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On Wednesday, Spot BTC ETFs recorded their sixth consecutive day of net outflows, with the latest figure at -$137 million, according to Coinglass data. BlackRock’s iShares Bitcoin Trust ETF (Ticker: IBIT) turned Wednesday’s net flows negative with its 3,700 Bitcoin (BTC) sale ($375 Million).
Fidelity (Ticker: FBTC), Ark21 (Ticker: ARKB), Bitwise (Ticker: BITB), VanEck (Ticker: HODL), and Grayscale were among the ETFs that purchased BTC yesterday. BTC displayed signs of a relief rally late Wednesday.
SoSoValue data shows that October’s net inflows stood at around $3.24 Billion. November started off on a negative note, post the 20%+ drop in BTC price on Tuesday. November net outflows stand at $901 Million.
Lack of real-time data for Bitcoin ETFs leaves scope for the spread of misleading information. As of now, ETF data is available for the previous trading day. There’s no data available for weekends, even though the ETF can buy or sell BTC on weekends.
Spot Bitcoin ETFs Enter 6th Straight Day of Net Outflows
At press time, Coinglass data showed a 2.21% drop in BTC ETF assets under management (AUM) at $145.4 Billion as of November 5th. AUM is the value of BTCs held in all Spot BTC ETFs. Note that an ETF’s market cap is the product of its share price and the number of outstanding shares.
BTC tested the $99,980 mark on Tuesday, and the BTC net inflows that day ($566M) remain the biggest net flow and outflow of the last seven days.
ETF flows data is reported a day after settlements since the settlements are made in the traditional finance (TradFi) system. For example, BlackRock’s official website for its BTC ETF shows holdings data up to November 4, 2025. However, the asset management giant’s website shows ETF Net Asset Value (NAV) data up to November 5, 2025.
Despite shedding nearly $1 Billion over the last seven days, these BTC ETFs control a sizable chunk of the circulating supply. As per bitbo(dot)in, a BTC holdings data aggregator, ETFs collectively hold roughly 7.3% of the total supply (21 Million BTC). Public companies, including Strategy and Metaplanet, to name a few, collectively hold around 4.7% of the total supply.
IBIT is the largest Spot BTC ETF with a holding of roughly 799,700 BTC. Wednesday marked its third biggest sale of 2025.
As of November 6th, spot BTC ETFs’ net asset value was roughly $140.1 Billion, per Coinglass data. This accounts for approximately 6.7% of BTC’s market capitalization. Intraday, BTC market cap was up 0.95% at $2.04 Trillion; over the week. The overall crypto market cap rose 1.14% to $3.41 Trillion over the last 24 hours.
Several accounts on X share screenshots of transactions by BlackRock’s IBIT ETF. These are not easy to identify immediately, as BlackRock’s BTC wallets are not publicly known.
Spot ETH ETFs Drop $118M, SOL Spot ETFs Continue Adding
Ethereum (ETH) Spot ETFs, like Bitcoin ETFs, also marked the sixth consecutive day of net outflows. Meanwhile, Solana (SOL) spot ETFs continued to accumulate.
BlackRock’s spot ETH ETF (Ticker: ETHA) led outflows with a $146 Million sale; it was the only spot ETH ETF that sold yesterday. Wednesday’s buyers included Grayscale ($24 Million), Fidelity ($3.5 Million), and 21Shares ($500,000)
Spot SOL ETFs marked its first week on a positive note as the last day saw net inflows of $9.7 Million. However, Wednesday’s inflow was the lowest in the last seven days.
Institutional Selling Pressure Rising?
Spot crypto ETF flows, per se, signal that institutions have a negative outlook for crypto. However, due to geopolitical reasons and uncertain macroeconomic conditions, probabilities associated with outlooks are weak.
BTC is expected to test the $98,000 mark key support level soon. Also, liquidations skyrocketed Tuesday night, surpassing $2 Billion; over 480,000 traders were liquidated.
Exchange BTC balance shows the amount of BTC held in crypto exchanges. As of writing this report, per Coinglass, centralized crypto exchanges including Binance and Coinbase, to name a few, held 2.14 Million BTC. This is the lowest figure in years.
Therefore, the present market downturn is more likely cyclical than a freak capitulation event. The cyclical angle is that the BTC price has peaked and could dip as low as $90,000.
However, it is not a “foregone conclusion” that BTC has peaked. Key opinions leaders (KOLs) shared diverging assessments in the past two days. Ash Crypto opined that BTC might not have peaked yet, while Ted Pillows was confident that the market is full-on bearish.
Notably, multiple crypto ETF applications are pending approval due to the government shutdown. The new generic listing standards (GLS) expedite the approval process of ETFs; however, the SEC needs to review initial filings.
Uncertainty is likely to rise due to the government shutdown. According to Bloomberg, the probability that new crypto ETFs will be approved is high. However, the odds of the government shutdown being lifted this month are bleak. The betting market portal showed that odds for the shutdown ending on November 15th was at 52%. For November 30th, the odds percentage was 89%.
