U.S. spot Bitcoin ETFs see $1.16 billion of net outflows over three sessions
Over three trading days (Oct 30, Nov 2 and Nov 3) U.S. spot‑Bitcoin exchange‑traded funds recorded a total net outflow of about $1.16 billion. BlackRock’s iShares Bitcoin Trust (IBIT) led the withdrawals, with $95 million pulled on Nov 3 and $405 million on Nov 2. The outflows were attributed to short‑term risk‑off sentiment after the Binance hack and uncertainty surrounding the U.S. midterm elections, though the daily outflow amount fell sharply by the third day.
Why it matters
The large outflows reduce capital flowing into Bitcoin ETFs, which can weigh on Bitcoin’s price, but the slowdown in daily withdrawals – down to $115.6 million on Nov 3 – may ease selling pressure, according to the market data cited.
Key facts
- 1U.S. spot Bitcoin ETFs recorded net outflows of $1.16 billion over three trading days (Oct 30, Nov 2, Nov 3). cointelegraph.com
- 2IBIT saw $95 million withdrawn on Nov 3. finance.biggo.com
- 3IBIT accounted for $405 million of the Nov 2 withdrawals. beincrypto.com
- 4Total net outflow on Nov 3 was $115.6 million. finance.biggo.com
- 5Bitcoin price rose 1.28% to $77,805.26 on Nov 4. finance.biggo.com
- 6Bitwise’s André Dragosch said the outflows reflect short‑term risk‑off sentiment rather than a structural shift in institutional demand. cointelegraph.com
Summary written by AlphAI AI Desk from 11 of 11 sources. Not investment advice. Figures are as stated by the linked sources.