--- title: "Spot bitcoin funds had $1.28 billion in net withdrawals last week, nearly all from IBIT" url: "https://etf.net/news/spot-bitcoin-funds-outflows-mostly-ibit-2026-11-09" published_at: "2026-11-09T15:51:12.590Z" updated_at: "2026-11-09T15:51:12.590Z" byline: "ETF.net Research" --- # Spot bitcoin funds had $1.28 billion in net withdrawals last week, nearly all from IBIT The trusts hold the same bitcoin, so a second ticker is not a second bet, and one of them still charges 1.50%. By ETF.net Research. Published Nov 9, 2026. Farside Investors, a London investment adviser that publishes a daily tally of U.S. spot bitcoin fund flows, counted **$1.28 billion** in net withdrawals across the five sessions ended Friday, Nov. 6. BlackRock's iShares Bitcoin Trust ETF IBIT accounted for $1.21 billion of that. These funds hold bitcoin itself, not mining companies, an exchange or a basket of tokens. The coin in each trust is the same. The difference is the wrapper around it: the fee and the market in the shares. ## Where the withdrawals came from The week was uneven. On Farside's table the funds had net withdrawals of $399 million on Monday and $116 million on Tuesday, took in $75 million on Wednesday, then had net withdrawals of $430 million on Thursday and $412 million on Friday. IBIT had net withdrawals on all five sessions, including Wednesday, the only day the funds as a whole took money in. It had $201 million in net withdrawals that day. Fidelity's Wise Origin Bitcoin Fund FBTC took in $237 million on Wednesday and $93 million for the week. On Friday, IBIT alone had $403 million in net withdrawals. The Grayscale Bitcoin Trust ETF GBTC had $61 million in net withdrawals over the five days. IBIT held $60.7 billion of net assets as of Friday, on [BlackRock's count](https://www.ishares.com/us/products/333011/ishares-bitcoin-trust). Its withdrawals were about 2% of the fund. Over the 20 sessions through Friday, the shares changed hands at about $1.77 billion a day, between buyers and sellers of shares that already exist. Creating or redeeming shares is a separate transaction. An authorized participant, a broker-dealer allowed to deal in large blocks, adds a block or takes one out, and the trust's bitcoin moves with it. Last week, redemptions exceeded creations. Trading between holders of the shares did not stop those withdrawals. Buying IBIT and the Fidelity fund does not spread the bet. Each holds the same bitcoin, and on Wednesday the two wrappers moved in opposite directions. ## An outflow is not a sale of the coin Those withdrawals are not, by themselves, a sale of bitcoin on an exchange. On July 29, 2025, the Securities and Exchange Commission allowed authorized participants to create and redeem shares of these exchange-traded products in kind. They can deliver bitcoin for new shares, or hand in shares and take bitcoin out. Until then, the products were limited to cash. Commissioner Mark T. Uyeda described that cash-only version in a statement that day. "Under such a model, authorized participants must redeem ETP shares for U.S. dollars, forcing the ETP issuer to buy or sell the crypto asset on the open market." In-kind dealing removes that forced sale. The trust can hand the bitcoin to the authorized participant instead of selling it to raise dollars. An ordinary holder never deals in those blocks. BlackRock's prospectus says IBIT shares are not redeemable except in baskets, and only by authorized participants. Everyone else sells to another buyer on the exchange, and only while the stock market is open. Bitcoin trades all week. The share does not. ## The fee is the difference Once the coin is the same, the wrapper is a cost. The Grayscale Bitcoin Mini Trust ETF BTC charges 0.15%. GBTC charges 1.50%. Same sponsor, same bitcoin, 10 times the fee. The gap is 1.35 percentage points, or **$1,350** a year on $100,000, before taxes and before the cost of trading in or out. Table: Fund, Fee GBTC is still larger than the mini trust. [Grayscale](https://etfs.grayscale.com/gbtc) reported $9.47 billion in GBTC as of Nov. 5, and [$4.72 billion](https://etfs.grayscale.com/btc) in the mini trust as of Friday. On that $9.47 billion, the extra 1.35 percentage points is about $128 million a year if the assets do not change. BlackRock's [prospectus](https://www.ishares.com/us/literature/prospectus/p-ishares-bitcoin-trust-12-31.pdf) says what a fee does inside a trust that holds only bitcoin. "The number of bitcoins represented by a Share will decline each time the Trust pays the Sponsor's Fee or any Trust expenses not assumed by the Sponsor by transferring or selling bitcoins." A higher fee takes bitcoin out from behind each share faster. These trusts are built to trail the coin by their expenses, not to beat one another with a different portfolio. Through Friday's close, the shares had moved together this year. IBIT was down 13.6%, FBTC 13.6%, the mini trust 13.5%, and GBTC 14.5%. GBTC dates to Sept. 25, 2013, and listed as an exchange-traded product on Jan. 11, 2024. The mini trust listed on July 31, 2024, and moving from one to the other means selling the shares. In a taxable account that sale is separate from the fee, and it does not make 1.50% small. The lowest fee among the 13 spot bitcoin funds is 0.14%, on Morgan Stanley Investment Management's Morgan Stanley Bitcoin Trust ETF MSBT, which launched on April 7, 2026. Chart: **GBTC** is the fee outlier among 13 spot bitcoin funds IBIT, the fund with $60.7 billion as of Friday, charges 0.25%. Source: etf.net, https://etf.net/news/spot-bitcoin-funds-outflows-mostly-ibit-2026-11-09. Please cite the page URL.