Bitcoin Funds Lose $430.2 Million in November 5 Session, Led by FBTC
Key Facts
BlackRock’s iShares Bitcoin Trust recorded net outflows of $105.0 million in the November 5, 2026 session, according to data from Farside Investors. This was part of net outflows of $430.2 million from the Bitcoin funds listed in the site’s table during the same session. The flow figures alone do not mean that BlackRock sold Bitcoin directly, as they measure net money entering and leaving the funds. FBTC had the largest outflow in the session, at $199.9 million. The figures place Thursday’s session within a broader wave of withdrawals from Bitcoin investment products, with outflows varying in size from one fund to another.
The negative flows followed the November 4 session, when the funds collectively recorded net inflows of $74.6 million. But that positive total masked $201.2 million in outflows from IBIT, offset by $236.7 million in inflows to another fund in the table. On November 3, the funds recorded net outflows of $115.6 million, including $95.0 million from IBIT. On November 2, net outflows from the funds totaled $398.6 million, with $405.3 million flowing out of IBIT. The comparison shows that the fund’s flows alone were not enough to determine the overall market direction in every session, as inflows to other products offset some redemptions on certain days.
The data goes back to October 30, when Bitcoin funds recorded net outflows of $643.2 million, including $233.7 million from IBIT. The fund, however, recorded net inflows of $12.8 million on October 29, and net inflows to the funds that day totaled $17.2 million. The figures therefore do not describe a continuous run of withdrawals that began in late October, but rather mixed sessions preceded by inflows and followed by waves of outflows. This variation reflects changes in liquidity flows from day to day, even when IBIT leads some redemption sessions. The figures support viewing November 5 as a broad outflow session for the funds, rather than as standalone evidence of direct Bitcoin asset sales by BlackRock.
The outflows coincided with a decline in Bitcoin’s closing price: EL7 data showed the BTCUSD pair closing at $80,504.01 on November 4 and then at $76,088.01 on November 5. BlackRock shares also closed at $1,224.37 on November 4, before ending the November 5 session at $1,170.67. More broadly, a Reuters report linked Thursday’s decline in technology stocks to investors reassessing their initial reaction to the results of the U.S. midterm elections, along with concerns about a slowdown in data-center construction. Keith Lerner of Truist said the market was seeing a “buyers’ strike” in technology stocks, adding that the decline could extend further before finding a bottom. The report said about $2 trillion was wiped from the Nasdaq’s market value on Thursday, and that the index fell by as much as 14% from its peak recorded a month earlier.
The fund’s filing with the U.S. Securities and Exchange Commission provides background on how shares are created and redeemed: the fund generally seeks to reflect the performance of Bitcoin’s price before expenses and liabilities, and issues and redeems shares in baskets of 40,000 shares or whole-number multiples thereof. The fund disclosed the redemption of 187,360,000 shares, across 4,684 baskets, during the quarter ended June 30, 2026. In the United States, the October nonfarm payrolls report was scheduled for release on Friday, with economists expecting an increase of 65,000 jobs and unemployment to remain at 4.2%, according to a Reuters report. The report also noted that markets were not fully pricing in another Federal Reserve rate increase before March 2027, and were expecting 40 basis points of tightening in total. These economic data and interest-rate expectations formed part of the near-term backdrop markets were watching after the volatile November 5 session.