Bitcoin ETF Record Their Worst Weekly Outflows Since June

US Bitcoin ETFs recorded $1.28 billion in net withdrawals during the week ending November 6, their worst result since June. This movement not only marks a new phase of distrust. It erases their fragile return to the green and brings their annual net outflow to $914.1 million.

One Week Erases the Fragile Return to the Green

The twelve US-listed spot Bitcoin ETFs had started the week with about $368 million in net inflows since January. They had just returned to a positive annual balance at the end of September after several difficult months.

This improvement did not withstand the combination of the Binance hack, US elections, the fall of AI-related stocks, and the return of rate hike expectations. The funds suffered withdrawals during four of the five sessions.

The timeline shows the speed of the reversal :

• Monday: $398.6 million in net outflows ;
• Tuesday: $115.6 million in withdrawals ;
• Wednesday: $74.6 million in inflows ;
• Thursday: $430.2 million in outflows ;
• Friday: $411.9 million in withdrawals ;
• Weekly total: $1.28 billion in net outflows.

This week ranks seventh among the largest weekly outflows since the launch of US Bitcoin ETFs in January 2024. However, it remains lower than the $1.79 billion withdrawn during the week ending June 26.

The annual shift mainly shows that institutional demand in 2026 was less solid than it appeared. ETFs had not accumulated a significant cushion of inflows capable of absorbing several sessions of stress. A single week was enough to turn a positive balance of $368 million into a deficit of more than $914 million.

BlackRock Concentrates Withdrawals, Fidelity Resists on Friday

Friday’s movement was largely dominated by BlackRock’s IBIT. The largest US Bitcoin ETF suffered about $403 million in outflows, or 88% of the gross withdrawals recorded during the session.

Bitwise’s BITB and ARK 21Shares’ ARKB each lost around $20 million. Grayscale’s GBTC recorded an additional $11.1 million in outflows. Conversely, Fidelity’s FBTC received $42.8 million after having led Thursday’s withdrawals with $199.9 million.

This divergence reminds us that institutional investors do not all react the same way. Some reduce their exposure, while others take advantage of the dip to reposition their portfolios. The overall balance remains negative, however, when the withdrawals from the dominant fund far exceed buys observed elsewhere.

IBIT holds about $60.3 billion in net assets and shows $65.1 billion in cumulative inflows since its launch. The fund therefore remains the main driver of institutional adoption of bitcoin, but its size also gives it considerable weight during withdrawal phases.

The movement is not limited to BTC. Ether ETFs lost $365.3 million during the week, their sixth consecutive weekly negative balance. Solana and Hyperliquid funds also recorded a fifth week of outflows, their longest streak since their launch.

This generalization shows that investors are not just arbitraging between cryptos. They are reducing their exposure to the entire asset class.

Negative Balance Weakens Bitcoin’s Main Support

The total value of bitcoins held by the twelve ETFs fell by 2.3%, to $95.9 billion. This amount still represents about 6.3% of BTC’s market capitalization. The decline reflects both withdrawals and price drops, which prevents attributing all the decrease to investor sales.

The remaining asset volume also moderates the idea of a general capitulation. Weekly outflows represent a limited fraction of total holdings. During the record withdrawal of $643.3 million observed after the Binance hack, several analysts noted that such an amount remained below 1% of ETF assets.

Nevertheless, the annual signal remains important. ETFs have long been presented as a permanent source of demand, able to absorb available supply and support price. Their passage into the red shows that this engine can work both ways.

Bitcoin now moves without net support from ETFs throughout 2026. To reverse the trend, a few positive sessions will not be enough: the funds will need to recover more than $914 million and break the sequence of withdrawals.

The next test will therefore be less a one-time price rebound than a regular return of inflows. As long as ETFs remain negative for the year, each Bitcoin recovery will have to prove it is based on real demand, and not just the closing of short positions.