Bitcoin ETFs shed $2.35B in two weeks as BlackRock’s losing streak hits 11 sessions

US spot Bitcoin exchange-traded funds (ETFs) recorded $2.35 billion in net outflows over two consecutive weeks, as redemptions reached more than $1 billion each week. 

According to Farside Investors data, spot Bitcoin ETFs shed $1.07 billion between Nov. 9 and Nov. 13, following $1.28 billion in outflows the previous week, the largest weekly redemptions since late June. 

The funds recorded $185.4 million in net outflows on Friday, down from $284.1 million on Thursday and $299.8 million on Wednesday. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $143.5 million of Friday’s withdrawals, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) shed $41.9 million. 

Friday marked the seventh consecutive trading session of net withdrawals, with about $1.71 billion redeemed since Nov. 5. The sustained outflows coincided with broader market weakness as Bitcoin (BTC) fell below $70,000 on the same day. 

BlackRock’s Bitcoin ETF extends losing streak to 11 sessions

IBIT’s $143.5 million in net outflows on Friday extended the fund’s withdrawal streak to 11 consecutive trading sessions since Oct. 30. 

The latest losses brought IBIT’s total net outflows over the 11-session streak to about $2.35 billion, extending withdrawals after outflows crossed the $2 billion mark on Wednesday.

IBIT shed $908.4 million during the latest week, following approximately $1.21 billion in withdrawals the previous week. Its November outflows reached $2.12 billion, accounting for roughly 90% of the broader Bitcoin ETF market’s net withdrawals during the month.

Related: Adam Back makes case for simpler security as Blockstream launches Bitcoin custody system