Bitcoin ETF outflows extended to five consecutive days through Wednesday, with $299.8 million leaving US spot funds. BlackRock's iShares Bitcoin Trust (IBIT) accounted for nearly all withdrawals.
The five-day decline has drained roughly $1.44 billion from the funds, according to Farside Investors. Three-quarters of that total came from IBIT alone. Since Monday, about $596 million has exited the ETF complex, with nearly all of it from IBIT. On Wednesday, IBIT shed $269.7 million while most other funds recorded no flows.
The pressure predates this week. IBIT posted a $405.3 million outflow on November 2, its largest since June. These are client redemptions rather than BlackRock selling its own bitcoin, but shrinking assets reduce the firm's fee income.
Morgan Stanley's Bitcoin Trust (MSBT) drew fresh money on Monday, Tuesday, and Wednesday, capturing about $51 million combined. This suggests institutional demand shifted rather than disappeared. Grayscale Bitcoin Trust (GBTC) continued its decline with another outflow on Wednesday.
The funds still hold approximately $55 billion in net inflows since their 2024 launch. This week's selling represents a dent against that base. Whether IBIT's clients halt redemptions will likely determine ETF demand through year-end.