American spot Bitcoin exchange-traded funds experienced substantial pressure over the past fortnight, recording $2.35 billion in total net outflows across two consecutive weeks. Data compiled by Farside Investors shows that investors withdrew $1.07 billion from these financial products between November 9 and November 13, following a heavy redemption period of $1.28 billion the week prior. This two-week stretch represents the largest volume of weekly capital flight the sector has seen since late June.
The selling pressure showed signs of slowing toward the end of the week, with net daily withdrawals coming in at $185.4 million on Friday. That figure marks a step down from the $284.1 million pulled on Thursday and the $299.8 million redeemed on Wednesday. However, Friday still extended the overall market's withdrawal streak to seven straight trading sessions, bringing total redemptions since November 5 to approximately $1.71 billion amid broader weakness across the crypto market, which saw Bitcoin slip below the $70,000 threshold on the same day.
Asset management titan BlackRock bore the brunt of the recent liquidations. The company's iShares Bitcoin Trust (IBIT) registered $143.5 million in net outflows on Friday alone, pushing its negative streak to 11 consecutive trading sessions dating back to October 30. Meanwhile, Fidelity’s Wise Origin Bitcoin Fund (FBTC) accounted for $41.9 million of Friday's withdrawals.
Over its 11-session losing streak, BlackRock's fund has surrendered roughly $2.35 billion after crossing the $2 billion loss mark on Wednesday. IBIT shed $908.4 million during the most recent week, following $1.21 billion in redemptions the preceding week. In total, BlackRock's November outflows have reached $2.12 billion, representing nearly 90 percent of all net withdrawals seen across the spot Bitcoin ETF space during the month.
