Where Is the Bitcoin ETF Money Going as Outflows Slow to $95M?

US spot Bitcoin ETFs lost $95 million on Tuesday, 10 November, their fourth straight session of net outflows, according to Farside Investors' flow table. The drain is shrinking: $430.2 million left on Thursday 5 November, $411.9 million on Friday, $201.0 million on Monday, then $95.0 million on Tuesday.

The same five sessions pulled roughly $12 billion a day into US-listed ETFs, and all 17 of the top funds by inflows held equities, Bloomberg ETF analyst Eric Balchunas said. That is the story under the headline: not just crypto money leaving, but where it went.

• The news: US spot Bitcoin ETFs recorded $95 million of net outflows on 10 November, a fourth consecutive down session, per Farside Investors.
• The figure: BlackRock's IBIT lost $78.2 million that day alone, its eighth straight session of withdrawals, with about $1.73 billion out over the streak, per reported flow data.
• What happens next: Flows now face a macro test after October consumer prices rose 0.4% against 0.3% expected, with traders pricing a 90% chance of a quarter-point Fed rate increase, according to CME FedWatch.

BlackRock's IBIT Carries Most of the Selling

Farside's 10 November row puts IBIT's net flow at minus $78.2 million, so one fund accounted for the bulk of the day's $95 million. Morgan Stanley's Bitcoin Trust ETF (MSBT) was the only positive line in that row, at $20 million, nowhere near enough to offset the rest.

IBIT has now run eight consecutive sessions of net redemptions, with about $1.73 billion leaving since 30 October, according to reports on the flow data. Net outflows across all US spot Bitcoin products reached roughly $1.6 billion since the start of November on SoSoValue's count.

Read together, the sequence matters more than any single day. The worst of the selling came on 5 and 6 November, and each session since has been smaller. Outflows easing for a third straight session is what a market finding a bid under it looks like, at least on this one measure.

Equity Funds Took the $12 Billion a Day

Balchunas's read on the rotation is blunt: over five trading sessions, US-listed ETFs pulled in about $12 billion per day, and every one of the 17 funds with the largest inflows invested in stocks. None of them held crypto.

That lines up with the price action. Equity investors treated the pullback as an entry point while crypto funds were still handing money back. The distinction matters for anyone watching ETF flow prints as a sentiment gauge: the cash did not vanish from the ETF market, it changed asset class.

His figures come from a post on X that could not be opened directly for this article, so the numbers here are as quoted in coverage of it rather than read at the source.

CryptoQuant: Demand Shrank 284,000 BTC in 30 Days

The flow numbers are only half of the picture. CryptoQuant's 10 November research put Bitcoin's apparent demand down about 284,000 BTC over 30 days, the fastest contraction since March 2025.

The firm's Bull Score Index fell from 90 on 13 October to 20, a reading it classes as extra bearish. One report of that figure notes 20 is the same level the index printed in April 2025, just before the market bottomed, which is the kind of comparison that gets quoted more than it gets tested.

Stablecoin supply has moved the same way. CryptoQuant said USDT's market capitalisation fell about $6.6 billion over 60 days, more than twice the contraction seen after FTX's collapse in December 2022, and the largest 60-day drop since its data began in 2022.

Two other gauges point the same direction: the Coinbase Premium, a measure of US spot demand, has been negative for 30 straight days, and futures liquidations jumped 288% to $725 million on Tuesday, according to CoinGlass.

The $73,200 Line CryptoQuant Calls the Divide

CryptoQuant puts Bitcoin's 200-day moving average at $73,200 and calls it the next important support. A break below, in the firm's view, opens the door to a deeper correction rather than a shallow one.

Bitcoin was trading near $73,000 on Wednesday, after dipping to about $72,700 during Tuesday's session. A CoinGecko snapshot used in Tuesday's ETF coverage had it at $73,998, down 1% over 24 hours and 5.2% over seven days.

That puts price within a few hundred dollars of the level CryptoQuant flags, which is why the next few daily closes carry more weight than usual. Reclaiming and holding above the 200-day average keeps the correction in the shallow bucket; a decisive close below it is the invalidation for that read.

What Is Still Unchecked

• CryptoQuant's 10 November report sits behind a bot check, so its figures here come from outlets that cite the report rather than from the document itself.
• SoSoValue's ETF dashboard was not readable for this article, so the roughly $1.6 billion November total rests on reported figures.
• Balchunas's original post could not be opened, so the $12 billion per day and the 17 equity funds are second-hand.

The next checkpoints are the daily flow prints in Farside's table and the December Fed decision traders are now pricing, with the 200-day average at $73,200 as the level that decides which of CryptoQuant's two scenarios is playing out.