U.S. Bitcoin funds see $2.35 billion in outflows over two weeks
Key Facts
U.S. spot Bitcoin exchange-traded funds recorded net outflows of $2.35 billion in the two weeks ended November 13, according to The Block, marking a second consecutive week in which withdrawals exceeded $1 billion. The outflow streak extended to seven consecutive trading sessions through Friday, with outflows totaling about $1.91 billion since November 5, according to Investing.com, citing SoSoValue. The two-week total was the largest since the period ended June 5, when the funds lost $3.14 billion, but it was not an all-time record. In the November 13 session alone, $143.5 million flowed out of BlackRock's iShares Bitcoin Trust, or about 77% of total Bitcoin fund outflows that day. The Block said, "The funds have now lost $2.35 billion over two weeks," as withdrawals widened across U.S. funds.
The outflows coincided with a sharp decline in the cryptocurrency's price. The Block reported that Bitcoin fell below $69,000 early on November 13, reaching its lowest level since August 20 at the time. The following day, it dropped below $64,000, extending losses to more than 20% since late October, and was on track for a sixth consecutive weekly loss, according to an Investing.com report citing Reuters. At 17:15 Eastern time on November 14, it was priced at $63,800.5, down 6.55%, after touching a session low of $63,403.1. EL7 reported that Bitcoin's daily close fell from $75,368.41 on November 9 to $64,150 on November 14; over the same period, IBIT's closing share price declined from $42.32 to $38.94 between November 9 and 13.
The Reuters report published by Investing.com linked pressure on Bitcoin to continued fund outflows, liquidations of leveraged positions and a broader retreat from risk-sensitive assets. These factors place the price decline and fund withdrawals in the same context, without establishing that one caused the other. Session data indicate that the outflow wave was not limited to a single day: it continued for seven sessions through November 13, while the two-week total showed overall outflows of $2.35 billion. IBIT accounted for about 77% of Friday's outflows alone, highlighting the concentration of withdrawals in the largest funds during that session. The report said, "continued outflows from spot exchange-traded funds, significant liquidations of leveraged positions and a broader retreat from risk-sensitive assets" were among the factors weighing on the currency.
After the wave of withdrawals and price declines, attention is turning to a speech by Federal Reserve Chair Kevin Warsh, listed on the central bank's calendar for November 16 at 12:00 p.m. local time. Warsh is scheduled to deliver opening remarks at the Federal Reserve's Productivity and Jobs Task Force conference in San Francisco, according to the board's calendar. Separately, MSCI confirmed that it will remove Strategy from its global indexes on November 30, raising concerns about potential selling by passive funds that track those indexes, according to Reuters. These developments come as Bitcoin fund flows remain negative across consecutive sessions and the currency trades below levels recorded at the start of the month. The trajectory of flows in the coming days remains a market focus alongside price developments and the pending decision on Strategy.