BlackRock's iShares Bitcoin Trust (IBIT) lost $269.73 million on Wednesday, its ninth consecutive session of withdrawals, pushing cumulative outflows from the largest U.S. spot Bitcoin fund past the $2 billion mark since Oct. 30.

Spot Bitcoin ETFs shed $299.9 million on Wednesday

U.S. spot Bitcoin ETFs posted outflows for the fifth straight day on November 11, shedding $299.9 million in total, according to Farside Investors data. IBIT alone accounted for roughly 90% of that figure. Because spot ETF shares are created or redeemed as investors buy in or sell out, the daily tallies give a direct read on how positioning across the funds is shifting.

Grayscale's GBTC lost another $39.13 million. Morgan Stanley's MSBT was the only fund to take in cash, adding $8.96 million for a third straight day of inflows, while the remaining funds posted no flows.

Wednesday's exit was more than triple Tuesday's $95 million and ended three days of slowing withdrawals. Five sessions since Nov. 5 have now sapped approximately $1.44 billion from the funds, some 1.5% of their $93.70 billion in net assets.

Selling opened at $430.2 million on Nov. 5 and $411.9 million on Nov. 6. Flow data shows IBIT's streak commenced on October 30, with its heaviest single-day exits landing on November 2 ($405.3 million) and November 6 ($403.0 million).

Cryptopolitan previously reported that the fund had logged its seventh straight day of outflows on Monday. It lost another $78.2 million on Tuesday before Wednesday's exit brought the streak's cumulative total to about $2.004 billion.

IBIT still holds $58.71 billion in assets, well ahead of Fidelity's FBTC at $12.98 billion and GBTC at $9.19 billion. The fund also handled $1.79 billion of the $2.27 billion in Bitcoin ETF trading recorded on Wednesday.

Ether ETFs lose $144.81 million as ETHA leads withdrawals

U.S. spot Ether ETFs, which began trading in July 2024, dropped $144.81 million on Wednesday, per Farside data, led by BlackRock's ETHA, which lost $129.78 million. ETHB, ETHW, FETH and EZET shed smaller amounts, and no Ether fund pulled in cash.

The group has seen $523.4 million of outflows over the past five sessions, about 4.5% of the $11.65 billion in net assets across Ether funds — almost three times the pace seen in Bitcoin funds.

Zcash, Solana, HYPE and NEAR products also lost money. Zcash funds shed $14.61 million and Solana funds $5.85 million, bringing total crypto ETF outflows for the day to roughly $468 million.

Robbie Mitchnick, head of digital assets at BlackRock, said large holders had traded about $3.6 billion of self-custodied Bitcoin for IBIT shares through in-kind transactions. “In-kind transactions into bitcoin ETFs are exploding in popularity,” Bitwise said in an X post featuring president Teddy Fusaro.

U.S. spot Bitcoin ETFs still constitute about 6.24% of Bitcoin's market cap, and together they have recorded net inflows of $55.1 billion since their January 2024 launches — a cumulative cushion that dwarfs IBIT's current streak of withdrawals.

Crypto liquidations topped $1 billion as Bitcoin dived below $75,000 on Nov. 9. At the time of writing, BTC was trading at $71,856, down 3.1% in the past 24 hours. The next round of daily flow data will show whether IBIT's streak reaches a tenth session and whether Ether funds continue to shed assets at a faster relative pace than their Bitcoin counterparts.