HedgeCo.Net — U.S. spot bitcoin exchange-traded funds recorded net outflows of $115.6 million on Tuesday, November 3, the third consecutive day of withdrawals, according to Farside Investors data.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for most of the selling, with $95.0 million of outflows, and Grayscale’s Bitcoin Mini Trust (BTC) lost $52.6 million. Partly offsetting those, Bitwise’s BITB took in $21.9 million, Fidelity’s FBTC $6.8 million and Morgan Stanley’s MSBT $3.3 million.
The three-session run has removed about $1.16 billion from the products, after outflows of $643.2 million on October 30 and $398.6 million on November 2, when IBIT alone lost $405.3 million. Cumulative net inflows since launch stand at about $56.5 billion.
The pullback follows a stretch of inflows in late October and coincides with the broader risk-off tone across hedge fund books and technology stocks during the past several weeks.
Daily ETF flows are a noisy but visible gauge of institutional and adviser demand for bitcoin. A narrowing of outflows on Tuesday, with several smaller issuers still taking in money, suggests selling is concentrated in the largest product rather than broad-based.