The latest numbers came from Sosovalue data, which showed $95 million in net outflows on Nov. 10 and total net assets of $92.82 billion across the funds. U.S. spot ether ETFs also posted a fourth straight day of outflows, though only $1.3 million left.

The funds were up $1.43 billion for the year just three weeks ago, and as of Nov. 9, they sat at $1.03 billion in net outflows. Moreover, by this point last year, the same products had taken in $24.7 billion, and $25.8 billion in 2024, which works out to a $25.7 billion swing from 2025’s pace.

Adding Tuesday’s $95 million pushes the 2026 total past $1.1 billion, and if the trend holds through December, 2026 would be the first calendar year of net outflows since U.S. spot bitcoin ETFs made their debut a couple of years ago in January.

The reversal is stark given how recently the money was flowing in because on Oct. 20, Bitcoin.com News reported that Blackrock had posted its biggest yearly inflow as its ETFs added $527 million in a single session.

Blackrock’s iShares Bitcoin Trust (IBIT) has driven most of the selling, with the fund having recorded seven consecutive days of outflows since Oct. 30, totaling $1.66 billion. On Monday, Nov. 9, IBIT lost $213.2 million while the overall group saw $201.1 million leave, with Morgan Stanley’s MSBT posting a $22.1 million inflow, per TFTC’s daily tracker.

November has been heavy across the board. Including Tuesday’s print, the funds have posted net outflows on six of seven trading days this month, totaling roughly $1.58 billion, with the worst day on Nov. 5 at $430.2 million. The only green session was Nov. 4, when Fidelity’s FBTC took in $236.7 million. Outside of IBIT, US spot bitcoin ETFs have seen $3.8 billion in net outflows this year.

The outflows line up with a sharp turn in rate expectations as October’s U.S. consumer price index (CPI) came in at 0.4% month over month against a 0.3% forecast, resulting in bitcoin crashing to $72,787 after the release.

Goldman Sachs added to the gloom on Nov. 11, with Whale Insider reporting that the bank now forecasts two 25-basis-point hikes in December and March 2027. Higher rates tend to weigh on non-yielding assets like bitcoin, and ETF buyers have responded by stepping back.

Bitcoin is currently trading near $73,700, down about 1.5% over 24 hours, and prediction markets have already favored another drop as year-end forecasts have soured.

Some traders see the washout as a contrarian signal. Charles Edwards of Capriole Investments, for instance, said recently that bitcoin treasury companies are now in capitulation mode, with the ratio of cumulative buys to sells dropping below 90% for only the fourth time.

Separately, market analyst Joe Consorti argued that bitcoin had already “had its bear market” after falling 53% from its peak, and that holding the 200-day moving average would make this “just a correction inside a bull market.”

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