Overview
- U.S. spot Bitcoin ETFs logged a combined $398.6 million net outflow on November 2, with BlackRock’s IBIT accounting for roughly $405.3 million of that withdrawal.
- U.S. spot Ether ETFs recorded about $139.7 million in net outflows on November 2, with BlackRock’s ETHA responsible for roughly $138.3 million and the category extending a multi‑day redemption streak.
- On‑chain trackers reported large custodial moves tied to these redemptions, including roughly 580,145 ETH moved from addresses labeled as BlackRock Coinbase Prime deposit wallets and multiple BTC transfers to Coinbase Prime totaling about $405.3 million.
- Despite the ETF withdrawals and transfers, markets showed a short‑term rebound as Ethereum reclaimed near $2,300 and Bitcoin pushed above $80,000 while exchanges recorded heavy short liquidations.
- Analysts note a possible link to the Oct. 29 Binance security incident but say causality is unproven, and they urge watching whether outflows spread beyond a few large issuers or reverse into sustained inflows.