U.S. spot ETF outflows hit nearly $538 million across Bitcoin and Ether funds on November 2. BlackRock’s products led the exits. Bitcoin ETFs lost $398.6 million. Ethereum funds shed $139.7 million. The figures come from Farside Investors’ Bitcoin ETF flow update.
BlackRock’s IBIT led with $405.3 million in Bitcoin redemptions. Its Ether fund, ETHA, lost $138.3 million. Fidelity’s FBTC added $6.7 million. Morgan Stanley’s MSSE added $3.2 million. Both were among the few funds to take cash in. The print points to caution as U.S. midterm elections near.
Spot ETF Outflows Hit Bitcoin Funds for Nearly $399M
IBIT’s $405.3 million exit exceeded the Bitcoin category’s $398.6 million net total. That gap exists because FBTC added $6.7 million. Every other spot Bitcoin fund reported zero flow.
Ether funds followed the same pattern. ETHA lost $138.3 million. ETHB lost $4.6 million. The net Ether outflow was $139.7 million, per Farside’s Ether ETF flow update. Morgan Stanley’s Ethereum Trust (MSSE), launched in July 2026, took in about $3.2 million. That was the largest inflow among Ether funds.
The redemptions reflect client share sales, not BlackRock selling its own holdings. When investors sell ETF shares, the issuer must release matching coins to settle the trade.
The exit was concentrated. ETHA alone made up about 99% of the net Ether outflow. IBIT’s loss exceeded the entire Bitcoin net figure. Selling centered on BlackRock’s products rather than spreading across the industry.
Ethereum Funds Shed Nearly $140M as ETHA Dominates
U.S. spot Ethereum ETFs recorded $139.7 million in net outflows. ETHA accounted for $138.3 million. The fund made up almost the entire category’s daily withdrawal total.
Fidelity’s FETH and several other Ethereum products recorded no net flows. MSSE pulled in about $3.2 million, the biggest inflow among listed funds. ETHB went the other way, shedding $4.6 million.
Bitcoin and Ether products both saw heavy withdrawals. The losses concentrated in BlackRock’s largest funds. Buying from other providers stayed limited. That pattern also tracks recent Bitcoin ETF outflows in prior sessions.
Analyst Crypto Patel also reported outflows from other U.S. crypto investment products. His figures included $2.86 million from HYPE ETFs and $3.63 million from ZEC ETFs. Smaller withdrawals hit XRP and AVAX products.
Midterm Uncertainty Weighs on Institutional ETF Demand
The latest withdrawals land as investors weigh several market risks. Those risks include the upcoming U.S. midterm elections.
Market analyst Quinten argued that investors have already priced in a potential Democratic victory in both chambers of Congress. He cited prediction-market odds of 95% for a Democratic House win and 76% for a Senate win.
Quinten also pointed to historical stock performance after U.S. midterms. By his analysis, the S&P 500 posted positive returns over the next 12 months in all 21 midterm cycles since 1942. The average gain was 16.6%.
Bitcoin and Ethereum ETF outflows are piling up in BlackRock’s funds. Rival inflows are not large enough to offset them. The coming sessions should show whether investors are playing it safe ahead of the midterms or whether institutional demand is cooling.
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