Spot Bitcoin ETFs experienced their worst monthly outflow since February, with a net withdrawal of $3.48 billion in November. The outflows were largely driven by selling pressure in the market as Bitcoin’s price continued to struggle. For five consecutive weeks, Bitcoin ETF products saw withdrawals, marking the worst performance since earlier this year.
The heaviest withdrawal came on November 20, when outflows surged to $903 million. This drop came after weeks of negative momentum for Bitcoin ETFs, though the pace slowed toward the end of the month. Analysts pointed to the news that Nasdaq ISE filed to expand its options trading capacity for BlackRock’s iShares Bitcoin Trust (IBIT) as a reason for the return of net inflows in late November.
On November 18, BlackRock’s IBIT suffered its largest single-day withdrawal, losing $523 million. By November 25, IBIT’s total monthly outflows surpassed $2.4 billion. This marked the second-worst month ever for the product. Despite these losses, IBIT remains BlackRock’s most profitable ETF, generating $245 million in annual fees and holding $70 billion in assets just 341 days after launch.
Other Bitcoin ETF products also faced a tough month in November. Ethereum ETFs recorded their worst performance on record, with $1.42 billion in outflows. On the other hand, Solana ETFs experienced more than 20 days of inflows, totaling over $600 million. However, the launch of the 21Shares Solana ETF broke this trend, as it recorded $34.4 million in outflows on its fifth day.
Despite the downturn, XRP ETFs saw consistent inflows during November. Data shows that XRP ETFs logged nine inflow days out of ten, accumulating $666 million. The largest single-day inflow occurred on November 14, with $243 million entering XRP ETFs.
Meanwhile, Dogecoin ETFs continued to underperform. Grayscale’s DOGE fund recorded a mere $1.4 million in first-day volume, far below expectations. Bitwise’s BWOW Dogecoin ETF also failed to generate strong interest since its launch.
Despite the overall downturn, the Bitcoin ETF market remains active. Investors continue to monitor developments closely, especially as the market reacts to shifts in Bitcoin prices and ETF offerings.
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