Key Insights
- The Spot Crypto ETF market unprecedented activity in the month of November.
- Bitcoin Spot ETF ended the last week of November with $70.05M in net inflows.
- Ethereum Spot ETF ended the worst month on a positive note with net inflows of $312M.
- Solana and XRP Spot ETF markets combined, posted $419.38 million net inflows.
November 2025 was an eventful month for the spot crypto exchange-traded funds (ETF) market in the US.
While the relatively newer ETFs saw record trading volume levels and flows amid heightened price volatility, Bitcoin (BTC) Spot ETF posted net outflows of $3.48 billion in November.
That accounts for the second-biggest monthly net outflow s since February 2025 ($3.56B).
Ethereum (ETH) Spot ETF recorded their highest monthly net outflows at $1.42 billion. These massive outflows came as BTC and ETH price dropped sharply since the start of the month.
Both BTC and ETH remain below key resistance levels. Meanwhile, Solana (SOL) and XRP Spot ETFs ended the month at net inflows of $419.38 million and $666.61 million, respectively.
Bitcoin Spot Crypto ETF Net Assets Drop 20% MoM as Price Plummets
At the end of November, Bitcoin Spot ETF held $119.39 billion in net assets, which amouts to 6.1% of BTC’s market cap.
October ended with net assets at $147 billion, reflecting an over 20% drop in November. Heavy selling combined with sharp price drops explains the dip in net assets.
SoSoValue data shows that Bitcoin Spot ETF saw $109 billion in total traded volume in November 2025.
This is the second-highest monthly traded volume figure since their launch. Moreover, Nov 28th, the last trading day of the month, saw net inflows of $70 million.
Even though BlackRock (IBIT) shed $113.72 million yesterday, total net flows were positive due to Ark & 21 Shares’ (ARKB) $8804 million, Fidelity’s (FBTC) $77.45 million, Grayscale (GBTC and BTC) collective $19.59 million inflows.
Bitcoin price was trading at $90,561, down around 17% from the month’s opening price of roughly $109,554.
The largest crypto ETF by net assets, BlackRock Bitcoin Trust (IBIT) posted its highest single-day net outflows on Nov 18th ($523M).
Over the month, IBIT has shed over $2.3 billion, its highest monthly net outflow since inception. Weeks 1, 2, and 3 of November each showed net outflows in BTC and ETH Spot ETFs.
BTC ETFs shaved off over $1 billion each in the first three weeks. Meanwhile, ETH ETFs posted net outflows of over $500 million in November first three weeks.
Crypto News: Ethereum Spot ETF Record Worst Month by Net Outflows
Although net inflows for November 28th were $76.55 million, the month saw net outflows of $1.42 billion, the highest monthly net outflows, according to SoSoValue.
At press time, ETH was trading at $2994, down 22% from the month’s opening price of $3846. Friday’s net inflows were led by BlackRock’ ETHA ($68.27M).
However, for the whole month, ETHA recorded net outflows of just over $1 billion. Despite the month’s record negative numbers, ETHA’s cumulative net flows stood at a positive $13.15 billion.
Grayscale was the only Ethereum ETF with negative cumulative net flows of $4.93 billion.
Cumulative net flows show the total amount of the crypto that was absorbed or shed by the fund since its inception.
The value of total assets traded during the month was less than half that seen in October.
November saw Ethereum Spot ETF post a trading volume value of $5.14 billion; in October, the figure was $12.27 billion.
Solana Spot ETF Record $888.25M in Net Assets for November
The first Solana (SOL) Spot ETF (Bitwise Solana ETF or BSOL) began trading in the US on October 28.
At the end of November, BSOL held $606.66 million in net assets, over 50% of the total net assets of the five other SOL Spot ETFs combined.
Until November 24, these crypto ETF posted net inflows, marking 21 days of net inflows. On November 26th, 21 Shares (TSOL) ended that perfect inflow streak by shedding $34.37 million.
Franklin Solana Trust recently filed the prospectus for its SOL Spot ETF. More SOL Spot ETF applications are awaiting regulatory clearance.
SOL price was trading at $137.06 at press time, down over 2.5% in the last 24 hours. So far, it has struggled to clear the decisive $142 mark.
November’s positive Solana ETF inflows came despite the stagnant price action.
This suggests that institutions are not only interested but are also hoarding the crypto to significantly reduce their cost basis.
Crypto News: XRP Spot ETF End November With Net Inflows
On Friday, the daily net inflows came in at $22.68 million, the eleventh straight day of net inflows. Canary XRP crypto ETF (XRPC), with net assets at $34.37 million, is the largest among the four XRP Spot ETFs.
Franklin (XRPZ) led Friday’s accumulation with an addition of $10.68 million. XRPC scooped $9.07 million while Bitwise (XRP) added $2.93 million.
21 Shares XRP ETF will begin trading on Monday. Apart from 21 Shares, more Spot crypto ETF are scheduled to launch in the near future.
Overall, BTC and ETH crypto ETF moved in tandem with the prices of their respective assets, displaying big sell-offs.
However, Bloomberg Senior ETF Analyst noted that the billion-dollar outflows weren’t a concern because, despite the massive outflows, the holdings remained formidable.
Meanwhile, the altcoin crypto ETF market continued to attract strong institutional interest.
Source: https://www.thecoinrepublic.com/2025/11/29/us-crypto-etf-november-review-record-flows-new-products/
