Bitcoin’s price isn’t the only thing taking a beating; Bitcoin exchange-traded funds (ETFs) are also seeing significant outflows. What started as a quiet week turned into one of the heaviest outflow days since the launch of spot Bitcoin ETFs. As BTC’s price dropped to its lowest point in seven months, major ETF issuers watched billions in capital exit.
Record Outflows in Bitcoin ETFs #
New figures show that on Thursday, a staggering €782 million flowed out of U.S. spot Bitcoin ETFs, nearly matching the monthly record set in February. And that single day wasn’t an isolated event: total outflows in November have now reached €3.28 billion. If the remaining days of the month don’t bring strong inflows, this will officially become the worst month on record for these products.
The biggest hit came from BlackRock. The largest asset manager, with its IBIT ETF, saw €2.14 billion disappear this month alone, accounting for about 63% of all outflows. Analyst Ki Young Ju noted “the biggest week ever of outflows for IBIT.”
Fidelity’s FBTC also contributed heavily, with €940 million in outflows for the month. Together, the two firms account for over 90% of all Bitcoin ETF outflows in November.
The market is reacting to this capital flight. Bitcoin’s price continued to slide to the $82,000 level, a price not seen since April. The decline then spread to crypto stocks: Coinbase lost over 7%, while smaller miners and infrastructure firms suffered even bigger drops.
Stocks Drag Bitcoin Down #
While crypto investors often claim Bitcoin is decoupled from traditional markets, this week proved that macro sentiment still plays a major role. Investors were spooked by signals that tech giants might face cooling demand. Nvidia caused a stir: despite strong revenue growth, quarterly figures revealed €28 billion in outstanding payments from customers. This raised doubts about future demand and pulled the entire Nasdaq down.
Interestingly, the outflow trend only applies to Bitcoin and Ethereum. New altcoin ETFs are actually attracting fresh inflows. Bitwise’s new XRP ETF pulled in $105 million on its first day. Similarly, Solana ETFs from Bitwise, Fidelity, and 21Shares collectively drew nearly €20 million in new inflows.