Bitcoin and Ethereum ETFs Bleed $505M as Traders Eye $70K November Low

Institutional crypto investors headed for the exits on November 6. U.S. spot Bitcoin ETFs posted $411.9 million in net outflows, while Ethereum spot ETFs lost another $93.3 million — a combined $505 million drain in a single session, per Farside Investors data.

BlackRock did the heavy lifting on the way out. Its iShares Bitcoin Trust (IBIT) surrendered $403 million, accounting for nearly the entire daily net loss on the Bitcoin side. Fidelity's FBTC was the lone bright spot with $42.8 million in fresh inflows, but it wasn't nearly enough to plug the hole. Bitwise's BITB dropped $20.5 million, ARK 21Shares' ARKB shed $20.1 million, and Grayscale's GBTC gave up another $11.1 million.

The Ethereum lineup told the same story. BlackRock's ETHA led the retreat with $90.8 million in outflows. Grayscale's ETHE lost $1.9 million and Fidelity's FETH slipped $1.7 million, while BlackRock's staked ETHB brought in roughly $1.1 million — a thin slice of relief. The selling wasn't isolated to one asset, which suggests a broader cool-off in institutional ETF demand rather than a single-fund quirk.

There's a mechanical wrinkle worth knowing. Spot Bitcoin ETFs hold actual coins to back their shares, so when investors redeem, fund managers generally sell Bitcoin to raise the cash. That can pile extra selling pressure onto the underlying market. Still, one day of flows can't prove investors are abandoning Bitcoin rather than shuffling capital around.

The price action isn't calming nerves. CoinGecko put Bitcoin at $75,920.79 — up 0.52% over 24 hours but down 1.50% across the week. Kalshi Crypto reported that prediction market traders were pricing Bitcoin's November low near $70,000, roughly 8% below its November 6 level.

Analyst More Crypto Online flagged $74,804 to $63,326 as a possible correction-ending zone, though warned that tapping it wouldn't confirm a bottom on its own. The analyst also pegged $75,580 as a range floor and $81,238 as the recovery level — meaning until Bitcoin clears that resistance, the door stays open for more downside. Whether BTC holds its current support likely decides if the selling continues.