BlackRock’s iShares Bitcoin Trust recorded its largest daily redemption in more than four months as U.S. spot Bitcoin ETFs opened November with another heavy outflow session. According to Farside Investors, IBIT lost $405.3 million on November 2, while the broader U.S. spot Bitcoin ETF category posted $398.6 million in net outflows. Fidelity’s FBTC was the only product to offset the decline, attracting $6.7 million while every other tracked fund reported zero net flow.
The withdrawal was IBIT’s largest since June 26, when BlackRock’s fund posted $444.5 million in redemptions. It also reversed the direction seen only days earlier, when IBIT attracted $110.3 million after two negative sessions. BlackRock’s scale means movements in a single fund can determine the direction of the entire ETF category even when competing products remain flat.
Bitcoin ETFs Lose More Than $1B in Two Sessions
The November 2 result followed $643.2 million of net Bitcoin ETF outflows on October 30, bringing combined redemptions across the two consecutive trading sessions to approximately $1.04 billion. The earlier session was considerably broader, with IBIT, FBTC, ARKB, BITB and GBTC all registering withdrawals. By contrast, the latest decline was almost entirely concentrated in BlackRock’s product.
That concentration differs from other volatile October sessions. On October 22, Bitcoin ETFs lost $635.6 million as several major funds simultaneously recorded redemptions, while October 19 produced the opposite pattern when IBIT drove a $526.7 million market-wide inflow. The repeated reversals show that large daily ETF movements have not developed into a consistently one-directional flow regime.
Bitcoin moved lower during the same period, opening November 2 near $78,248 and closing around $76,677, a decline of approximately 2%. The timing does not establish that ETF redemptions caused the price move, since spot selling, derivatives positioning, arbitrage and broader market conditions can occur simultaneously.
Ethereum ETFs Add Another $139.7M in Redemptions
U.S. spot Ethereum ETFs moved in the same direction on November 2, recording $139.7 million in net outflows. BlackRock’s ETHA accounted for $138.3 million of withdrawals and ETHB lost another $4.6 million, partially offset by a $3.2 million inflow into Morgan Stanley’s MSSE. Bitcoin and Ethereum products therefore generated approximately $538.3 million in combined net redemptions during the session.
The simultaneous withdrawals do not establish that investors are uniformly abandoning regulated crypto exposure. Bitcoin and Ethereum ETF flows have repeatedly diverged during 2026, and even within each category individual funds can move in opposite directions. What November 2 establishes is narrower: BlackRock dominated redemptions in both asset classes, with IBIT accounting for the Bitcoin decline and ETHA for almost all Ethereum outflows.
For Bitcoin ETFs, the next sessions will determine whether the latest $1.04 billion two-day withdrawal develops into a longer redemption streak. IBIT’s $405.3 million exit is significant because of its size and concentration, but two negative sessions remain insufficient to establish a durable change in ETF demand.