The Spot Bitcoin ETF opened the week with net redemptions of -$186.5 million on Monday, November 3rd, increasing outflows in the four sessions since October 29th to approximately -$1.34 billion. This trend shows how quickly capital flows can fluctuate when a single large issuer becomes a seller.
According to Farside data, Monday’s outflows were essentially concentrated in IBIT, with its peers largely flat following last week’s streaks of -$470.7 million (October 29), -$488.4 million (October 30) and -$191.6 million (October 31).
The separation of issuers is important. On Friday, GBTC actually recorded a small inflow of $6.9 million even as the group bled, highlighting the dispersion under the total headline. One of the main takeaways from this distribution of outflows is not the size of outflows, but their composition and pace, both of which do not indicate a broader investor retreat from spot BTC exposure and help explain why the daily totals seem volatile.
Digital asset ETPs recorded net outflows of up to $360 million in the past week, with Bitcoin products bearing the brunt of -$946 million, while Solana Funds saw the second-largest inflows of up to $421 million on record, helped by the launch of the new U.S. SOL ETF, according to weekly data from CoinShares. In other words, investor appetite appears to have shifted to other ETPs.
The report links this week’s bias to the market’s hawkish view of Chairman Powell’s comments after the recent rate cuts, an interpretation that has alarmed risk markets and sent flows into a tailspin. Taken together, the split between assets (BTC out/SOL in) and policy narrative suggest a repositioning of crypto ETPs rather than an outright abandonment.
When analyzing ETF flows, it is important to remember that flows do not equal prices, and daily stock prices do not necessarily reflect trends. Spot Bitcoin ETF flows consist of net creations and redemptions as reported by issuers and compiled by independent trackers such as Farside. These are certainly one of the cleanest real-time signals of US demand for wrapped BTC exposure. Yet, it can also be distorted by issuer-specific activities such as AP inventory management, timing of creation baskets, or model-driven rebalancing of a single fund.
So Monday’s IBIT outflow could move the whole thing, even if other countries are flat. Also, because updates are typically released in the evening US time, flow data can be delayed or clustered, which could be a result of the pace of reporting rather than changing sentiment.
Therefore, looking at multi-day totals and issuer variances is a more reliable way to understand trends in the ETF market.
The approximately $1.34 billion in outflows seen over the past four business days is undoubtedly huge. However, this comes after months of historically large two-way printing, alongside large inflows into non-BTC segments such as the Solana ETF. Viewed through a macro lens, this pattern resembles tactical risk aversion in response to policy and price uncertainty rather than large-scale structural outflows.
In the coming days and weeks, the market will be watching to see if IBIT’s selling pressure continues or if it shifts to other issuers. An important development will also be whether the momentum of SOL inflow weakens as new products stabilize. If the daily runoff streak breaks, it will signal stabilization.
If flows stabilize or turn green while Bitcoin holds the $110,000 support, we can safely say that last week’s series of outflows resulted in noise rather than a shift in demand. However, if outflows of $1 billion or more are concentrated in one or two issuers over the next week, it would indicate that large allocators are aggressively de-risking their flagship funds. In any case, the current story is one of dispersion and rotation, with no inevitable capitulation yet.
