Bitcoin ETF Outflows Hit $530M in a Day: Miner Margin Check
Bitcoin ETF outflows and ether fund withdrawals totaled about $530 million on Thursday, November 5, as U.S. stocks sold off hard. CryptoSlate and Cointelegraph agree on the total. It reversed a $128 million inflow day. Here is what is confirmed, and what it does to a miner.
What the bitcoin ETF outflows looked like
Bitcoin funds lost about $430 million and ether funds about $100 million. Both outlets cite Farside Investors, and Cointelegraph also cites SoSoValue. Fidelity’s FBTC led with roughly $200 million out, a day after it took in about $237 million. BlackRock’s IBIT lost $105 million, its fifth straight outflow day. Per CryptoSlate, none of the 12 bitcoin funds had inflows. Grayscale’s GBTC lost about $50 million.
On the ether side, BlackRock’s ETHA lost about $75 million and its staked fund ETHB about $22 million. CryptoSlate notes its two-decimal per-fund numbers are user-supplied, so we round them.
Why the Wall Street wipeout matters
This was a stock story first. Cointelegraph, citing Reuters, says the Nasdaq Composite fell 5.5%, its biggest one-day drop since April 2025. The “$3 trillion” in the CryptoSlate headline is attributed to The Kobeissi Letter and refers to S&P 500 market value. Cointelegraph does not carry that figure, so treat it as one source’s estimate. Bitcoin fell below $76,000 after briefly trading above $80,000 the day before. Our live figure is $76,099. Model ranges are on our Bitcoin price prediction page. We covered the same slide in our price crash report. This piece is about the fund money.
What happens next?
Nobody knows. Funds follow stocks here, not the other way around. If the Nasdaq steadies, flows can flip back fast, as Wednesday showed. If it keeps falling, expect more red days. The two outlets also give monthly and year-to-date bitcoin totals that do not reconcile, so we leave them out.
Miner math: what $530 million of ETF outflows mean for your margin
Here is the live maths on November 6. Bitcoin is $76,099 and the network is 1049 EH/s, so hashprice is about $32.95 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.77 | -$3.11 | -$6.23 | 4.0c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.62 | -$1.29 | -$3.83 | 6.0c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.03 | -$1.13 | -$4.02 | 6.4c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.50 | $0.97 | -$2.40 | 9.2c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If the stock rout drags bitcoin down another 10%: the break-even power price on an S19k Pro falls from 6.0 to 5.4 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.29 to -$1.67.
The blunt answer for miners
ETF flows move the price, not your machine. Hashrate sits near 1049 EH/s per mempool.space, and the table above shows who is already underwater. At 8 cents most older machines lose money today, and a 10% price drop makes it worse. If you run S19-class hardware above 6 cents, we would look at our we buy used miners page before the next difficulty change, or read the mining economics guides.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.