Bitcoin ETF Spot Funds Record $3.48B Net Outflow in November Highest Since February
U.S. spot bitcoin ETFs experienced net outflows of $3.48 billion in November, marking the highest monthly withdrawal since February.
Data from SoSoValue shows that these ETFs underwent four consecutive weeks of net outflows starting the week of October 31, totaling over $4.34 billion leaving the funds during that period. Nevertheless, the month concluded with three straight days of net inflows just before the U.S. Thanksgiving holiday.
BlackRock’s IBIT, the largest bitcoin ETF by net assets, reported $2.34 billion in net outflows for November. On November 18, the fund recorded its largest single-day withdrawal since its inception, amounting to $523 million.
Nick Ruck, Director at LVRG, explained, “The outflows from spot BTC ETFs primarily reflect institutional profit-taking following bitcoin’s record highs and routine year-end portfolio adjustments, rather than a loss of fundamental confidence. Overall inflows remain positive, and open interest in bitcoin futures continues to grow, indicating that institutions remain structurally long but are now more sensitive to valuation amid macroeconomic uncertainty.”
As of November 28, cumulative net inflows into U.S. bitcoin funds totaled $57.71 billion, with net assets amounting to $119.4 billion, representing roughly 6.56% of bitcoin’s total market capitalization.
Spot Ethereum ETFs also recorded their largest monthly net outflow ever, totaling $1.42 billion, even though the funds finished November with five consecutive days of inflows.
At the same time, newly launched ETFs for altcoins such as Solana and XRP, among others, have reported weekly net inflows since their debut. XRP ETFs have accumulated $666 million in inflows so far. Canary’s Litecoin and Hedera ETFs received $7 million and $36 million in inflows, respectively, last month.
Ruck added, “The new spot altcoin ETFs, including Solana, have drawn modest inflows despite higher volatility, underlining that institutional investments remain largely concentrated in Bitcoin and Ethereum until greater regulatory clarity and on-chain stability are achieved.”
In addition, Nate Geraci, President of NovaDius Wealth, noted on X this past Sunday that Grayscale plans to launch the U.S.’s first spot Chainlink ETF this week, further expanding the growing range of crypto investment products.
