BlackRock IBIT Redemptions Drive $399 Million Net Outflow From Spot Bitcoin ETFs

U.S. spot Bitcoin ETFs recorded $399 million in net outflows on Nov. 2, driven by $405 million in redemptions from BlackRock's iShares Bitcoin Trust (IBIT). BlackRock offloaded roughly $405.3 million in Bitcoin, transferring tranches of 3,215 BTC and 1,698 BTC to Coinbase Prime as Bitcoin traded between $80,000 and $82,000. Inflows into other funds, including $6.68 million into Fidelity's FBTC, partially offset IBIT's losses. Total spot ETF net assets stood at $98.125 billion, or 6.36% of Bitcoin's market cap, while cumulative net inflows reached $56.582 billion.