Fidelity finished positive in the November 2-6 week, but the other funds collectively remained negative without IBIT.

BlackRock's iShares Bitcoin Trust ETF (IBIT) accounted for 94% of US spot Bitcoin ETFs' net withdrawals in the completed November 2-6 week, leaving one fund responsible for most of the category's retreat. That leaves the next recovery test focused on one fund: can IBIT’s withdrawals slow?

The 12 funds tracked by Farside Investors recorded weekly net outflows of $1,282 million. IBIT recorded net outflows of $1,210 million. Fidelity's Wise Origin Bitcoin Fund (FBTC) moved in the opposite direction, recording weekly net inflows of $93 million.

IBIT's share was 94.4% of the aggregate net withdrawal, after positive flows elsewhere offset part of the withdrawals. The denominator is net fund flows across the group, not gross redemptions or all Bitcoin selling.

All funds other than IBIT collectively recorded net outflows of $72 million during the week. Removing IBIT's withdrawals from that calculation would substantially reduce the shortfall while leaving the remaining group negative.

The daily pattern also matters. IBIT recorded withdrawals in each of the five sessions, while the group finished positive only on November 4. US spot Bitcoin ETFs recorded net outflows of $412 million on November 6.

Fidelity was a counterweight across the week, despite recording withdrawals on Thursday. Three other funds also finished the week positive. The picture was therefore more uneven than a universal exit from Bitcoin funds, although the positive products did not offset the category's largest withdrawal source.

Wednesday's Fidelity-led inflows failed to persist: Thursday's withdrawals restored the negative aggregate reading, and Friday ended the week with another outflow.

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