US spot Bitcoin exchange-traded funds (ETFs) have swung to net outflows for 2026, with cumulative withdrawals reaching $1.03 billion through November 9, according to data from Farside Investors cited by Coin Bureau. Net flow totals, which trackers such as Farside compile daily from issuer disclosures, have been a widely followed measure of demand for these products since they began trading in the United States in January 2024.

The reversal represents a $25.7 billion swing from the funds' position at the same point last year, when they had attracted $24.7 billion in net inflows. The change in annual flows has been abrupt: just three weeks earlier, US spot Bitcoin ETFs were still showing a positive net balance of $1.43 billion for 2026. The subsequent deterioration pushed cumulative flows into negative territory, indicating that withdrawals have exceeded new investments across the products since the beginning of the year.

BlackRock's IBIT Records Seven Consecutive Days of Outflows

BlackRock's iShares Bitcoin Trust (IBIT), the largest fund in the US spot Bitcoin ETF category by assets, has been among the major contributors to the recent withdrawals. The fund recorded $1.66 billion in outflows over seven consecutive trading days, according to figures shared by Coin Bureau on X. Daily flow figures capture the net effect of share creations and redemptions in the primary market, so consecutive negative sessions mean redemptions outweighed creations each day.

The sustained withdrawals stand in contrast to comments from BlackRock about demand from large Bitcoin holders. The asset manager said whale demand to exchange BTC for IBIT shares was "the highest we've seen at any point," with approximately $3.6 billion converted so far. The conversion reference describes in-kind activity, in which large holders deliver Bitcoin directly to the fund in exchange for shares rather than acquiring them through market purchases.

The figures highlight a divergence between the reported demand for IBIT through Bitcoin conversion activity and the fund's recent net flow performance. The source does not provide further details on the timing of the $3.6 billion in conversions or how that activity relates to the seven-day withdrawal period.

Outflows Extend Beyond BlackRock's Fund

The withdrawal trend is not limited to BlackRock's product. Excluding IBIT, US spot Bitcoin ETFs have recorded $3.8 billion in net outflows so far in 2026, according to the figures cited by Coin Bureau.

The comparison with previous years underscores the scale of the reversal. By November 9 last year, US spot Bitcoin ETFs had accumulated $24.7 billion in net inflows. At the same point in 2024, the products had attracted $25.8 billion.

Against those historical totals, the current $1.03 billion net outflow marks a substantial shift in the annual flow position. The funds moved from a $1.43 billion positive balance just three weeks earlier to a negative position through November 9. Because the balance is a running year-to-date tally, subsequent daily updates to Farside's tracker will show whether the figure moves further below zero or climbs back, and whether IBIT's run of outflow sessions extends beyond seven trading days.

Farside's data, as cited by Coin Bureau, places the overall 2026 net flow balance at negative $1.03 billion, while BlackRock's IBIT has recorded $1.66 billion in withdrawals across seven straight days. The reported $3.6 billion in BTC-to-IBIT conversions and the $3.8 billion in outflows from ETFs outside IBIT add further detail to the contrasting flow trends.

Source: Hokanews