US bitcoin ETFs recorded $95 million in withdrawals on November 10, their fourth consecutive negative session. However, the movement does not reflect a uniform flight: sales are mainly concentrated on the most liquid funds, while several products remain stable and that of Morgan Stanley continues to attract capital.
In brief
- Bitcoin ETFs record four consecutive sessions of withdrawals, including $95 million on November 10.
- Net outflows exceed $1.1 billion since the start of 2026.
- BlackRock concentrates most of the withdrawals, with 1.66 billion dollars released in seven sessions.
- Conversely, Morgan Stanley’s Bitcoin ETF continues to attract capital.
- If withdrawals persist, 2026 could become the first negative year for US Bitcoin ETFs.
Bitcoin: four withdrawal sessions erase three weeks of respite
The twelve U.S.-listed spot bitcoin ETFs now total more than $1.1 billion in net outflows since the start of 2026. Three weeks earlier, their annual balance sheet still showed around $1.43 billion in inflows.
The reversal therefore reached nearly 2.5 billion dollars in a few weeks. Of the first seven sessions of November, six ended in the red, for around $1.58 billion in withdrawals.
The latest figures show rapid degradation:
- $95 million was released on November 10;
- The negative series reaches four consecutive sessions;
- November accumulates nearly $1.58 billion in withdrawals;
- The net assets of the funds still represent $92.8 billion;
- Their cumulative amount since January 2024 remains positive at $55.5 billion.
The contrast with previous years is significant. At the same time in 2025, ETFs had attracted about $24.7 billion since January, compared to $25.8 billion in 2024. Their current trajectory therefore lags behind the 2025 pace by almost $25.7 billion.
If releases continue through December, 2026 could become the first negative year since these products launched in the United States. However, this scenario is not yet certain: a few important sessions can quickly modify the annual balance, as shown by the entry of 527 million dollars recorded on October 20.
BlackRock becomes the exit door from the market
The composition of flows provides more important information than their overall amount. Of the $95 million withdrawn on November 10, BlackRock’s IBIT fund lost $78.2 million and Fidelity’s FBTC lost $36.8 million. Conversely, Morgan Stanley’s MSBT received $20 million.
The other nine products recorded neither creation nor net redemption of shares. The negative day therefore does not correspond to a general panic movement among all ETF holders.
IBIT concentrates most of the recent pressure. The fund has suffered seven consecutive sessions of withdrawals since October 30, for a total of $1.66 billion. Over the last five sessions, it represents around a billion dollars in outflows, or almost the entire negative result for the category.
This concentration can be explained by the size and liquidity of the product. With over 811,000 BTC held and $64.8 billion in cumulative inflows since its launch, IBIT provides the easiest way for large investors to quickly change their exposure.
The fund most used to enter the market logically becomes the one through which capital exits first when risk is reduced. Its withdrawals may therefore reflect portfolio arbitrage, liquidity needs or macroeconomic hedging, without meaning that investors are permanently rejecting bitcoin.
IBIT also remains positive by around $2.7 billion in 2026 despite its poor run. The negative balance sheet of the entire market also comes from the annual losses of FBTC, ARKB and GBTC.
The movement looks more like a tactical disengagement
Several elements still prevent us from talking about structural abandonment. The ETFs hold approximately 1.31 million BTC and retain $55.5 billion in cumulative net inflows since January 2024. November’s withdrawals reduce that base without wiping it out.
Morgan Stanley also offers a counterexample. His ETF received $22.1 million on November 9, then $20 million the next day. It even dominates the flows of the last month with 62.8 million dollars in net inflows. Some investors therefore continue to increase their exposure, but choose another product.
This divergence may correspond to a redistribution between issuers. Differences in fees, liquidity, counterparties or access on brokerage platforms may cause an investor to sell one ETF to buy another. Daily data does not allow these transfers to be identified individually.
The real warning signal would appear if the outflows extended simultaneously to the majority of funds, without any compensation, and if they continued despite a stabilization of the bitcoin price. For now, the pressure remains significant, but highly concentrated.
The next sessions will therefore have to be read fund by fund. A return of inflows to IBIT would signal that large portfolios are regaining risk. Conversely, contagion to still stable products would show that the movement is no longer a simple arbitrage through the most liquid channels, but a deeper withdrawal of institutional investors.
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