Bitcoin ETFs See $3.48B in Outflows for November, Worst Month Since February

TLDR

• Spot Bitcoin ETFs experienced $3.48 billion in outflows during November, marking their worst monthly performance since February.
• The heaviest withdrawal occurred on November 20 with $903 million in combined outflows from Bitcoin ETF products.
• BlackRock’s iShares Bitcoin Trust saw its largest single-day withdrawal of $523 million on November 18.
• Despite the outflows, BlackRock’s IBIT remains the company’s most profitable ETF, generating $245 million in annual fees.
• Ethereum ETFs recorded their worst performance in history with $1.42 billion in outflows in November.

Spot Bitcoin ETFs experienced their worst monthly outflow since February, with a net withdrawal of $3.48 billion in November. The outflows were largely driven by selling pressure in the market as Bitcoin’s price continued to struggle. For five consecutive weeks, Bitcoin ETF products saw withdrawals, marking the worst performance since earlier this year.

Heavy Withdrawals for Bitcoin ETFs and BlackRock’s IBIT Fund

The heaviest withdrawal came on November 20, when outflows surged to $903 million. This drop came after weeks of negative momentum for Bitcoin ETFs, though the pace slowed toward the end of the month. Analysts pointed to the news that Nasdaq ISE filed to expand its options trading capacity for BlackRock’s iShares Bitcoin Trust (IBIT) as a reason for the return of net inflows in late November.

On November 18, BlackRock’s IBIT suffered its largest single-day withdrawal, losing $523 million. By November 25, IBIT’s total monthly outflows surpassed $2.4 billion. This marked the second-worst month ever for the product. Despite these losses, IBIT remains BlackRock’s most profitable ETF, generating $245 million in annual fees and holding $70 billion in assets just 341 days after launch.

Other Bitcoin ETF Products and Market Performance in November

Other Bitcoin ETF products also faced a tough month in November. Ethereum ETFs recorded their worst performance on record, with $1.42 billion in outflows. On the other hand, Solana ETFs experienced more than 20 days of inflows, totaling over $600 million. However, the launch of the 21Shares Solana ETF broke this trend, as it recorded $34.4 million in outflows on its fifth day.

Despite the downturn, XRP ETFs saw consistent inflows during November. Data shows that XRP ETFs logged nine inflow days out of ten, accumulating $666 million. The largest single-day inflow occurred on November 14, with $243 million entering XRP ETFs.

Dogecoin ETFs Struggle to Gain Traction

Meanwhile, Dogecoin ETFs continued to underperform. Grayscale’s DOGE fund recorded a mere $1.4 million in first-day volume, far below expectations. Bitwise’s BWOW Dogecoin ETF also failed to generate strong interest since its launch.

Despite the overall downturn, the Bitcoin ETF market remains active. Investors continue to monitor developments closely, especially as the market reacts to shifts in Bitcoin prices and ETF offerings.

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