- U.S. spot Bitcoin ETFs recorded $299.8 million in outflows for a fifth consecutive session.
- BlackRock’s IBIT accounted for $269.7 million, about 90% of Nov. 11 withdrawals.
- Spot data showed $31.2 billion in volume and whale sales exceeding 34,000 BTC in a week.
U.S. spot Bitcoin exchange-traded funds recorded $299.8 million in net withdrawals on Nov. 11, extending the outflow streak to five trading sessions as Bitcoin traded between about $73,000 and $74,000.
BlackRock’s IBIT accounted for $269.7 million of the daily total, while Grayscale’s GBTC lost $39.1 million. Morgan Stanley’s MSBT brought in about $9 million.
ETF Redemptions Deepen
The latest withdrawals followed $95 million in net outflows on Nov. 10 and $201 million on Nov. 9, after $411.9 million on Nov. 6 and $430.2 million on Nov. 5.
According to Farside Investors data, IBIT’s Nov. 11 withdrawal represented roughly 90% of the sector’s daily net outflow. The fund’s outflow streak reached nine sessions, with more than $2 billion withdrawn over that period.
Across the listed products, cumulative net inflows stood at $55.171 billion. IBIT had accumulated $64.54 billion, while GBTC’s cumulative net flows were negative $28.149 billion.
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Spot and Derivatives Show Pressure
Spot-market data showed $31.2 billion in 24-hour volume during volatility and more than 34,000 BTC in whale selling over a week. It also cited a negative Coinbase premium and broader market shocks. Together, these indicators point to broader selling pressure in the Bitcoin market, extending beyond ETF redemptions.
Derivatives positioning added another channel for price moves. Perpetual open interest reached 353,000 BTC, described as the 99th percentile, while more than $10 billion in leveraged shorts clustered near $83,000.
Continued ETF outflows, whale selling, and elevated derivatives positioning highlight the pressure facing Bitcoin. With institutional demand weakening and leveraged positions adding to market volatility, traders will be watching whether ETF redemptions ease and spot-market buying returns in the coming sessions.
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Related: Bitcoin Eyes $126,199 in 2027: Why $74,508 Is the Level to Watch
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