Blackrock's IBIT Drives $399M Bitcoin ETF Exit as Two-Day Bleed Tops $1.04B

The party's over before it started. U.S. spot bitcoin ETFs shed $398.62 million on Monday, stacking on top of Friday's $643.33 million exit. Two sessions, more than $1.04 billion gone from the products, according to data compiled by news.bitcoin.com.

The blame lands mostly on one fund. Blackrock's IBIT bled $405.30 million, a huge chunk of the day's damage. Fidelity's FBTC went the other way with a modest $6.68 million inflow. Trading value collapsed to $1.99 billion from Friday's $6.35 billion, and net assets settled at $98.12 billion.

That IBIT number is the story. The fund had been the engine of bitcoin ETF demand through much of October, and it even closed last week in the green despite Friday's rout. Now it's two straight sessions of heavy withdrawals from the biggest bitcoin fund on the board. That matters because recent ETF demand rebounds have leaned hard on IBIT, and a sustained bleed there pulls out one of the year's strongest institutional support channels.

Ether can't catch a break either. Ether ETFs lost another $139.80 million, a sixth consecutive negative session. Blackrock's ETHA led the pain with $138.31 million out, ETHB shed $4.63 million, and Morgan Stanley's MSSE picked up $3.15 million. Trading hit $577.77 million with assets at $13.18 billion, capping five straight weeks of net redemptions that ether carried into November.

The smaller corners offered no relief. Grayscale's ZCSH dropped $3.63 million for Zcash, following Friday's $4.57 million, ending an eight-day inflow run with two straight red sessions. HYPE ETFs gave up $2.86 million, split nearly evenly between 21Shares' THYP and Bitwise's BHYP, while Canary's XRPC leaked $529,510 from XRP funds. Solana and NEAR sat flat, a quiet that's worth watching after both took sustained hits in October.

So November opens cautious. Bitcoin selling has spilled over from Friday, ether is stuck in a drawn-out redemption cycle, and appetite for higher-beta crypto products is thin. The next test: whether bitcoin can find buyers before the two-day outflow gets anywhere near October's biggest institutional reversals.