Bitcoin ETFs Lose $411.9M on Friday as BlackRock Drives the Selling

TL;DR: US spot Bitcoin ETFs recorded a net $411.9 million outflow on November 6, according to Farside Investors. BlackRock’s IBIT accounted for $403 million in redemptions, while Fidelity’s FBTC attracted $42.8 million. The split matters more than a simplistic claim that every institutional investor was selling. US Bitcoin exchange-traded funds ended the week with another difficult session. Farside Investors’ November 6 fund table shows $411.9 million leaving the group on a net basis, taking November’s first five trading sessions to approximately $1.28 billion in withdrawals. That is a meaningful reversal from the calmer periods in which ETF creations helped absorb supply. But Friday’s figures tell a more interesting story than the headline total. The redemptions were highly concentrated, and one big issuer moved in the opposite direction. BlackRock’s fund accounts for most of the outflow IBIT recorded a $403 million net outflow on November 6. Bitwise’s BITB lost $20.5 million, ARK 21Shares’ ARKB lost $20.1 million and Grayscale’s GBTC lost $11.1 million. Against that, Fidelity’s FBTC brought in $42.8 million. Several other funds recorded zero flows in the published table. The sum ...