BlackRock's IBIT Drives $399 Million Outflow From Spot Bitcoin ETFs

U.S. spot Bitcoin ETFs registered roughly $399 million in net outflows on Monday, Nov. 2, driven by $405.3 million in redemptions from BlackRock's iShares Bitcoin Trust (IBIT). BlackRock transferred 3,215 BTC and 1,698 BTC to Coinbase Prime to fulfill redemptions, marking IBIT's largest single-day withdrawal since June. Inflows of about $6.7 million into Fidelity's FBTC marginally cushioned the sector's net loss. Following the outflows and market uncertainty over a $6.3 billion Binance exploit, Bitcoin dropped below $76,400 to reach its lowest level since August.