- Lead. US spot Bitcoin ETFs bled $1.28 billion in redemptions in the week of November 2-6, the largest weekly outflow since June, with BlackRock’s IBIT alone accounting for 94% of the selling.
- Fact. Bitcoin fell to an intraday low of $74,722 on November 6 as cumulative year-to-date net flows for all US spot Bitcoin ETFs turned negative at minus $502 million — erasing 2026’s inflow record.
- Stake. Ethereum ETFs shed an additional $365.3 million over the same week, extending a six-week losing streak, while leveraged long crypto positions faced over $1.1 billion in forced liquidations in a single 24-hour window.
The week that handed Democrats control of Congress also delivered the worst seven-day stretch of withdrawals from US spot Bitcoin exchange-traded funds in more than four months, as technology-sector volatility and macro uncertainty pulled institutional crypto exposure sharply lower.
Outflows Dominated by BlackRock
US spot Bitcoin ETFs recorded net outflows of $1.28 billion for the week ending November 6, according to data compiled by 247 Wall St, citing SosoValue flow tracking. BlackRock’s iShares Bitcoin Trust (IBIT) generated $1.21 billion of that total, or roughly 94% of the week’s selling. Daily redemptions peaked on November 5 at $430.2 million, followed by $411.9 million on November 6 — the two single-largest outflow days of the week. The only net buyer in the category was Fidelity’s FBTC, which absorbed $42.8 million in fresh inflows.
Bitcoin’s price tracked the institutional selling lower. The token fell to an intraday low of $74,722 on November 6, closing the week at approximately $75,720, down 2.3% over the period and down 13.5% year to date. The 200-day moving average sits at $73,197, a level traders have cited as the next significant support.
Year-to-Date Flows Turn Negative
The week’s redemptions pushed year-to-date net flows for US spot Bitcoin ETFs into negative territory at minus $502 million, reversing what had been a positive 2026 running balance. The funds’ cumulative net assets stand at $95.9 billion, reflecting the sharp price depreciation alongside the outflows. Leveraged long positions in crypto markets bore additional damage: more than $1.1 billion in leveraged long bets were forcibly liquidated in the 24 hours spanning November 5-6, according to CoinGlass data.
Ethereum-linked products followed a similar pattern. US spot Ether ETFs shed $365.3 million over the same week, extending six consecutive weeks of outflows. BlackRock’s iShares Ethereum Trust lost $90.8 million on November 6 alone. ETH fell 0.8% over the week. XRP ETFs, which entered the week with $1.34 billion in net assets, recorded zero inflows from November 3 through November 6; XRP fell 7.1% to $1.16.
Macro and Regulatory Backdrop
The sell-off arrived in the context of a broader equity and risk-asset rout. The AI sector lost $2.2 trillion in market value as VIX spiked 39% on renewed concerns about technology spending, and crypto’s correlation with high-multiple equities meant it absorbed similar pressure. Democratic gains in Congress have also raised expectations of tighter AI and digital-asset regulation, dampening speculative appetite.
The question now is whether the $73,197 technical support level holds as the next meaningful test. December’s Federal Open Market Committee meeting — currently pricing a 76.8% probability of a rate hike according to futures markets — represents the next major macro catalyst for crypto positioning.