Key Takeaways
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US spot Bitcoin ETFs lost $1.28 billion in a week, pushing 2026 net flows to approximately negative $914 million.
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BlackRock's IBIT accounted for $1.21 billion of the withdrawals.
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Strong US employment data lifted December Fed rate-hike expectations to around 81%, adding pressure on Bitcoin.
US spot Bitcoin exchange-traded funds lost $1.28 billion in the week ended Nov. 6, pushing their 2026 net flows into negative territory as investors confronted stronger employment data, rising interest-rate expectations and a technology stock sell-off.
The withdrawals marked the funds' worst week since late June and left year-to-date net outflows at around $914 million.
Bitcoin now faces an inflation report that could reinforce expectations for tighter monetary policy.
BlackRock Leads Bitcoin ETF Withdrawals
BlackRock's iShares Bitcoin Trust , IBIT, accounted for approximately $1.21 billion of the weekly withdrawals, making it the main source of the sector's negative flows.
Investors pulled $430.2 million from US Bitcoin ETFs on Nov. 5 and another $411.9 million the following day.
Wednesday provided the week's only positive session, with $74.6 million in net inflows. Across the five trading days, withdrawals totaled $1.2817 billion.
The pattern nevertheless revealed differences among funds. Fidelity's FBTC attracted $42.8 million on Friday, while IBIT lost $403 million. Those opposing flows suggest investors continued making selective allocations even as aggregate demand weakened.
Selling also extended beyond Bitcoin. Spot Ether ETFs recorded approximately $365.3 million in weekly outflows, marking their sixth consecutive negative week and indicating that the retreat affected multiple cryptocurrency investment products.
ETF redemptions provide one measure of investor positioning, though they do not necessarily imply that every seller has abandoned cryptocurrency exposure elsewhere.
Strong Jobs Data Strengthens December Hike Bets
The US economy added 165,000 nonfarm jobs in October, while unemployment edged down to 4.1%.
Revisions also lifted combined employment gains for August and September by 84,000, strengthening the picture of labor-market resilience. The figures reduced the urgency for monetary easing and sharpened attention on persistent inflation risks.
By Nov. 9, markets priced in an approximately 81% probability of a quarter-point December rate increase, up from roughly 72% before Friday's payrolls release.
The 10-year Treasury yield stood near 4.87%.
Higher bond yields can make speculative assets less attractive by increasing returns available from interest-bearing investments.
The technology sell-off compounded those pressures.
The Nasdaq Composite fell 5.52% on November 5, while the Philadelphia Semiconductor Index plunged 12.25%.
The simultaneous declines highlighted Bitcoin's exposure to broader risk appetite.
Inflation and Congressional Changes Shape Bitcoin's Outlook
The next immediate catalyst is October's Consumer Price Index report, scheduled for November 10 at 8:30 a.m. Eastern time. A stronger inflation reading could reinforce rate-hike expectations, while softer data could ease some pressure on risk assets.
Political uncertainty adds another consideration. Democrats won majorities in both congressional chambers in the midterm elections , creating a different legislative environment when the new Congress takes office next year.
Bitfire Research expects that transition to complicate the outlook for digital-asset legislation. Its assessment identifies investor protection, anti-money-laundering requirements and conflicts of interest as potential priorities for incoming congressional leadership.
The firm also describes Bitcoin as searching for a bottom. Its analysis places immediate support between $74,400 and $75,000, with resistance around $80,000 and $84,000.
A sustained break below support could invite further selling, while a recovery of resistance would signal improving momentum.
For now, the central question is whether inflation data and renewed ETF demand can interrupt the withdrawal cycle.
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