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1. Bitcoin ETF outflows extend to seven straight sessions
US spot Bitcoin exchange-traded funds recorded $185.4 million in net outflows on Friday, November 13, 2026, marking a seventh consecutive trading session of redemptions. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $143.5 million of the withdrawals and Fidelity's Wise Origin Bitcoin Fund (FBTC) for $41.9 million, while Bitcoin (BTC) slipped below $70,000 the same day.
The Friday figure closed out a week in which money moved out of the funds every day. The run began on November 5 and has now stretched across seven sessions without a single day of net buying across the product group. It also followed a week in which the funds had already posted their heaviest weekly redemptions since late June.
Flow data compiled by Farside Investors, the research firm whose daily tables are widely used to track the US spot Bitcoin ETF market, shows the pace of selling easing toward the end of the week even as the streak lengthened. Each daily total remained firmly negative, however, and the two largest products in the category carried essentially all of the burden.
2. How large were the daily withdrawals?
Friday's $185.4 million exit was the smallest of the last three sessions. Thursday, November 12, saw $284.1 million leave the funds, and Wednesday, November 11, brought $299.8 million in net redemptions. Measured against Thursday, Friday's outflow was roughly 35% smaller.
That narrowing matters to traders who watch flows for signs of exhaustion. A shrinking daily outflow does not end a streak on its own, but it can indicate that the most urgent selling has already been absorbed. Wednesday's near-$300 million figure was the largest of the three, and the following two sessions each came in lower than the one before.
Even so, three consecutive days with combined redemptions of more than $769 million represent a meaningful drain for products that have become one of the main channels through which traditional investors hold Bitcoin. For a market that spent much of its history being driven by retail traders on crypto-native exchanges, the daily ledger of ETF creations and redemptions has become one of the clearest windows into how institutions and advisers are positioning.
3. BlackRock and Fidelity carry the entire outflow
The composition of Friday's redemptions was unusually concentrated. IBIT and FBTC between them made up the full $185.4 million, and the remaining spot Bitcoin ETFs reported no net flows for the day. In other words, no other issuer saw money arrive or leave on balance.
IBIT, the largest spot Bitcoin ETF by assets, shed $143.5 million, or a little more than three-quarters of the day's total. FBTC, Fidelity's flagship Bitcoin product and long one of the category's biggest funds, accounted for the other $41.9 million.
Concentration of this kind tends to say more about who is selling than about the market as a whole. Because the two funds hold the largest pools of client money, a handful of large allocators, model portfolios or advisory platforms rebalancing out of either product can move the daily total substantially. When the smaller funds sit flat while the biggest two bleed, it suggests a specific set of holders is reducing exposure rather than a broad rush for the exits across every issuer.
4. IBIT's own losing streak reaches 11 sessions
For BlackRock's fund, the run of withdrawals is longer than the market-wide streak. Friday's redemption marked IBIT's 11th consecutive session of net outflows, a sequence that began on October 30.
That makes IBIT's slide a story in its own right. The fund was the dominant destination for new money in the spot Bitcoin ETF category for much of its existence, and its scale means that its daily flows often set the direction for the group. An 11-session stretch without a single day of net creations stands out for a product that has so often been the first stop for institutional buyers.
The streak also predates the broader market run. IBIT was already losing assets for roughly a week before the rest of the category turned consistently negative on November 5, which suggests that selling in BlackRock's fund was an early signal of the wider retreat that followed.
5. A second heavy week for spot Bitcoin ETFs
The latest week of withdrawals came on the heels of an already difficult stretch. In the week that ended on November 6, US spot Bitcoin ETFs posted $1.28 billion in net outflows, their largest weekly redemption since late June.
Back-to-back weeks of heavy selling are notable because ETF flows have tended to be persistent. Investors who allocate through these products often do so through scheduled rebalancing, model portfolio changes or committee decisions, all of which can play out over days or weeks rather than in a single session. When a pattern of redemptions establishes itself, it frequently takes some time before buyers return in size.
The repeated outflows also chip away at what had been one of the main supports for Bitcoin's price. When the funds take in new money, issuers generally have to acquire Bitcoin to back the new shares. When investors redeem, the reverse happens, and the coins backing those shares can be released back into the market. A prolonged period of redemptions therefore removes a reliable source of demand at the same moment that it can add to supply.
6. Bitcoin slips below $70,000 as ETF selling continues
The outflows coincided with a fresh leg lower in Bitcoin itself. The largest cryptocurrency fell below $70,000 on Friday, the same session in which the funds recorded their seventh straight day of redemptions.
The relationship between ETF flows and price runs in both directions. Falling prices can prompt some investors to cut exposure, either to limit losses or because risk models call for smaller positions when volatility rises. At the same time, sustained redemptions can weigh on price by reducing net demand for the underlying asset. Separating cause from effect on any given day is difficult, but the two have moved together throughout the current stretch.
The break below $70,000 is also a psychologically significant level for many market participants. Round-number thresholds often attract attention from traders and can influence where stop-loss orders and options positions cluster, which in turn can amplify moves once those levels give way.
7. How do spot Bitcoin ETF flows work?
Spot Bitcoin ETF flows measure the net value of shares created or redeemed in each fund on a given day. When demand for a fund's shares exceeds supply, authorized participants create new shares, and the issuer buys Bitcoin to back them. When investors sell more shares than are bought, authorized participants redeem shares, and the corresponding Bitcoin can be sold or moved out of the fund.
Because of that mechanism, flow data offers a more direct read on investor demand than the share price alone. A fund's price tracks the value of the Bitcoin it holds, so it rises and falls with the market regardless of whether money is entering or leaving. Flows, by contrast, show whether investors are actively adding to or trimming their positions.
The US spot Bitcoin ETFs, which began trading in January 2024, opened the asset to investors who prefer to hold exposure in a standard brokerage account, a retirement plan or an advisory portfolio rather than through a crypto exchange. That accessibility has made the funds a central part of the market's structure, and it is why their daily flows are now tracked as closely as exchange volumes or derivatives positioning.
8. What the concentrated selling may signal
Several features of the latest data stand out. The market-wide streak has now reached seven sessions, the two largest funds account for all of Friday's redemptions, and BlackRock's fund has been losing assets for longer than the category as a whole. Taken together, the pattern points to selling that is persistent but narrowly sourced.
That distinction is important for interpreting what comes next. Broad-based outflows spread across every issuer would suggest that sentiment toward Bitcoin exposure had soured across many types of investors at once. Selling concentrated in the two biggest products, with smaller funds holding steady, is more consistent with large holders adjusting their allocations, a process that can be heavy while it lasts but is finite in scale.
The easing in daily outflow totals over the final three sessions of the week adds to that picture. It does not guarantee that the streak is near its end, and the funds remain firmly in redemption territory. But it does show that the pressure on Friday was lighter than it had been earlier in the week, even as Bitcoin's price moved lower.
9. What to watch next for Bitcoin ETF flows
The immediate question for traders is whether the streak extends into the coming week or whether the funds return to net creations. With US markets closed over the weekend, the next set of daily flow figures will arrive after the Monday, November 16, session.
Particular attention is likely to fall on IBIT. A first day of net inflows for BlackRock's fund would break an 11-session run and could be read as a sign that the largest pool of institutional Bitcoin exposure has stopped shrinking. Continued redemptions, on the other hand, would lengthen a streak that has already become one of the defining features of the current market.
Bitcoin's ability to recover the $70,000 level will be watched alongside the flow data. If prices stabilize while redemptions continue to narrow, it would suggest the market is absorbing the selling. If both deteriorate together, the recent pattern of falling prices and steady ETF withdrawals may have further to run.