# Bitcoin ETFs Drain $399M, Ether Funds Lose $140M in November Exodus US spot Bitcoin ETFs shed roughly $399 million on November 2, with BlackRock's iShares Bitcoin Trust alone accounting for more than the entire category's net outflow. The same day saw spot Ether ETFs extend their redemption streak to six consecutive days with another $140 million in withdrawals.
BlackRock Dominates Bitcoin ETF Outflows
The more precise figure for Bitcoin funds was a net outflow of $398.6 million on November 2. Nearly all of it traced back to a single product. BlackRock's iShares Bitcoin Trust, ticker IBIT, recorded redemptions of $405.3 million.
That single fund's outflow was larger than the entire category's net figure. A quick bit of arithmetic shows what that means. If IBIT lost more than the group as a whole, the remaining Bitcoin ETFs were collectively slightly positive on the day.
November 2 was not an isolated event. It followed a larger single-day exit of $643.3 million, reported for October 31 and November 1.
Ether Funds Keep Bleeding
The Ether side of the market has a longer story to tell. The $140 million outflow on November 2 marked the sixth consecutive day of net redemptions for spot Ether ETFs. The streak comes on the heels of a rough October.
Ether ETFs posted their largest monthly outflow on record that month, totaling $1.61 billion. What makes that number sting is what came before it. October's exodus followed a three-month run of inflows, so investors who had been steadily buying into Ether funds abruptly switched direction.
Context: Big Numbers, Bigger Pools
Total assets in US spot Bitcoin ETFs sat at approximately $98 to $100 billion around this period. Against that backdrop, a $398.6 million daily outflow works out to less than half a percent of the total. Ether ETFs held around $13.2 billion in assets at the same time.
The $140 million outflow represents a bit over 1% of that pool, which is proportionally heavier than the Bitcoin hit. As for what triggered the latest round, recent security incidents at major exchanges are suggested as possible influences on investor behavior.
That connection is suggested rather than established, and ETF flows can respond to many factors at once.
What This Means for Investors
When ETFs see net redemptions, issuers may need to reduce their underlying holdings, which can add selling pressure to the spot market. With Bitcoin ETFs holding approximately $98 to $100 billion and Ether ETFs around $13.2 billion, neither category is close to emptying out. For Bitcoin, the key detail to watch is concentration.
Because IBIT accounted for more than the entire net outflow on November 2, its daily flow numbers are likely to remain the main driver of category totals. For Ether, the question is whether the streak breaks. A seventh, eighth or ninth day of outflows would extend a trend that began with a record-setting October.
A return to inflows would suggest that October was a sharp correction after a strong summer rather than the start of a longer retreat.