US spot Bitcoin exchange-traded funds recorded $1.28 billion in net outflows during the week ended Nov. 6, pushing their 2026 net flows to approximately negative $914 million. The withdrawals came as strong employment data increased expectations of a Federal Reserve rate hike and a sharp technology-sector sell-off weakened demand for risk assets.
- Weekly Bitcoin ETF outflows reached $1.28 billion, the highest since late June.
- BlackRock’s IBIT accounted for approximately $1.21 billion of the withdrawals.
- Markets placed the probability of a quarter-point December rate increase at about 81%.
BlackRock Fund Dominates ETF Withdrawals
BlackRock’s iShares Bitcoin Trust, known as IBIT, was responsible for most of the week’s redemptions. The fund lost approximately $1.21 billion, making it the primary driver of the sector’s negative result.
Investors withdrew $430.2 million from US spot Bitcoin ETFs on Nov. 5, followed by another $411.9 million the next day. Wednesday was the only positive trading session of the week, producing $74.6 million in net inflows. Across all five sessions, net withdrawals totaled $1.2817 billion.
Fund-level activity showed that investors remained selective despite the broader retreat. Fidelity’s FBTC attracted $42.8 million on Friday, while IBIT posted $403 million in outflows. The contrast suggests that some investors shifted allocations between products rather than exiting Bitcoin exposure entirely.
The weakness also extended to other cryptocurrency funds. Spot Ether ETFs registered approximately $365.3 million in weekly outflows, marking their sixth consecutive negative week. This indicated that declining demand affected the wider digital-asset investment market, not only Bitcoin.
Employment Data Raises December Rate-Hike Expectations
The US economy added 165,000 nonfarm jobs in October, while the unemployment rate slipped to 4.1%. Revisions increased the combined employment gains for August and September by 84,000, reinforcing signs of labor-market resilience.
The stronger figures reduced the perceived need for monetary easing and renewed concerns that inflation could remain elevated. By Nov. 9, traders estimated an approximately 81% chance of a quarter-point Federal Reserve rate increase in December, up from roughly 72% before the employment report.
The 10-year US Treasury yield was near 4.87%. Higher government bond yields can pressure Bitcoin and other speculative assets because they increase the returns available from interest-bearing investments.
A steep decline in technology shares added to the risk-off environment. The Nasdaq Composite dropped 5.52% on Nov. 5, while the Philadelphia Semiconductor Index fell 12.25%. The simultaneous losses demonstrated Bitcoin’s continuing sensitivity to changes in broader market sentiment.
Inflation Data Becomes the Next Major Test
Investors are now focused on the October Consumer Price Index report, scheduled for Nov. 10. A higher-than-expected inflation reading could strengthen the case for tighter monetary policy and place additional pressure on Bitcoin. Softer inflation could reduce rate-hike expectations and offer relief to risk assets.
Political changes may also influence the longer-term outlook for the cryptocurrency industry. Democratic majorities in both chambers of Congress could lead to greater attention on investor protections, anti-money-laundering rules and potential conflicts of interest when the new Congress takes office.
Bitcoin Searches for Support
Bitcoin is attempting to establish support between $74,400 and $75,000. A sustained move below that range could trigger further selling, particularly if ETF withdrawals continue or inflation strengthens expectations of another rate increase.
On the upside, resistance is expected near $80,000 and $84,000. Recovering those levels could signal improving momentum and renewed institutional demand.
For now, Bitcoin’s near-term direction is likely to depend on inflation data, bond yields and whether spot ETFs can break their recent withdrawal trend.
