US spot Bitcoin ETFs recorded roughly $399 million in net outflows on Monday, Nov. 2, with BlackRock's IBIT alone shedding $405.3 million, its biggest daily outflow since June. The reversal comes as Bitcoin drifts around $77,000 and markets wait for the result of the US midterm elections.
What the ETF flows show
The $399 million figure covers the whole group of spot Bitcoin funds. IBIT's $405.3 million exit was larger than the group's net number, which means other funds took in money or lost less. It was the fund's heaviest outflow since June.
Across the last two sessions, outflows from Bitcoin ETFs have passed $1 billion. Ether funds fared no better, with about $140 million leaving on Monday after October became the worst month on record for US spot Ether ETFs, at $1.61 billion in net outflows.
Where Bitcoin stands
Bitcoin is trading near $77,000, in a 24-hour range of roughly $76,300 to $78,000. It dipped to about $76,300 before steadying, and is heading for a fifth straight weekly decline. The slide followed the $6.3 billion attack on a major exchange, which has weighed on risk appetite for several days.
On the other side, some companies keep accumulating: Strategy bought 811 BTC for $65.5 million at an average price of about $80,846, ending a one-week pause. That buying is small next to the money leaving ETFs over the same period.
Macro: strong activity, stubborn rates
US factory data released on Nov. 2 also matters. The ISM production index for October rose to 59, its highest since November 2021, and the manufacturing PMI climbed to 55.5 from 54.5, a tenth straight month of expansion. The prices index eased to 75.2 from 77.9, yet raw-material prices rose for the 25th month in a row.
Related: Crypto Market Today (Oct. 28): Bitcoin Near $80,000 Awaits Fed as Ether ETFs See Outflows
The Federal Reserve held its target range at 3.75%–4.00% on Oct. 28 by a 10–2 vote, with Lisa Cook and Beth Hammack preferring a quarter-point increase. Strong activity and sticky input costs make a quick path to lower rates harder to argue. That is analysts' reading, not a measured effect on Bitcoin's price.
What to watch next
Key checks are whether ETF flows stay negative or turn positive in the coming sessions, how the midterm results shape crypto legislation, and where rate expectations move in the bond market. Any of these can shift volume and volatility quickly.
What it means for traders
Spot ETFs are one of Bitcoin's largest demand channels in the US, so sustained outflows remove a steady source of buying from the spot market. With that bid weaker, price can react more sharply to bad news, and highly leveraged futures positions may be liquidated quickly if price slips out of its current range.
For futures traders, funding rate and open interest are worth watching alongside ETF flows: if price falls while open interest stays heavy, the risk of cascading liquidations is higher. No specific funding figures are available here, so none are given.
Political events such as the midterms and US economic data often lift volatility around release times. Position size and leverage still deserve priority, and a position-size calculator can help check risk before entering a trade.
Related: Bitcoin Slips Below $80,000 Before Fed Decision as ETFs Take In $110M