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Bitcoin traded near USD 75,700 on Sunday, November 8, after US spot Bitcoin exchange-traded funds (ETFs) recorded USD 1.28 billion in weekly net outflows. BlackRock's iShares Bitcoin Trust (IBIT) accounted for most of the withdrawals losing approximately USD 1.21 billion between November 2 and November 6.
According to CoinGecko market data, Bitcoin traded near USD 75,730, down approximately 2.2% over seven days. The cryptocurrency remained below USD 80,000 after a sharp decline on November 5, when its price fell more than 5% during the session.
BlackRock's IBIT recorded USD 403 million in net withdrawals on November 6, extending its run of daily outflows to six consecutive trading sessions. According to Farside Investors, the fund lost USD 405.3 million on November 2 and USD 95 million on November 3, followed by another USD 201.2 million on November 4.
On November 5, IBIT recorded an additional USD 105 million in withdrawals. Friday's USD 403 million outflow brought the weekly total to USD 1.21 billion. Including the USD 233.7 million withdrawn on October 30, the fund lost approximately USD 1.44 billion across six trading sessions.
The figures reflect net investor withdrawals from the ETF rather than confirmed sales from BlackRock's corporate Bitcoin holdings. IBIT holds Bitcoin to support its exchange-traded shares, while investors can enter or exit positions through the securities market.
The wider US spot Bitcoin ETF market also recorded heavy withdrawals. Funds lost USD 398.6 million on November 2 and USD 115.6 million the following day. However, investors added USD 74.6 million on November 4, briefly reversing the trend.
Withdrawals resumed on November 5, when investors pulled USD 430.2 million from the funds. Another USD 411.9 million left on Friday, bringing total weekly net outflows to USD 1.2817 billion. The funds have recorded approximately USD 55.77 billion in cumulative net inflows since trading began in January 2024.
However, not every fund experienced the same selling activity. Fidelity's Wise Origin Bitcoin Fund (FBTC) attracted approximately USD 93.1 million in net inflows during the week. It recorded USD 236.7 million in inflows on Wednesday and another USD 42.8 million on Friday, according to Farside Investors.
Bitcoin's decline followed a recovery above USD 80,000 on November 4. The cryptocurrency subsequently fell to USD 75,114 on November 5 before closing near USD 75,942. Selling continued into November 6, when Bitcoin reached a lower intraday price of approximately USD 74,795, according to historical market data.
By November 8, Bitcoin traded around USD 75,700, with CoinGecko recording a 24-hour trading range of about USD 75,541 to USD 76,150. Its market capitalization stood near USD 1.52 trillion while trading volume reached approximately USD 10.8 billion over the previous 24 hours.
Meanwhile, BlackRock's fund figures show that IBIT held approximately USD 60.70 billion in net assets as of November 6. The ETF's net asset value stood at USD 42.87 per share, while its closing market price reached USD 42.88.
US stock markets remain closed on Sunday, meaning November 6 provides the latest completed daily ETF flow figures. The next scheduled U.S. trading session is Monday, November 9, when updated fund flows will show whether withdrawals continue after the previous week's losses.
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