
BlackRock funds lead withdrawal streak as post-midterm market gains vanish
US spot Bitcoin and Ethereum ETFs recorded $530 million in combined withdrawals on Thursday as a severe Wall Street rout erased post-midterm gains, with Bitcoin falling to $75,581 and Ethereum dropping to $2,237.
AI-generated summary
US spot Bitcoin and Ethereum ETFs experienced massive withdrawals following a Wall Street stock market rout tied to midterm election results.
US spot Bitcoin and Ethereum ETFs suffered $530 million in combined withdrawals Thursday as a Wall Street rout erased their post-midterm gains.
Data from Farside Investors showed that Bitcoin ETFs lost $430.23 million on Nov. 5, while their Ethereum counterparts recorded another $99.98 million in outflows.
BlackRock ETFs lead outflow streak
The latest ETF withdrawals extended a broader retreat that had begun before Thursday's market turbulence.
BlackRock's iShares Bitcoin Trust (IBIT) recorded $105 million in outflows, marking its fifth consecutive trading session of withdrawals.
Over that period, investors pulled approximately $1.04 billion from the fund, including $405.3 million on Nov. 2 alone.
Across all US spot Bitcoin ETFs, cumulative net withdrawals reached approximately $1.51 billion over the five sessions since Oct. 30, despite Wednesday's brief return to positive flows.
Fidelity's FBTC suffered the biggest withdrawals on Thursday, losing $199.87 million just one day after attracting $236.7 million and leading the industry's short-lived recovery.
Grayscale's GBTC recorded another $49.9 million in outflows, while Franklin Templeton's EZBC and VanEck's HODL lost $32.92 million and $23.64 million, respectively. None of the 12 Bitcoin funds recorded positive net flows during Thursday's session.
The withdrawals left Bitcoin ETFs with $869.8 million in net outflows for November, extending the pressure that had already driven substantial redemptions in late October.
Ethereum ETFs faced similar selling pressure, with BlackRock accounting for nearly all Thursday's withdrawals.
Its flagship ETHA fund lost $75.2 million, while its staked Ethereum ETF, ETHB, recorded another $22 million in outflows. Fidelity's FETH shed $2.24 million.
The latest withdrawals pushed Ethereum ETFs' November net outflows to approximately $272 million, despite Wednesday's $53 million inflow.
Bitcoin ETF withdrawals follow stock market rout
Meanwhile, these withdrawals abruptly reversed Wednesday's recovery, when the two categories attracted a combined $127.6 million as investors welcomed the resolution of uncertainty surrounding the US midterm elections.
Bitcoin subsequently fell 6.03% over 24 hours to $75,581.52, surrendering its rebound above $80,000 following the Democratic Party's sweeping congressional victory. Ethereum also retreated sharply, falling to $2,237 as of press time after trading above $2,400 during the recovery.
The reversal coincided with a Wall Street rout that President Donald Trump described as one of the stock market's “worst days in history.”
According to The Kobeissi Letter, the Nasdaq 100 suffered its steepest daily decline since the 2020 pandemic, while the S&P 500 shed $3 trillion in market value amid concerns that Democratic control of Congress could lead to restrictions on artificial intelligence infrastructure development.
The simultaneous declines across equities and cryptocurrencies showed how quickly the post-election relief rally had given way to renewed risk aversion in the market.

Zcash launched its NU7 network upgrade at block 3,543,405, activating the Network Sustainability Mechanism to fund network security as block rewards decline. The update also reduces block times to 25 seconds, limits private transaction data, and retires the Sprout privacy pool.

Zcash's NU7 network upgrade activated on Friday, making approximately $15 million in ZEC held within the legacy Sprout shielded pool unspendable while reducing block times to 25 seconds.

An XRP Ledger order book sample revealed a massive gap between 1.28 million quoted Bitstamp USD tokens and only 57,000 funded tokens, highlighting how advertised sizes can overstate available liquidity.

US spot Bitcoin and Ether ETFs saw about $530 million in net outflows on Thursday as crypto markets dropped and Bitcoin fell below $76,000 following a sharp decline in the Nasdaq Composite.

US services growth slowed in October as the ISM headline PMI fell to 54.5 from 54.9, while the 12-month average prices index reached its highest level since April 2023 at 69.2. Persistent cost pressure complicates the case for Federal Reserve rate relief that could support Bitcoin, with the next key data point being the October employment report due Nov. 6.

Following a $6.36 billion theft from Binance's hot wallet infrastructure, crypto exchanges including Gate, Coinbase, Upbit, OKX and South Korean rivals have disclosed their cold storage ratios, with Gate reporting 88.26% in cold storage, Coinbase over 99%, Upbit 99.17%, and OKX more than 95%, while experts warn cold storage alone does not guarantee security.