fresh exposure, rather than actively selling. It may also signal simple indifference. Either way, the altcoin picture on Monday was not one of rotation into smaller assets. If investors had been rotating out of Bitcoin into altcoins, those funds would have shown inflows. Instead, they showed outflows or nothing, which points to a general reduction in crypto exposure rather than a reshuffling within it.

What Comes Next for Institutional Crypto Demand

The next test for Bitcoin funds is whether they can attract buyers before the outflow episode grows into something larger. Bitcoin.com News framed the question in terms of whether Bitcoin can draw in fresh demand before the two-day outflow approaches the scale of October’s largest institutional reversals. That framing is useful because it reminds readers that the market has seen large outflows before and has recovered from them. The question is not whether outflows can happen, but whether they persist long enough to change the medium-term outlook.

Several factors will shape the answer. The outcome of the United States midterm elections could affect expectations around regulation and fiscal policy, which in turn affect risk appetite. Further updates on exchange security, following the recent Binance incident, could either reassure or unsettle institutional holders. Price action itself matters too: if Bitcoin holds above recent lows and builds a base, some investors may see value and return. If prices slip further, the same investors may wait for lower levels. For Ethereum, the test is even clearer. The fund complex needs a positive session, and then a run of them, to break a pattern that has now lasted for weeks. Until that happens, the cautious message from November’s opening sessions will remain the dominant institutional story.

FAQ

How much money left Bitcoin ETFs in two days?

More than $1.04 billion left United States spot Bitcoin ETFs across October 30 and November 2, according to Bitcoin.com News citing SoSoValue. Friday saw $643.33 million out, and Monday added $398.62 million.

Which fund drove Monday’s outflow?

BlackRock’s IBIT, with $405.30 million in outflows, according to Bitcoin.com News. That exceeds the complex-wide net figure because Fidelity’s FBTC took in $6.68 million, partly offsetting it.

What happened to Ethereum ETFs?

They lost $139.80 million on Monday, their sixth straight negative session, according to Bitcoin.com News. ETHA accounted for $138.31 million, ETHB lost $4.63 million, and MSSE gained $3.15 million.

Did smaller crypto ETFs fare any better?

No. Zcash’s ZCSH lost $3.63 million, HYPE funds lost $2.86 million, and XRP’s XRPC lost $529,510, according to Bitcoin.com News. Solana and NEAR recorded no net flows.

Does $1.04 billion in outflows mean Bitcoin ETFs are failing?

No. Net assets closed Monday at $98.12 billion, according to Bitcoin.com News, with cumulative inflows since launch near $57 billion. The outflows hurt sentiment, but they removed only a small share of total assets.

Source: Bitcoin.com News / SoSoValue

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