US spot Bitcoin exchange-traded funds saw another sharp reversal on Thursday, erasing a brief moment of relief earlier in the week.
After breaking a five-day outflow streak with $75.4 million in inflows on Wednesday, the funds were hit with fresh redemptions of $903 million Thursday — the biggest outflow day in November and one of the largest single-day outflows since the products were launched in January 2024, according to Farside Investors.
The $3.79 billion withdrawal puts November on track to be the worst month on record for US spot Bitcoin (BTC) ETF outflows if the remaining days fail to offset this month’s redemptions.
The figure has already surpassed February’s $3.56 billion, which held the record for the largest monthly outflow since the ETFs debuted.
Bitcoin ETF flows, in USD million. Source: Farside InvestorsBlackRock’s IBIT logs 63% of total outflows in November
Investment giant BlackRock’s iShares Bitcoin Trust (IBIT) ETF is the largest driver of the historic November outflows. The product has seen $2.47 billion in net redemptions so far this month, accounting for roughly 63% of the total $3.79 billion withdrawn from all US spot BTC ETFs.
The fund also led this week’s outflows with $1.02 billion. Ki Young Ju, the founder and CEO of analytics platform CryptoQuant, flagged this week’s performance as IBIT’s “largest weekly outflow ever.”
Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed as the second-largest outflow driver in November with monthly outflows of $1.09 billion. Just this week, the issuer has seen $225.9 million withdrawn so far, reflecting moderate but persistent redemptions.
While FBTC’s outflows remain smaller than IBIT’s, both funds contributed to the broader liquidity drain that pushed November past February’s record for the heaviest month of Bitcoin ETF outflows.
Together, they account for 91% of total US spot BTC ETF outflows in November.
Related: Bitcoin won’t hit $200K until Q3 2029: Veteran trader Peter Brandt
Bitcoin drops to $83,400 after massive ETF outflows
According to CoinGecko, Bitcoin fell to $83,461 on Friday, following the nearly $1 billion in ETF outflows. The drop pushed BTC to its lowest level in seven months, a price zone last seen in April.
Industry voices say the downturn may only be the start. Alliance DAO co-founder QwQiao reposted his warning in September, arguing that the next bear market may be harsher than expected.
“There’s a large cohort of dumb money who know nothing about crypto buying DATs and ETFs. This never ends well,” he wrote, adding that markets may need to endure another “50% drawdown” before a durable foundation can be formed.
Source: QwQiaoChris Burniske, the co-founder of crypto venture firm Placeholder, said that the era of DAT selling has only begun,” cautioning that just as ETFs and digital asset treasuries (DATs) amplified Bitcoin’s ascent, they could equally intensify the move downward.
DAT inflows by asset. Source: DefiLlamaDefiLlama data shows that DAT inflows dropped to $1.93 billion in October, an 82% decrease from September’s $10.89 billion. Data showed that inflows significantly decreased after about $20 billion in crypto positions were liquidated in October.
At the time of writing, DAT inflows have only reached $505 million. At this rate, November is on track to become the lowest month for DAT inflows in 2025.
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Source: https://cointelegraph.com/news/bitcoin-etf-outflows-hit-record-november-as-btc-falls?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
