(SeaPRwire) – Everyone wants the bounce to be real. It isn’t. Wednesday’s $74.6 million inflow into US spot Bitcoin ETFs looked like a turning point. Thursday destroyed it. BlackRock’s IBIT bled another $105 million on November 5. That marks five consecutive sessions of withdrawals. Cumulative damage? $1.04 billion. This is not a dip-buying pause. This is a client exodus from the industry’s most important Bitcoin vehicle.
Fidelity’s FBTC led the rout with $199.9 million in outflows. IBIT followed with $105 million. Grayscale’s GBTC lost $49.9 million. Franklin Templeton’s EZBC gave back $32.9 million. VanEck’s HODL dropped $23.6 million. ARK 21Shares’ ARKB shed $18.9 million. The remaining six tracked funds reported no net flows. Across November’s first four trading sessions, Bitcoin ETFs lost $869.8 million total. IBIT alone accounted for $806.5 million. The daily path is ugly. October 30: $233.7 million out. November 2: $405.3 million out. November 3: $95 million out. November 4: $201.2 million out. The only green day came from Fidelity’s $236.7 million rush into FBTC on November 4. That lifted aggregate flows to $74.6 million. It did nothing for BlackRock.
Redemptions do not mean BlackRock directly dumped Bitcoin. IBIT creates and redeems through authorized participants. The data only shows net fund redemptions, not individual sellers. But the message is still loud. Institutions that bought this product are walking out. Bitcoin briefly recovered above $77,000 after the midterm elections. Thursday wiped that out. BTC slipped to about $75,463 on Bitstamp. Tech stocks fell hard. Leveraged longs got liquidated. The rebound was a counter-rally inside a bigger distribution phase. If the flagship fund cannot stop the bleeding, the rest of the complex will follow. Watch IBIT’s daily flow data closely. Treat every bounce as a short-covering event until fresh accumulation actually shows up.