U.S. spot ETF outflows totaled roughly $201 million across Bitcoin and Ether funds on November 3, with BlackRock's products at the center of the selling. Bitcoin funds shed $115.6 million, while Ether funds lost $85.3 million, according to Farside Investors' Bitcoin ETF flow update. The withdrawals landed as U.S. midterm results rolled in.

BlackRock's IBIT recorded $95 million in Bitcoin redemptions, the largest single Bitcoin fund exit of the session. Grayscale's Bitcoin Mini Trust (BTC) followed with $52.6 million in outflows. A smaller group of funds absorbed new money: Bitwise's BITB added $21.9 million, Fidelity's FBTC took in $6.8 million, and Morgan Stanley's MSBT added $3.3 million. Those inflows offset only part of the day's withdrawals. Daily net-flow figures tally creations and redemptions across each fund, which is why the numbers are widely tracked as a gauge of institutional demand for crypto exposure.

Spot ETF Outflows Concentrate in IBIT and ETHA

Ether funds followed the same pattern. BlackRock's ETHA recorded $74.4 million in net outflows, and Grayscale's Ethereum Mini Trust (ETH) lost another $10.9 million. No other Ethereum ETF logged net flows in the session, per Farside data.

ETHA alone accounted for most of the Ether category's daily withdrawal, just as IBIT carried the bulk of the Bitcoin side. The selling was concentrated in BlackRock's largest products rather than reflecting a broad industry exit. Because those two funds anchor their respective categories, their daily totals tend to set the tone for the category-wide numbers.

Two-Day Spot ETF Outflows Near $739 Million After Nov. 2 Sell-Off

The latest withdrawals followed a much larger wave on November 2, when U.S. spot Bitcoin ETFs lost about $398.6 million and Ethereum funds shed $139.7 million — a combined decline of nearly $538 million in a single session, as previously reported.

BlackRock products drove most of those redemptions: IBIT recorded $405.3 million in outflows and ETHA lost $138.3 million, while Fidelity's FBTC attracted $6.7 million and Morgan Stanley's MSSE took in $3.2 million.

With November 3's flows included, the two-day total for Bitcoin and Ether funds stands at about $739 million. Bitcoin funds have now logged three straight withdrawal sessions, and Ethereum products have posted seven consecutive days of net outflows, a streak consistent with recent Bitcoin ETF outflows in prior weeks. Each streak resets with the first session of net inflows, so a single strong day of creations would break the pattern.

Midterm Results Spark a Bitcoin and Ether Rebound

The ETF withdrawals came as investors watched U.S. midterm results, with crypto policy stakes riding on the outcomes. After the results, Bitcoin and Ethereum recovered from earlier declines. Analyst Ash Crypto noted that Bitcoin rose 3.65% from its low and moved back above $78,000, while Ethereum advanced 4.57% to trade near $2,320.

Journalist Eleanor Terrett reported that more than $64 million in industry spending failed to stop Sherrod Brown from winning his Senate race. Brown could take a committee leadership post with jurisdiction over cryptocurrency; panels such as Senate Banking and House Financial Services handle the market-structure and oversight bills that set the regulatory framework for digital asset firms. Several pro-crypto Republican lawmakers also lost seats, including Bryan Steil, Zach Nunn, and Ann Wagner. In New York's 17th District, Republican Mike Lawler conceded to Democrat Cait Conley, though The Associated Press had not yet called the race because delayed ballots were still being counted.

Democrats strengthened their Senate majority, with Kirsten Gillibrand helping deliver a larger-than-expected win as Republicans lost control of the chamber. Tim Scott is expected to become the Banking Committee's ranking member. In the House, Maxine Waters is expected to take Financial Services if Democrats secure the chamber, while French Hill's race remained uncalled. Pro-crypto Republican Andy Barr won Kentucky's open Senate seat, and Pete Ricketts retained his Nebraska seat.

Spot ETF outflows continue to build in BlackRock's flagship funds, and rival inflows are not yet large enough to offset them. The coming sessions should show whether the midterm rebound holds or whether institutional demand keeps cooling.