Key Insights: Crypto ETFs recorded approximately $538 million in combined outflows on Nov. 2. BlackRock’s Bitcoin fund lost $405.3 million, outweighing Fidelity’s $6.7 million inflow. Ethereu
Crypto ETFs recorded approximately $538.3 million in combined net outflows on Nov. 2, led by BlackRock’s Bitcoin and Ethereum funds.
Farside Investors data showed Bitcoin ETFs lost $398.6 million, while Ethereum ETFs shed $139.7 million. The withdrawals extended selling pressure from the previous trading session.
The losses came despite positive flows into Fidelity’s Bitcoin fund and Morgan Stanley’s Ethereum product. Crypto ETFs continued attracting selective purchases, although larger redemptions outweighed those inflows.
Farside Investors recorded $405.3 million in withdrawals from BlackRock’s iShares Bitcoin Trust (IBIT) on Monday. The fund accounted for the entire net decline across U.S. spot Bitcoin products.
Bitcoin ETFs Record $6.7M Net Inflows | Source: X
Fidelity’s Wise Origin Bitcoin Fund (FBTC) attracted approximately $6.7 million during the same session. Other tracked Bitcoin funds recorded no net movement.
The resulting $398.6 million outflow marked another difficult session for crypto ETFs. It followed $643.2 million in Bitcoin ETF withdrawals on Oct. 30.
BlackRock and Fidelity contributed $233.7 million and $201 million, respectively, to that earlier decline. ARK 21Shares’ ARKB also lost $129.5 million.
The two sessions produced approximately $1.04 billion in cumulative Bitcoin ETF outflows. Those withdrawals followed four consecutive trading sessions of net inflows through Oct. 29.
Farside data showed crypto ETFs had previously benefited from renewed Bitcoin demand during late October. Bitcoin funds attracted $176 million on Oct. 27 and another $137.3 million the following session.
However, the subsequent withdrawals erased those gains and reversed the short-term flow pattern. The figures indicated uneven institutional allocations rather than sustained buying across issuers.
Ethereum investment products recorded similar withdrawals on Nov. 2, according to Farside Investors. BlackRock’s iShares Ethereum Trust (ETHA) led redemptions with approximately $138.3 million in outflows. Its Ethereum Staking ETF (ETHB) recorded another $4.6 million in withdrawals.
Bitcoin ETFs Record $398.62M Outflows | Source: SoSoValue
Morgan Stanley’s Ethereum Trust (MSSE) bucked that trend with approximately $3.2 million in net inflows. The purchases reduced overall Ethereum ETF losses to approximately $139.7 million.
Morgan Stanley launched MSSE alongside its Solana Trust on July 28, 2026. The bank expanded its cryptocurrency investment products following an earlier Bitcoin fund launch.
However, crypto ETFs continued to experience concentrated selling in products managed by larger issuers. Morgan Stanley’s relatively small inflow could not offset BlackRock’s Ethereum redemptions.
Ethereum funds had already lost $155.7 million on Oct. 30. That session followed another $105.5 million in withdrawals on Oct. 29.
Farside records showed BlackRock’s ETHA accounted for much of the selling across those sessions. The pattern reflected persistent redemptions from a major Ethereum investment vehicle.
Fidelity’s Ethereum fund recorded no net flows on Nov. 2. Its earlier purchases had provided some support during October’s broader withdrawals.
The cryptocurrency fund withdrawals contrasted with increasing demand for leveraged U.S. equity products. The Kobeissi Letter reported approximately $15 billion in leveraged ETF inflows over the preceding month. The figure represented the largest rolling monthly inflow in at least two years.
U.S. Leveraged ETF Inflows Hit $15B | Source: X
Its analysis showed a reversal from approximately $2 billion in net withdrawals during early October. Retail demand for leveraged technology products drove much of the increase.
The Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL) attracted $7.3 billion during October. Kobeissi identified the figure as the fund’s largest monthly inflow on record.
The divergence showed investors continued to allocate capital to higher-risk equity products, while crypto ETFs saw redemptions. However, the separate fund categories did not establish a direct rotation between markets.
Morgan Stanley’s Quantitative and Derivative Strategies team also identified a shift in retail equity activity. Its estimates showed retail investors sold approximately $1.4 billion in U.S. equities on Nov. 2.
The bank described the session as only the second day of net retail selling in 2026. It followed cumulative retail purchases exceeding $1 trillion in equities and ETFs this year.
The data complicated any broader interpretation of investor risk appetite. Leveraged equity funds attracted substantial monthly inflows even as retail investors sold stocks during Monday’s session.
For crypto ETFs, the immediate issue remained the concentration of withdrawals within BlackRock’s products. Fidelity and Morgan Stanley attracted fresh allocations, but those purchases failed to offset larger redemptions.
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