US spot Bitcoin ETFs bleed $185 million as outflow streak hits seven days
- Published
- Updated
US spot Bitcoin ETFs recorded another day of withdrawals on November 13, 2026, extending the redemptions run to seven consecutive trading sessions. BlackRock’s IBIT and Fidelity’s FBTC were the two named funds in the latest session, and the weekly picture now shows a multi-day pullback in demand for the products.
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What it means
Spot Bitcoin ETFs went live in the US in January 2024, after BlackRock, Fidelity and nine other issuers won SEC approval following Grayscale's court win that forced the conversion of its closed-end GBTC trust. BlackRock's IBIT and Fidelity's FBTC quickly became the two largest funds, giving institutions and advisors a regulated, custodied route into Bitcoin without self-custody. The products work through authorized participants who create and redeem shares against actual coin held in custody, linking fund flows directly to spot demand.
Seven straight days of redemptions means authorized participants have been pulling shares and selling the underlying coin, with IBIT losing $143.5 million and FBTC $41.9 million in a single session alone. Financial advisors who added Bitcoin ETFs to model portfolios face shrinking allocations and must decide whether to rebalance or hold through the drawdown. Issuers collect smaller management fees as assets under custody shrink, while market makers see less structural buy pressure feeding into spot order books.
The streak reopens a debate over how much Bitcoin ETF flows actually reflect institutional demand versus simply tracking broader market sentiment: analysts disagree on whether outflows lead investor caution or merely follow it. It also underscores concentration risk, since IBIT and FBTC together account for the bulk of both inflows and outflows industry-wide, leaving the whole product category exposed to decisions made inside two asset managers rather than a broad investor base.
The next daily flow report, due Monday, will show whether the streak extends to an eighth session or breaks, and whether BlackRock's losing run, already at eleven sessions across its broader outflow count, continues. Cumulative two-week redemptions already stand at $2.35 billion; a figure that climbs further would confirm sustained institutional de-risking, while a reversal would suggest the past week was a temporary rebalancing rather than a change in appetite for regulated Bitcoin exposure.
Market reaction i
Bitcoin fell 0.6% in the 4 hours after the first headline, after rising 0.3% in the 2 hours before.
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