Originally reported by Decrypt on November 12, 2026, at 19:24:19 UTC+08:00.
U.S. spot Bitcoin ETFs recorded $1.44 billion in net outflows from November 5 through November 11, their fifth consecutive day of outflows, according to SoSoValue data cited by Decrypt. The total included $299.9 million on November 11. November outflows had reached $1.88 billion at the time of reporting, following $520 million in October.
The withdrawals coincided with a sell-off in technology stocks: on November 5, the Nasdaq Composite fell 5.5%, while Bitcoin ETFs recorded roughly $430 million in net outflows. That timing does not, by itself, establish what caused the ETF withdrawals.
HashKey senior researcher Tim Sun told Decrypt that the five-day withdrawals represented about 2.6% of the ETFs’ $55.1 billion in cumulative net inflows—not, in his view, evidence of a wholesale retreat from Bitcoin as a long-term allocation. Still, total ETF net assets had fallen to $93.7 billion from an October 2025 peak of $169.5 billion, reflecting both withdrawals and lower prices. Bitcoin traded at $73,358 at the time of Decrypt’s report, down 0.87% over the preceding 24 hours.
The demand question extends beyond ETFs. BitGo research head Greg Cipolaro said in a note shared with Decrypt that a post-election bounce brought only $75 million into spot Bitcoin ETFs, while dollar-pegged stablecoin supply contracted 1.9% to $286.3 billion. Separately, Glassnode found that total stablecoin supply fell $14.2 billion in the 30 days through November 9, its fastest contraction since June 2022.
Cipolaro also said the futures–spot basis trade had become less attractive as its return fell below borrowing costs, prompting funds to exit. Sun suggested ETF flows may consequently reflect directional Bitcoin demand more directly. He estimated ETF holders’ average cost at around $81,000 and said some investors might reduce exposure during year-end allocation reviews.
The longer-term reading remains contested. Bloomberg ETF analyst Eric Balchunas pointed to gold ETF GLD’s lengthy recovery after its 2011 peak as a reminder that sentiment toward assets without cash flows can change. Cipolaro, meanwhile, warned that continued weak ETF demand could leave digital assets exposed if Bitcoin keeps lagging recoveries in other risk assets.
