U.S. cryptocurrency exchange-traded funds experienced another difficult trading session on November 2, with spot Bitcoin ETFs recording $399 million in net outflows and spot Ethereum ETFs losing $140 million, according to data attributed to SoSoValue. Net flow figures capture the difference between capital entering and leaving funds over a single trading session. Together, the two categories registered $539 million in combined net withdrawals.

Bitcoin funds accounted for approximately 74% of the combined net withdrawals, while Ethereum products represented the remaining 26%. The latest outflows highlight continued caution among investors using regulated cryptocurrency investment products. Still, the figures were not uniformly negative across every fund: some individual ETFs continued to attract fresh capital, although the positive flows into selected products were not enough to offset the larger withdrawals elsewhere.

U.S. spot Bitcoin ETFs began trading in January 2024, followed by spot Ethereum ETFs later that year. Unlike futures-based products, spot ETFs hold the underlying cryptocurrency directly, giving brokerage investors regulated vehicles for exposure to the two largest cryptocurrencies. Their combined daily flows have since become a widely followed data point for the digital asset market.

Fidelity and Morgan Stanley Funds Buck the Trend

While the broader Bitcoin ETF market experienced significant selling pressure, Fidelity's Wise Origin Bitcoin Fund (FBTC) reportedly attracted $6.68 million in net inflows, according to the SoSoValue figures. That was the largest individual inflow among the Bitcoin funds tracked for the session, even as the Bitcoin fund category shed $399 million overall.

Ethereum ETFs showed a similar pattern. Morgan Stanley's Ethereum Trust, identified by the ticker MSSE, reportedly led individual Ethereum fund inflows with $3.15 million. Morgan Stanley, one of Wall Street's major investment banks, reportedly launched the trust in July 2026. The fund's positive daily flow is notable because the wider Ethereum ETF category recorded $140 million in withdrawals. Still, a single day of inflows does not establish sustained investor demand, and individual ETF flows can diverge because of portfolio adjustments, investor preferences and fund-specific activity.

The session's flows were also highlighted in a post on X by the account Wu Blockchain on November 3, 2026:

U.S. Bitcoin ETFs Shed $399 Million, Ether Funds Lose $140 Million According to SoSoValue, U.S. spot Bitcoin ETFs recorded $399 million in net outflows on November 2, while Fidelity's FBTC led individual fund inflows with $6.68 million. Spot Ethereum ETFs saw $140 million in net… pic.twitter.com/vfZXIZ7TNa

— Wu Blockchain (@WuBlockchain) November 3, 2026

Why the Outflows Are Closely Watched

The latest Bitcoin and Ethereum ETF outflows raise questions about institutional and traditional-market demand for the two largest cryptocurrencies. Spot ETFs allow investors to gain exposure to Bitcoin and Ethereum through conventional brokerage accounts without directly managing cryptocurrency wallets, and because these products connect traditional financial markets with digital assets, their daily flows are closely followed.

Large net withdrawals can reflect reduced exposure or portfolio rebalancing, potentially affecting short-term market sentiment. However, ETF outflows do not automatically mean that every investor is bearish or that cryptocurrency prices must decline. Digital asset prices also depend on spot trading, derivatives markets, liquidity and broader economic conditions. The positive inflows into FBTC and MSSE demonstrate that some investors continued allocating capital despite the overall negative session.

For now, the combined $539 million withdrawal marks a significant day of selling pressure across U.S. Bitcoin and Ethereum spot ETFs. Upcoming trading sessions will help show whether the outflows continue or whether demand begins to recover.