A sudden $1.3 billion exodus from Bitcoin and Ethereum ETFs rattled crypto markets, and BlackRock’s quiet transfer of hundreds of millions in coins to a trading desk signals the selling pressure may not be over yet.
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In a surprising move, investors withdrew a staggering $1.3 billion from U.S. spot Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) ETFs over two trading days, October 30 and November 2, 2026. Since spot ETFs actually hold the coins, when investors decide to cash out, the funds typically require selling off some coins to fulfill those redemptions. This spike in Bitcoin ETF outflows adds to the market’s overall supply.
Both cryptocurrencies felt the impact of this mass withdrawal. Bitcoin closed at $76,709 on November 2, marking its lowest price in 30 days, while Ethereum ended at $2,242 on October 30, also a 30-day low.
Bitcoin is trading at $77,609, down 3.7% over the past week, while Ethereum is at $2,296, reflecting a steeper 15.9% decline over the past month. Notably, BlackRock (NYSE:BLK | BLK Price Prediction) has shifted hundreds of millions of dollars in cryptocurrencies to an exchange, raising questions about how low prices might go before selling pressure eases.
BlackRock’s Funds Led the $1.3 Billion ETF Exit
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On October 30, spot Bitcoin ETFs saw $643 million in outflows, coinciding with Binance’s suspension of withdrawals due to a security breach. This was followed by another $399 million in outflows on November 2, bringing total Bitcoin ETF outflows to around $1 billion. In comparison, spot Ethereum ETFs experienced $156 million in outflows on October 30 and another $140 million on November 2, totaling nearly $300 million.
Interestingly, BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) alone recorded $405 million in outflows on November 2—more than the entire group’s net outflow —suggesting that some other funds attracted new investments that day. In contrast, the iShares Ethereum Trust ETF (NASDAQ:ETHA) saw $138 million in outflows, accounting for almost all of Ethereum’s withdrawals that day.
Discrepancies exist in tracking Ethereum’s outflows, with one source citing a continuous streak of 12 straight days of withdrawals, while SoSoValue logged a minor $4.3 million inflow on October 23, bringing its count down to six days. Regardless, the net assets in Ethereum funds fell from $17.7 billion on October 5 to $13.2 billion.
In another development, blockchain tracker Lookonchain reported that BlackRock transferred approximately $702 million in cryptocurrencies—including 7,244 BTC and 63,598 ETH—from its ETF wallets to Coinbase Prime, a trading desk for institutional clients. Such transfers typically happen before selling assets to cover redemptions, although they don’t confirm that a sale has actually occurred.
Bitcoin Trades Below Its 20-Day and 50-Day Averages
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Currently, Bitcoin is trading below both its 20-day moving average of $80,528 and its 50-day average of $81,925. When a cryptocurrency dips beneath these short-term averages, traders often interpret this as a signal that the market trend is turning downward.
Historically, buyers have stepped in at $76,517, just below the November 2 close. If this level is breached, the next significant support is the 200-day moving average, which sits around $73,162—about 5.7% lower than the current price. For context, Bitcoin previously hit a 90-day low of $62,844 on August 16.
The last time we saw ETF outflows of this magnitude was from late May to June, when spot Bitcoin ETFs saw over $3 billion in withdrawals after May 20. During that period, Bitcoin fell below the $61,500 mark tested on June 4, eventually reaching a one-year low of $58,566 on June 30—around 24.5% below the current price.
For IBIT shareholders, this downward trend is also disheartening. The fund’s shares are currently priced near $44, down 3.1% over the week and 8.2% over the past month.
Ethereum Needs to Hold $2,234 After a 16% Monthly Drop
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Ethereum’s chart appears weaker than Bitcoin’s. The cryptocurrency is currently trading beneath its 20-day average of $2,358 and its 50-day average of $2,511, and it remains 53.6% below its all-time high of $4,946 reached in August 2025.
Traders typically begin buying around $2,234, just below the October 30 close. If this support fails, the next level to watch is the 200-day average near $2,157, roughly 6.1% below the current price. Additionally, the next major low to consider is $1,871, which was recorded back on August 10.
In the June selloff, Ethereum’s ETFs reported their 17th consecutive day of outflows on June 3, and the coin bottomed out at $1,566 on June 25—approximately 31.8% lower than current levels. As for ETHA shares, they’re trading around $52, down 14% over the past month and 22.9% so far in 2026.
Bitcoin ETF Outflows: How Low Could Bitcoin and Ethereum Go?
Looking ahead, bearish sentiment still appears to dominate the market. BlackRock’s recent transfer of assets to Coinbase suggests more redemptions may be on the horizon. For holders of either cryptocurrency, a clear sign of recovery would be Bitcoin surpassing its 20-day average near $80,528—approximately 3.8% above where it currently stands—and Ethereum reclaiming its 20-day average of $2,358.
Despite the outflows from BlackRock, some rival Bitcoin funds attracted investments on November 2. If this buying momentum continues and daily flows turn positive, Bitcoin might hold $76,517, while Ethereum could remain above $2,234. If those levels break, however, Bitcoin could retreat toward its 200-day average around $73,162 and Ethereum toward $2,157—a potential 6% decline for both.
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