Bitcoin ETFs Experience Unprecedented $3.79 Billion Withdrawals in November as Investors Diversify
In November 2025, U.S.-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed their largest-ever monthly outflows,
totaling $3.79 billion
, surpassing the previous record of $3.56 billion set in February. This rapid withdrawal coincides with a broader market pullback, as investors increasingly allocate funds to alternative digital assets such as
Solana
(SOL) and
XRP
. These two cryptocurrencies have attracted net inflows of $300.46 million and $410 million, respectively,
according to reports
.
BlackRock’s
iShares Bitcoin Trust
(IBIT), the largest Bitcoin ETF in the U.S., led the withdrawals, with investors pulling out
over $2.1 billion
during the month. On November 20 alone, the fund saw $523 million leave in a single day—the highest daily outflow since its launch in January 2024,
according to data
. Fidelity’s
Wise Origin Bitcoin Fund
(FBTC) also experienced notable redemptions,
losing $1.09 billion
in November. These persistent outflows signal
increasing investor reluctance
toward Bitcoin, which has dropped below $85,000—its lowest point in seven months.
This wave of selling stands in contrast to the performance of newer ETFs tracking Solana and XRP, which have drawn fresh capital even as the broader market declines. Solana’s spot ETFs, which debuted in late October,
attracted investors with competitive fees
and staking rewards reaching 7%, accumulating $531 million in net assets within their first week. XRP ETFs have similarly brought in $410 million,
benefiting from reduced fees
and a recovery in the token’s price. Analysts attribute this rotation to profit-taking in Bitcoin after it peaked above $126,000 in October, as well as macroeconomic factors like tightening liquidity and rising U.S. Treasury yields,
according to market analysis
.
Ethereum (ETH) ETFs have also endured
unprecedented outflows of $1.79 billion
, marking eight straight days of net withdrawals. However, Ethereum funds have recently stabilized, with BlackRock’s ETHA product seeing $92.61 million in inflows on November 24,
according to financial data
. The differing performance among ETFs underscores a growing trend of both institutional and retail investors seeking exposure to a wider range of cryptocurrencies beyond just Bitcoin and Ethereum,
according to market reports
.
Reduced market depth and liquidity have intensified the sell-off, as Bitcoin’s order books have thinned and large trades have caused more pronounced price fluctuations. “The cycle of ETF outflows and falling prices is becoming more pronounced,” commented Rachael Lucas, a crypto analyst at BTC Markets,
according to market commentary
. These outflows have also sparked concerns about whether Bitcoin’s ETF-driven rally—which
was a major driver of its 2024 gains
—can be sustained.
Despite the ongoing sell-off, some experts remain cautiously hopeful. Jim Bianco of Bianco Research pointed out that the average purchase price for spot Bitcoin ETF holders is $90,146, so most investors are still slightly in profit at current levels,
according to financial analysis
. However, if prices fall further, it could spark broader panic, especially if Bitcoin revisits its April 2022 lows,
according to market forecasts
.
