Bitcoin and Ethereum: Almost 200 million dollars leave spot ETFs in one session

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In total, around $201 million left these two fund categories during the US session. These figures measure the creation and redemption of shares, without making it possible to identify the motivations of investors.

Withdrawals are slowing, but continuing. After around $643 million in outflows on October 30, then $399 million on November 2, Bitcoin funds lost another nearly $116 million on Tuesday. Over these three sessions, the cumulative outflow thus reached approximately 1.16 billion dollars.

In detail, IBIT, the BlackRock fund, shows around $95 million in outflows on November 3. The Grayscale Bitcoin Mini Trust also records $52.6 million in withdrawals. Conversely, inflows from some competitors partially offset these movements, notably the $21.9 million received by BITB from Bitwise.

A net exit means that share buybacks exceed creations. However, it does not necessarily correspond to an immediate sale of bitcoins by the fund. Since July 29, 2025, the SEC has authorized creations and redemptions in kind for these products: authorized intermediaries can therefore directly receive cryptocurrencies rather than cash.

The negative streak lasts longer for Ethereum ETFs. The $85.3 million in outflows on November 3 extends a streak of seven consecutive withdrawal sessions. ETHA, the BlackRock product, concentrated around $74.4 million in outflows on the day.

This weakness in flows comes at a time when the American supply is diversifying. Since March 2026, BlackRock has been marketing ETHB, a product distinct from ETHA which combines exposure to the price of ether and potential income from staking. This mechanism consists of immobilizing ethers to participate in securing the network, in return for rewards.

The expansion of the offer therefore does not guarantee regular subscriptions. Furthermore, the aggregated data do not distinguish sales by individuals from those by professionals and do not demonstrate, on their own, a general disengagement of institutions.

The observation concerns above all the persistence of withdrawals: three sessions for Bitcoin, seven for Ethereum. Demand via listed funds remains under pressure, with more sustainable outflows from ether. To see how investors will react to the results of the American elections.

Machine-translated from French