Bitcoin ETFs record $3.79B outflow as investors rotate
Bitcoin ETFs record a record $3.79 billion outflow in November amid worsening price declines, deteriorating risk sentiment, and investors shifting into alternative crypto assets.
Exchange-traded funds (ETFs) tied to bitcoin experienced their toughest month since launch: nearly $3.8 billion was withdrawn from spot Bitcoin funds in November, marking the largest monthly outflow on record.
According to Cryptonews, one of the sharpest days occurred on November 20, when nearly $903 million was withdrawn from ETFs in a single trading session.
The November outflow from ETFs reflected a sharp shift in institutional investors’ interest in Bitcoin. The asset spent most of 2025 rising from the $90,000 level to new highs, prompting investors to reduce positions amid worsening macroeconomic conditions.
Institutional reversal
The largest withdrawals were concentrated in two leading funds — BlackRock’s IBIT and Fidelity’s FBTC, which together accounted for more than 90% of total outflows. These excessive redemptions set the tone for the entire month, emphasizing that the reversal was driven by institutional rather than retail investors.
The nearly $1 billion outflow on November 20 demonstrated how aggressively investments were reduced during peak selling.
However, capital leaving Bitcoin did not fully exit the crypto ecosystem. Instead, institutional flows began shifting toward altcoin-focused ETFs, particularly Solana and XRP products. Solana ETFs reportedly attracted more than $531 million, while XRP funds brought in over $400 million.
This indicates that investors are rotating into assets they believe may outperform Bitcoin in the next market cycle phase — a notable change from previous periods when Bitcoin dominated ETF demand.
As we wrote, ETFs reach record popularity with 16.9 million U.S. investors
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