Over a billion dollars flowed from Bitcoin ETFs in two sessions

American spot Bitcoin ETFs lost a net net loss of approximately $399 million on Monday, following an outflow of $643 million. on Friday.

BlackRock’s IBIT alone generated USD 405.3 million. The inflow into Fidelity’s FBTC reduced the net outflow from the entire market to approximately $399 million.

According to Galaxy Research, some large investors previously limited their positions because they earned less from arbitrage. However, the analysis ends in June and does not explain the current outflows.

American spot bitcoin ETFs recorded a net outflow of $398.6 million on Monday, November 2, according to SoSoValue data cited by TokenPost. On Friday, October 30, the outflow was $643.3 million. and was the largest daily since June, according to crypto.news. The total is over a billion dollars in two consecutive sessions. How such funds work is explained in the text about what an ETF is.

USD 405.3 million flowed from IBIT

On Monday, $405.3 million came out of BlackRock’s IBIT, more than the outflow from the entire market. Fidelity’s FBTC was the only fund with an inflow: it attracted approximately $6.7 million. In the remaining funds, flows were zero. The total asset value of these ETFs was approximately USD 98.1 billion.

Who has reduced positions in ETFs before?

Flow data shows how much money flowed into or out of the fund, but does not identify specific investors or the reasons for their decisions. Earlier position changes are described in a late October report by Galaxy Research, discussed by Decrypt. It is based on 13F reports in which large managers disclose their securities holdings at the end of the quarter.

According to Galaxy, institutions submitting 13F reports had shares in spot ETFs corresponding to approximately PLN 355,000 at the end of September 2025. BTC, and at the end of June 2026 approx. 307 thousand. BTC. Nine companies, including Millennium, Goldman Sachs, Brevan Howard and DE Shaw reduced their exposure by approximately PLN 68,000 during this time. BTC, which is more than the positions of all these institutions fell combined.

Galaxy attributes these reductions to lower arbitrage profitability, rather than to a change in expectations about the price of bitcoin. The funds bought ETFs and sold futures contracts at the same time, making money on the price difference. As this gap decreased, the strategy no longer paid off. After taking into account the costs, it was difficult to justify it instead of buying T-bills, according to Galaxy analyst Alex Thorn.

On the other side, they bought, among others: Morgan Stanley’s wealth management division and Abu Dhabi sovereign funds, Mubadala and Abu Dhabi Investment Council. About 2.2 thousand other institutions increased their total positions in ETFs by the equivalent of approximately PLN 20,000. BTC.

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What does this mean to you

More than a billion dollars of outflow in two sessions does not yet say whether sellers expect further declines in bitcoin or are closing their price spread strategy. Reducing a position in an ETF may also involve closing the position in futures contracts securing it. Galaxy’s data ends in June, so it doesn’t make it possible to determine whether the same investors are selling now. You can find the current price and chart on the Bitcoin rate page.

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What is not known yet

It is not known who was responsible for the outflows from IBIT on Friday and Monday. 13F reports for the third quarter, submitted by November 16, will show the status at the end of September. Therefore, they will not cover transactions from October 30 and November 2. Later reports will also show items at the end of the quarter rather than a list of each day’s transactions.