U.S. spot Bitcoin exchange-traded funds recorded $300 million in net outflows on November 11, while spot Ethereum ETFs lost $145 million, led by withdrawals from BlackRock's ETHA. The redemptions came as analyst sentiment toward Bitcoin grew increasingly bearish, with the asset approaching $73,000.

Data providers SoSoValue, CryptoQuant, and Glassnode all registered weakening demand for U.S. spot crypto funds amid inflation concerns and broader market pressure. Because these funds disclose creations and redemptions each trading day, their flow data has become a regularly cited gauge of demand through the ETF channel since spot Bitcoin funds debuted in the U.S. in January 2024.

Bitcoin and Ethereum ETFs Record Heavy Outflows

According to SoSoValue, Bitcoin spot ETFs posted $300 million in net outflows on November 11. Morgan Stanley's MSBT stood out among individual products, attracting $8.96 million and leading all funds in daily inflows.

Ethereum spot ETFs recorded $145 million in net withdrawals the same day, with BlackRock's ETHA accounting for $130 million of the total. U.S. spot Ether ETFs began trading in July 2024, extending the ETF structure to the second-largest cryptocurrency.

The flows coincided with a sharp decline in analyst sentiment tracked by CryptoQuant. The firm's Analyst Consensus Index fell from -1.0σ to -1.8σ within seven days as Bitcoin approached $73,000. CryptoQuant attributed the worsening reading to ETF withdrawals, inflation concerns, and weakness in the Nasdaq — factors that have coincided with reduced demand for U.S. spot Bitcoin funds.

Glassnode Tracks $1.6 Billion in ETF Redemptions

Glassnode reported that U.S. spot Bitcoin ETFs recorded $1.6 billion in net outflows over 20 trading sessions. The cumulative withdrawals crossed the firm's $1.5 billion threshold for defining an outflow stretch on November 9.

Despite crossing that mark, Glassnode characterized the current period as relatively shallow compared with previous outflow stretches. The firm also noted that, during earlier episodes, inflows resumed only after Bitcoin had reached its low. That framing gives observers a benchmark for comparing redemption episodes, with SoSoValue's daily flow tables and CryptoQuant's consensus index serving as the running indicators as the current stretch develops.

Bitcoin ETF Flows Show Changing Demand Since 2024

Historical flow data covering January 2024 through November 2026 — essentially the products' entire U.S. trading history — shows the shifting demand pattern. Early 2024 brought inflows above $500 million, including one near $1 billion, alongside a Bitcoin recovery. Between October and November 2024, inflows reached approximately $1.35 billion.

Flows turned volatile in early 2025, a stretch that included an outflow near $1 billion. Inflows returned between June and September 2025, with several spikes exceeding $1 billion, before selling pressure increased toward November.

In 2026, inflows periodically reached $500 million to $800 million, and September recorded another spike near $1 billion. However, withdrawals repeatedly exceeded $500 million, and the latest chart activity shows renewed outflows.