US spot Bitcoin ETFs recorded five consecutive sessions of net outflows totalling 1.44 billion dollars between 5 and 11 November, according to SoSoValue. On 11 November alone, US funds shed 299.9 million dollars, bringing cumulative outflows for the month so far to 1.88 billion dollars.
Demand dries up
Tim Sun, senior researcher at HashKey, said “the most critical factor is the persistent absence of buying demand.” The sell-off coincided with a sharp drop in risk appetite: the Nasdaq Composite fell 5.5 percent in a single session on 5 November, and Bitcoin ETFs lost roughly 430 million dollars that same day. Greg Cipolaro of BitGo noted that bitcoin fell alongside risk assets but missed their subsequent rebounds.
The basis trade that once anchored institutional demand has also lost its appeal, as the spread between ETF prices and bitcoin futures fell below the cost of borrowing, pushing some hedge funds to exit their positions. Strategy’s share premium over its bitcoin holdings is shrinking, and the company’s removal from MSCI indices on 30 November could further reduce passive inflows. Eric Balchunas, an ETF analyst at Bloomberg, said “assets without cash flows live only on sentiment, and sentiment changes.”
Assets under management shrink
Total assets under management across Bitcoin ETFs stood at 93.7 billion dollars, down from a peak of 169.5 billion dollars in October 2025. Even so, cumulative net inflows since launch remain at 55.1 billion dollars, meaning the five-session outflow represents about 2.6 percent of that total. Sun estimated the average purchase cost of ETF shares at around 81,000 dollars, a level well above the 73,358 dollars cited for bitcoin in the article.
Bitcoin traded at 71,319 dollars as of 16:04 GMT on 12 November, by MacroHerald’s own measurement, its lowest level in 31 days. Stablecoin supply has also contracted, falling 14.2 billion dollars over thirty days to 286.3 billion dollars, a decline of 1.9 percent. The article drew a comparison with gold ETF GLD, which lost 40 percent of its shareholders after its 2011 peak before eventually recovering. BlackRock has said it expects billions of dollars of additional inflows into its crypto ETFs.
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Source: SoSoValue | Data: CoinGecko
