TLDR:
- Bitcoin spot ETFs recorded $411.9 million in net outflows on November 6.
- BlackRock’s IBIT accounted for $403 million in withdrawals, while Fidelity’s FBTC gained $42.8 million.
- Ethereum ETFs lost $93.3 million, with BlackRock’s ETHA recording $90.8 million in outflows.
- Kalshi traders priced Bitcoin’s November low near $70,000 as analysts watched key support levels.
U.S. spot Bitcoin ETFs recorded $411.9 million in net outflows on November 6, extending pressure on institutional crypto investment products.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $403 million of those withdrawals, according to Farside Investors. Fidelity’s FBTC provided a partial offset with $42.8 million in net inflows.
Ethereum spot ETFs also faced selling pressure, recording $93.3 million in net outflows, led by $90.8 million leaving BlackRock’s ETHA. Meanwhile, Bitcoin traded near $75,920, while prediction markets priced its November low around $70,000.
Bitcoin ETF Outflows Accelerate as BlackRock’s IBIT Loses $403M
Farside Investors’ November 6 data showed that Bitcoin ETF outflows were heavily concentrated in BlackRock’s IBIT. The fund recorded $403 million in withdrawals, accounting for almost the entire daily net loss.
Other funds also reported negative flows. Bitwise’s BITB lost $20.5 million, while ARK 21Shares’ ARKB recorded $20.1 million in outflows. Grayscale’s GBTC shed another $11.1 million.
Fidelity’s FBTC was the day’s strongest performer, attracting $42.8 million in fresh investments. However, those inflows failed to offset withdrawals from competing products.
The concentration of selling in IBIT suggests that withdrawals from one major fund drove much of the day’s negative result. However, daily ETF flows alone cannot establish whether investors are abandoning Bitcoin or reallocating capital.
Spot Bitcoin ETFs hold actual Bitcoin to back their shares. When investors redeem shares, fund managers generally sell corresponding Bitcoin holdings to meet those requests.This process can create additional selling pressure in the underlying market.
Ethereum ETF Outflows Reach $93M as Bitcoin Faces $70K Forecast
Ethereum spot ETFs recorded $93.3 million in net outflows on November 6. BlackRock’s ETHA dominated withdrawals with $90.8 million leaving the fund.
Fidelity’s FETH recorded another $1.7 million in outflows, while Grayscale’s ETHE lost $1.9 million. BlackRock’s staked ETHB attracted approximately $1.1 million, providing limited relief.
The simultaneous withdrawals from Bitcoin and Ethereum products indicate broader weakness in institutional ETF demand. Still, one trading session does not establish a sustained trend.
Meanwhile, Bitcoin’s price outlook remains under pressure. CoinGecko data placed BTC at $75,920.79, up 0.52% over 24 hours but down 1.50% across seven days.
Kalshi Crypto reported that prediction market traders were pricing Bitcoin’s November low near $70,000. That forecast implies approximately 8% downside from its November 6 trading level.
Market analyst More Crypto Online identified $74,804 to $63,326 as a potential correction-ending zone. However, the analyst warned that entering this range would not independently confirm a market bottom.
The analyst also identified $75,580 as a range floor and $81,238 as the recovery level. Until Bitcoin breaks above that resistance, the analysis leaves room for further downside.
The ETF withdrawals and cautious price expectations reflects weakening near-term confidence. Bitcoin’s ability to defend its current support levels could determine whether selling pressure continues.
