US Bitcoin ETFs Shed $399M as BlackRock's IBIT Leads Redemptions; Ether Funds Lose $140M

US spot Bitcoin ETFs saw net outflows of roughly $398.6 million on November 2, and spot Ether ETFs lost a further $140 million on the same day. Nearly all of the Bitcoin figure came from one product: BlackRock's iShares Bitcoin Trust (IBIT), which recorded redemptions of $405.3 million. That single fund's outflow exceeded the category's net total, meaning the other Bitcoin ETFs were collectively slightly positive that day.

Bitcoin was trading near $76,773, down 2.35% over 24 hours and 3.73% over seven days, while Ether traded around $2,251, down 2.39% on the day and 2.56% over the week.

Bitcoin fund redemptions

The November 2 figures followed a larger single-day exit of $643.3 million tied to October 31 and November 1. Because redemptions force issuers to shrink their holdings, the underlying Bitcoin must be moved or sold, which can add selling pressure to the spot market. Against total US spot Bitcoin ETF assets of about $98 to $100 billion, however, the daily outflow equals less than half a percent of the pool.

BlackRock has said that transfers of Bitcoin out of its fund reflect adjustments to match investor demand, not a change in its own view of the asset.

Ether funds extend losses

The $140 million outflow marked the sixth consecutive day of net redemptions for spot Ether ETFs. October was the weakest month on record for these products, with outflows totaling $1.61 billion, a sharp reversal after three months of inflows. With Ether ETFs holding about $13.2 billion in assets, the daily outflow represents just over 1% of that total, a proportionally larger hit than the Bitcoin figure.

A recent security incident at Binance has been suggested as a possible factor in investor behavior, though that link has not been confirmed, and ETF flows often respond to several factors at once. Observers will be watching whether the Ether outflow streak continues or reverses.