The U.S.
Bitcoin
spot ETF market underwent a dramatic change in mid-November 2025, with unprecedented monthly outflows reaching $3.79 billion—a sharp reversal from the more than $24 billion in inflows seen by October. In a single day, nearly $900 million was withdrawn from Bitcoin ETFs, marking the second-largest daily outflow since their introduction in January 2024, as Bitcoin’s price dipped below $95,000 for the first time in half a year
according to financial reports
. BlackRock’s
iShares Bitcoin Trust
(IBIT) led the withdrawals, seeing $355.5 million leave, while Grayscale’s
GBTC
and Fidelity’s
FBTC
experienced outflows of $199 million and $190 million, respectively
as reported by financial sources
. This wave of redemptions was fueled by investors locking in profits after Bitcoin’s earlier rally and by broader economic pressures, such as a softening U.S. job market, persistent inflation, and tighter financial conditions
according to crypto market analysis
.
These outflows highlighted a wider market pullback, with Bitcoin falling to $80,657 on November 24—its lowest since April 2025.
Citigroup
analysts pointed to a clear link between ETF withdrawals and Bitcoin’s price drop,
estimating a 3.4% decline for every $1 billion in net outflows
. At the same time,
Solana
ETFs drew in $531 million in their debut week, benefiting from 7% staking rewards and lower costs than Bitcoin funds. This contrast underscored a growing investor interest in alternatives,
as market data shows
with Solana products posting seven straight days of inflows even as Bitcoin’s price tumbled.
This pattern signaled a change in risk tolerance as global markets faced recession concerns and unpredictable monetary policy. Bloomberg’s Rebecca Sin attributed the ETF outflows to hedge funds closing “basis trading” positions and institutions hedging their derivatives exposure
according to financial analysis
. James Butterfill of CoinShares noted that the four-week streak of $4.92 billion in outflows
marks the third-largest such run since 2018
, though yearly inflows into crypto investment products stayed strong at $44.4 billion.
Looking forward, experts are split on Bitcoin’s future direction. Some predict a possible recovery, while others warn that ongoing regulatory uncertainty and economic challenges could extend the slump. Citigroup’s Alex Saunders projected a bearish year-end target of $82,000, while James Butterfill forecasted a range between $80,000 and $150,000 for 2025
according to market forecasts
. Despite recent outflows, the iShares Bitcoin Trust (IBIT) continues to play a major role, with assets under management
exceeding $6.5 billion as of November 2024
.
