Record Bitcoin ETF Outflows Hit the Market in November
US spot Bitcoin ETFs suffered another sharp reversal this week, wiping out the brief optimism created by mid-week inflows. After breaking a five-day outflow streak with $75.4 million in inflows on Wednesday, the market saw a fresh wave of redemptions on Thursday. According to Farside Investors, US Bitcoin ETFs recorded $903 million in outflows — the biggest single-day drop in November and one of the largest since spot Bitcoin ETFs launched in January 2024.
The month’s total outflows have now reached $3.79 billion, setting November on track to become the worst month ever for US spot Bitcoin ETF outflows. This figure has already surpassed February’s previous record of $3.56 billion.
BlackRock’s IBIT Drives 63% of November Outflows
BlackRock’s iShares Bitcoin Trust (IBIT) continues to play a dominant role in the downturn. The fund has seen $2.47 billion in outflows this month, accounting for roughly 63% of all Bitcoin ETF redemptions in the US. IBIT also led weekly outflows with $1.02 billion, marking what CryptoQuant CEO Ki Young Ju described as the fund’s “largest weekly outflow ever.”
Fidelity’s Wise Origin Bitcoin Fund (FBTC) follows as the second-largest contributor, recording $1.09 billion in outflows for November. This week alone, FBTC saw $225.9 million withdrawn. Combined, IBIT and FBTC now represent 91% of all US spot Bitcoin ETF outflows this month, highlighting concentrated selling pressure among the two largest issuers.
Bitcoin Drops to Seven-Month Low After ETF Redemptions
Heavy ETF outflows have spilled into the broader crypto market. Bitcoin dropped to $83,461 on Friday, according to CoinGecko, marking its lowest level since April and signaling intensified market stress. Analysts warn this decline may only be the beginning of a deeper correction.
Alliance DAO co-founder QwQiao reiterated his earlier warning from September, arguing that the next crypto bear market could be significantly harsher. He pointed to inexperienced retail investors entering through ETFs and digital asset products, saying the market may require another “50% drawdown” before stabilizing.
Chris Burniske, co-founder of Placeholder, echoed concerns, noting that the wave of digital asset treasury (DAT) selling is still in its early stages. Just as ETFs and DATs accelerated Bitcoin’s rally, he cautioned they could amplify downside pressure just as aggressively.
DAT Inflows Collapse as Investor Appetite Fades
Data from DefiLlama shows a steep decline in DAT inflows, which fell to $1.93 billion in October — an 82% drop from September’s $10.89 billion. The slowdown followed nearly $20 billion in crypto liquidations in October, sharply reducing market participation.
So far, November DAT inflows total just $505 million, putting the month on pace to become the weakest for DAT activity in 2025.
What This Means for Bitcoin Investors
The record-breaking Bitcoin ETF outflows, combined with shrinking DAT inflows and renewed market volatility, highlight growing uncertainty across the crypto market. With institutional sentiment weakening and Bitcoin trading near multi-month lows, investors may face continued pressure unless inflows recover in the coming weeks.
