BlackRock leads $300 million Bitcoin ETF outflows as BTC struggles near $73K

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U.S. spot Bitcoin exchange-traded funds have recorded $299.9 million in net outflows on November 11, with BlackRock accounting for most of the withdrawals as investors pulled money from the products for a fifth consecutive trading session.

Summary

BlackRock’s IBIT recorded $269.73 million in withdrawals on November 11, accounting for nearly 90% of the $299.9 million in total Bitcoin ETF outflows.
U.S. spot Bitcoin ETFs have lost roughly $1.44 billion over five consecutive trading sessions, although cumulative net inflows remain at $55.1 billion.
Ethereum ETFs recorded another $144.81 million in withdrawals, with BlackRock’s ETHA accounting for $129.78 million of the total.
Bitcoin traded near $73,573 as its RSI fell to 34.37, while the cryptocurrency remained below its 20 day and 200 day exponential moving averages.

According to SoSoValue data, BlackRock’s iShares Bitcoin Trust (IBIT) lost $269.73 million during Wednesday’s session, while Grayscale’s Bitcoin Trust (GBTC) recorded another $39.13 million in withdrawals.

The two funds accounted for $308.86 million in combined outflows, although fresh investments into another product reduced the industry’s overall losses.

Morgan Stanley’s Bitcoin Trust (MSBT) was the only fund to attract new capital during the session, recording $8.96 million in net inflows. The remaining funds reported no net movement.

BlackRock’s withdrawals represented nearly 90% of the day’s net outflows, putting its flagship Bitcoin investment product at the center of the latest selling activity.

BlackRock leads five days of Bitcoin ETF withdrawals

The latest figures have taken cumulative withdrawals across the five trading sessions since November 5 to roughly $1.44 billion, as demand for U.S. spot Bitcoin ETFs continues to weaken.

The withdrawal streak began with $430.2 million leaving the funds on November 5, followed by another $411.9 million the next day.

As crypto.news previously reported, Fidelity’s FBTC accounted for $199.9 million of the November 5 withdrawals after attracting $236.7 million just one session earlier.

BlackRock’s fund, meanwhile, continued recording withdrawals across the period, even when competing products attracted fresh investments.

The selling continued into the following week, with Bitcoin falling below $75,000 on November 9 as cryptocurrency liquidations exceeded $1 billion during the market downturn.

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Despite the recent withdrawals, U.S. spot Bitcoin ETFs still hold $93.7 billion in combined net assets, representing approximately 6.24% of Bitcoin’s market capitalization.

Cumulative net inflows since the products launched in January 2024 stood at $55.1 billion. BlackRock’s IBIT remained the largest fund, holding $58.71 billion in assets, followed by Fidelity’s FBTC at $12.98 billion and Grayscale’s GBTC at $9.19 billion.

Trading activity remained substantial during Wednesday’s session, with total Bitcoin ETF volume reaching $2.27 billion. IBIT accounted for $1.79 billion of that amount, while Fidelity and Grayscale recorded $229.13 million and $104.94 million, respectively.

Ethereum ETFs face another $145 million in withdrawals

The selling was not limited to Bitcoin investment products, as U.S. spot Ethereum ETFs recorded $144.81 million in net withdrawals on November 11.

According to Ethereum ETF figures, BlackRock’s iShares Ethereum Trust (ETHA) accounted for $129.78 million of the outflows, followed by another $5.35 million from its Ethereum staking product, ETHB.

Bitwise, Fidelity, and Franklin Templeton recorded smaller withdrawals, while none of the tracked Ethereum funds attracted net inflows during the session.

Ethereum ETFs have now recorded five consecutive trading sessions of withdrawals, leaving their cumulative net inflows at $11.59 billion and combined assets at approximately $11.65 billion.

BlackRock’s Ethereum investment products had already faced sustained selling pressure earlier in November, following 580,145 ETH in reported transfers valued at roughly $1.32 billion over the preceding month.

Bitcoin price faces resistance as technical indicators weaken

Bitcoin was trading near $73,573 on November 12, down approximately 8.3% over the previous seven days, as the cryptocurrency struggled to recover from its recent decline.

Bitcoin’s 14-day relative strength index stood at 34.37, indicating weak buying momentum as the indicator moved closer to the oversold threshold of 30.

The moving average convergence divergence indicator remained negative at -1,943.19, below its signal line of -1,596.07, with a negative histogram of -347.12.

Bitcoin was trading below its 20-day exponential moving average of $77,057 and its 200-day EMA of $76,417, while the 50-day EMA stood higher at $78,682.

Immediate support stood near $72,819, with the next major resistance at $79,321. A move above that resistance would put the $81,383 level in focus.

The Bollinger Bands placed Bitcoin near the lower end of its recent trading range, with the lower band at $72,468 and the middle band at $77,437.

Separately, Bitfinex analysts identified $75,717 as Bitcoin’s short-term holder cost basis in their November 11 market update. The analysts set November 22 as a checkpoint for whether Bitcoin could recover that level after spending four consecutive days below it.

Read more: Ethereum price nears $2,000 as whale sells ETH at $3.1M loss

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