Bitcoin ETF Outflows Reach a Fifth Day as Demand Thins and Macro Pressure Builds

By Coinvote

Published November 13, 2026 - 15:22 UTC | 5 mins read

Bitcoin ETF Outflows Reach a Fifth Day as Demand Thins and Macro Pressure Builds

U.S. spot bitcoin ETFs lost nearly $300 million on Wednesday, extending a five-day withdrawal run to about $1.44 billion, with BlackRock's IBIT again the main source. Analysts point to weak buying demand, rate fears and tech weakness, while a Bitfinex study offers one marker for a bottom.

Wednesday's redemptions deepen the ETF slide

Bitcoin Magazine reported a $299.8 million net outflow from U.S. spot bitcoin ETFs on Wednesday, the fifth consecutive day of withdrawals. BlackRock's IBIT accounted for $269.7 million of that, and it was the fund's ninth consecutive session of redemptions. Decrypt, citing SoSoValue, put the daily total at $299.9 million, while Cointelegraph, citing Farside Investors, described it as nearly $300 million.

Grayscale's GBTC lost $39.1 million. Morgan Stanley's MSBT was the only fund with inflows, at about $9 million, according to both Bitcoin Magazine and Cointelegraph. Cointelegraph added that Wednesday's total was up from $95 million a day earlier, and that it followed three sessions in which withdrawals had been easing.

The numbers behind the outflow streak

The scale of the withdrawals is clearest when the figures are set side by side. IBIT remains ahead for the year, but the cushion has narrowed quickly.

$1.44 billion left the funds over five sessions from November 5 to November 11, per Decrypt.
$1.88 billion has left in November so far, with outflows on seven of eight sessions, per Bitcoin Magazine.
About $2 billion has left IBIT over nine sessions since Oct. 30.
The fund's biggest single-day withdrawals in 2026 were on Nov. 2 ($405.3 million) and Nov. 6 ($403 million).
Total net assets of the funds are $93.7 billion, down about 45% from a $169.5 billion peak in October 2025, per Decrypt.
Year-to-date net flows for the group have turned negative, at about $1.42 billion of outflows, against roughly $25.2 billion of inflows at this point last year.

A shortage of new buyers, not only heavier selling

Decrypt's reporting centres on demand. Greg Cipolaro of BitGo said the post-election bounce drew just $75 million into the funds, while dollar-pegged stablecoin supply shrank 1.9% to $286.3 billion. Glassnode data, as reported by Decrypt, showed stablecoins in circulation shrinking by $14.2 billion over the 30 days ending November 9, the sharpest decline since June 2022.

Cipolaro also said the futures basis has dropped below borrowing costs, which pushed many hedge funds out of the trade that pairs ETF shares with short futures. Tim Sun of HashKey argued that flows may therefore now track directional demand for bitcoin more closely than before.

Cointelegraph relayed a similar reading from Laser Digital's derivatives desk, which pointed to soft spot buying, a Coinbase premium that has stayed negative and sizeable liquidations of leveraged long positions. The desk noted that bitcoin barely moved when the Nasdaq rose almost 3% on Monday.

Rates, tech stocks and Strategy add pressure

Bitcoin Magazine tied the latest leg to a hotter-than-expected October inflation report on Tuesday. Yahoo Finance reported that Polymarket odds of a Federal Reserve rate hike in December rose to about 97%. Higher rates make cash and bonds more appealing relative to assets such as bitcoin.

Tech weakness is a second thread. Decrypt noted that the Nasdaq Composite fell 5.5% on November 5, the same day the funds shed about $430 million. Bitcoin Magazine said Nvidia shares dropped roughly 9% after reports about its board and CEO, though the company has announced no decision.

Index provider MSCI also confirmed that Strategy (MSTR) will be dropped from its indexes once Nov. 30 has passed. Sun said that could cut off passive buying, and that the narrower premium on Strategy's stock makes raising capital for bitcoin purchases less attractive.

Where the three outlets agree and differ

All three outlets agree on the five-day total of about $1.44 billion, while only Bitcoin Magazine and Cointelegraph describe IBIT's dominant role, since Decrypt reports group-level totals only. They differ on small details. The daily total is $299.8 million at Bitcoin Magazine, $299.9 million at Decrypt and roughly $300 million at Cointelegraph, and IBIT's share is given as about 90% of the day's flows by Cointelegraph and about 94% of November's flows by Bitcoin Magazine.

October is described differently. Decrypt said $520 million left the funds that month, while Bitcoin Magazine said IBIT alone took in about $932 million in October. Neither report explains how the two accounts fit together.

Price references also vary with timing. Bitcoin Magazine cited about $72,800, Decrypt $73,358 and Cointelegraph about $73,000. Coinvote's CoinGecko reading now shows $68,837, down 3.6% over 24 hours, 9.1% over seven days and 16.3% over 30 days, against an all-time high of $126,080 set on 2025-10-06.

Warning sign or normal reset

Sun said the five-day outflow equals roughly 2.6% of the $55.1 billion the funds have taken in cumulatively, which he described as far from a full-scale retreat. He estimated the average holding cost at around $81,000, so some holders now sit on unrealized losses and may trim further when they review allocations at year-end.

Eric Balchunas of Bloomberg pointed to the gold ETF GLD, which lost around 40% of its investors after its 2011 peak and needed nearly a decade to recover. Its assets today are almost triple that earlier peak. Bitfinex offered a narrower marker. Looking at outflow runs from earlier in the year, Bitfinex found a median bitcoin gain of 6.4% across 10 sessions when a run closed with three or more consecutive inflow days, though it said slowing outflows alone would not confirm a recovery.

What to watch next

Thursday's flows will be published after the close. Bitcoin Magazine noted that the current run is not a record, since both the group and IBIT recorded 13 consecutive trading days with no inflow between May 15 and June 3. Whether IBIT breaks its streak before matching that run is an open question.

Other open questions include whether stablecoin supply stabilises, how the Fed meeting in December shapes rate expectations, and whether Strategy's index removal after Nov. 30 changes buying patterns. Holders and project teams that track ETF flows can compare several providers, since daily totals differ slightly between them.

Market snapshot

Asset	Price	24h	7d	Market cap
Bitcoin (BTC)	$68,837	-3.6%	-9.1%	$1.38 trillion

CoinGecko data as of 2026-11-13 (UTC).

FAQ

How much have U.S. spot bitcoin ETFs lost in November?

Decrypt and Bitcoin Magazine both report about $1.88 billion of net outflows so far in November. Bitcoin Magazine says IBIT accounts for roughly $1.77 billion of that, or about 94%.

Why are bitcoin ETFs seeing outflows?

Analysts cite weak buying demand, shrinking stablecoin supply and a less attractive basis trade. Reports also link the selling to rate-hike bets and a sell-off in tech stocks, though the outlets do not prove a single cause.

Is the IBIT outflow streak a record?

No. Bitcoin Magazine reports that both IBIT and the wider group recorded 13 consecutive trading days with no inflow between May 15 and June 3. The current IBIT streak stands at nine sessions.