What happened to spot Bitcoin ETF flows on Nov 10?
US spot Bitcoin ETFs lost about $95M in net flows on Nov 10, the fourth consecutive session of outflows, according to Farside Investors data as reported by Coinpaper. BlackRock's IBIT shed $78.2M and Fidelity's FBTC shed $36.8M. A smaller fund took in roughly $20M, which only trimmed the damage.
The number is small. The streak is the story.
How big has the bleed been this month?
Total outflows were $411.9M on Nov 6, $201M on Nov 9 and $95M on Nov 10, per the same Farside-sourced tally. That is about $708M across three sessions. Cointelegraph reports IBIT alone had lost $1.66B over seven sessions since Oct 30 through Nov 9, its longest withdrawal streak in that coverage, and that year-to-date net flows for the group sit near -$1.1B, against roughly $25B of net inflows by early November in both 2024 and 2025.
Ether ETFs lost about $185M on Nov 9, their largest daily outflow since Oct 6, per the same report.
Are the outflows speeding up or slowing down?
Slowing. $411.9M became $201M became $95M. Coinpaper reads the latest print as possible easing of selling pressure.
Price has not agreed. Bitcoin slid toward $73,000 on Nov 10 and traded near $73,810 on Nov 11, according to Coinpaper. The Crypto Fear and Greed Index read 32 on Nov 9, still in Fear, per Cointelegraph.
Why does the ETF channel matter for price?
Spot ETF creations are a direct bid: new shares mean the issuer buys bitcoin. When creations stall and redemptions run, that bid disappears and the market relies on spot and perpetual futures traders to absorb supply. Smaller outflows mean less supply is being forced onto the market, but they are not the same as net buying.
The order-flow tape on the morning of Nov 11 matched the ETF read. BTC cumulative volume delta on the OpticAlpha terminal stood near -13.4 and stepped lower across the sample, a sign sellers were still hitting bids.
What are the dates to watch next?
Weekly initial jobless claims print Thursday, Nov 12 at 8:30 AM ET, with consensus near 195K against 189K prior, per TD Economics. October PPI follows Friday, Nov 13 at 8:30 AM ET.
The cleaner crypto signal is the daily flow line itself. A print back above zero would be the first evidence the wrapper bid has returned. Until then, shrinking outflows are just slower selling.
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