- BlackRock’s IBIT lost $269.73 million on November 11, its ninth straight session of outflows.
- The streak has pulled more than $2 billion from the fund since October 30.
- Morgan Stanley’s MSBT was the only spot Bitcoin ETF to draw cash, taking in $8.96 million.
BlackRock’s iShares Bitcoin Trust lost $269.73 million on Wednesday, its ninth straight session of withdrawals.
The run has now drawn more than $2 billion from the largest U.S. spot Bitcoin fund since Oct. 30.
Spot Bitcoin ETFs shed $299.9 million on Wednesday
US spot Bitcoin ETFs saw outflows for the fifth straight day on November 11, shedding $299.9 million. IBIT alone accounted for about 90% of the total.
Grayscale’s GBTC lost another $39.13 million. The only fund to take in cash was Morgan Stanley’s MSBT, which added $8.96 million for a third straight day of inflows, with the rest posting no flows.
Wednesday’s exit was more than triple Tuesday’s $95 million and ended three days of slowing withdrawals. Five sessions since Nov. 5 have now sapped ~$1.44 billion from the funds, some 1.5% of their $93.70 billion in net assets.
Selling opened at $430.2 million on Nov. 5 and $411.9 million on Nov. 6.
Flow data shows IBIT’s streak commenced October 30. Its biggest days were November 2 ($405.3 million) and November 6 ($403.0 million).
Cryptopolitan reported that the fund had its seventh straight day of outflows on Monday. It lost another $78.2 million Tuesday before the exit Wednesday brought the streak’s total to about $2.004 billion.
IBIT still has $58.71 billion in assets, ahead of Fidelity’s FBTC at $12.98 billion and GBTC at $9.19 billion. IBIT also handled $1.79 billion of the $2.27 billion of Bitcoin ETF trading on Wednesday.
Ether ETFs lose $144.81 million as ETHA leads withdrawals
US spot Ether ETFs dropped $144.81 million on Wednesday, led by BlackRock’s ETHA, which lost $129.78 million. ETHB, ETHW, FETH and EZET shed smaller amounts, and no Ether fund pulled in cash.
The group has seen $523.4 million of outflows over the past five sessions.
The sum is about 4.5% of the $11.65 billion in net assets in Ether funds, almost three times the pace seen in Bitcoin funds.
Zcash, Solana, HYPE and NEAR products also lost money. Zcash funds lost $14.61 million, and Solana funds $5.85 million, bringing the total crypto ETF outflows for the day to ~$468 million.
Robbie Mitchnick, head of digital assets at BlackRock, said large holders had traded about $3.6 billion of self-custodied Bitcoin for IBIT shares through in-kind transactions. “In-kind transactions into bitcoin ETFs are exploding in popularity,” Bitwise said in an X post featuring president Teddy Fusaro.
US spot Bitcoin ETFs still constitute about 6.24% of Bitcoin’s market cap. Together, they’ve seen net inflows of $55.1 billion since their January 2024 launches.
Crypto liquidations topped $1 billion as Bitcoin dived below $75,000 on Nov. 9. At the time of writing, BTC was trading at $71,856, down 3.1% in the past 24 hours.
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FAQs
How much did BlackRock's IBIT lose on November 11?
IBIT lost $269.73 million, about 90% of the $299.9 million that left US spot Bitcoin ETFs that day.
How long has IBIT's outflow streak run?
Nine straight trading sessions since October 30, taking more than $2 billion out of the fund.
Which Bitcoin ETF attracted money during the selloff?
Morgan Stanley's MSBT, the only US spot Bitcoin fund with inflows on November 11, taking in $8.96 million.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Randa Moses
Randa Moses is an editor and reporter at Cryptopolitan covering tech, AI, robotics, crypto, scams, and hacks. She has worked in the crypto space since 2017. She held roles at Forward Protocol, AmaZix, and Cryptosomniac. Randa holds a degree in Electrical and Electronics Engineering from the University of Bradford.
