One day of inflows did not start a trend. U.S. spot bitcoin ETFs shed a net $430.2 million on Thursday, November 5, after Wednesday's $74.6 million inflow, bringing week-to-date redemptions to $869.8 million, according to SoSoValue data cited by CoinDesk. Fidelity's FBTC, the fund that carried Wednesday's inflow, lost $199.9 million, BlackRock's IBIT $105 million, its fifth straight session of outflows, and Grayscale's GBTC $49.9 million, The Block reported. Across U.S. crypto ETFs the day's net outflow topped $540 million, and the weekly total passed $1.1 billion. The smaller products bled too: Zcash ETFs lost $11 million combined, Hyperliquid ETFs $3 million and Solana ETFs $1.2 million, while XRP funds saw no flows, per SoSoValue. Capital.com's Kyle Rodda said "the regulatory and political risks arise at a time when the proverbial AI trade was already on shakier foundations." Bitwise's André Dragosch takes the other side, expecting bitcoin to outperform U.S. stocks as the AI trade unwinds and arguing that it now responds more to the dollar and rate expectations than to economic growth.