US spot Bitcoin exchange-traded funds swung sharply back into negative territory on Thursday, wiping out the brief relief seen earlier in the week.
After breaking a five-day outflow streak with $75.4 million in inflows on Wednesday, the funds faced another wave of heavy redemptions — $903 million on Thursday alone. According to Farside Investors, that marks the largest single-day outflow in November and one of the biggest since the ETFs launched in January 2024.
With total withdrawals now reaching $3.79 billion, November is on pace to become the worst month on record for US spot Bitcoin ETF outflows unless the remaining days produce a strong rebound. The month has already surpassed February’s $3.56 billion, previously the largest monthly outflow since the products debuted.
BlackRock’s IBIT drives 63% of November’s total outflows
BlackRock’s iShares Bitcoin Trust (IBIT) has been the biggest contributor to the record-setting outflows seen across US spot Bitcoin ETFs this month. The fund has recorded $2.47 billion in net redemptions so far in November, representing roughly 63% of the total $3.79 billion pulled from all US spot BTC ETFs.
IBIT also led this week’s withdrawals, shedding $1.02 billion. CryptoQuant founder and CEO Ki Young Ju highlighted the trend, noting that the fund just posted its “largest weekly outflow ever.”
Fidelity’s Wise Origin Bitcoin Fund (FBTC) ranked as the second-largest driver of November’s redemptions, with $1.09 billion withdrawn so far. This week alone, FBTC has seen $225.9 million in outflows, reflecting steady, moderate selling pressure.
Together, IBIT and FBTC account for a combined 91% of all US spot Bitcoin ETF outflows this month — a concentration that helped push November past February to become the heaviest month of redemptions since the products launched.
Bitcoin slips to $83,400 amid ETF exodus
Bitcoin dropped to $83,461 on Friday, according to CoinGecko, following nearly $1 billion in ETF withdrawals. The slide pushed BTC to its lowest level in seven months, a range last seen in April.
Some industry observers warn the downturn may deepen. Alliance DAO co-founder QwQiao reiterated his earlier caution from September, arguing that the next bear cycle could be more severe than many expect.
“There’s a large cohort of dumb money who know nothing about crypto buying DATs and ETFs. This never ends well,” he wrote, suggesting markets may require another “50% drawdown” before a durable bottom can form.
Chris Burniske, co-founder of crypto venture firm Placeholder, warned that “the era of DAT selling has only just begun,” adding that the same ETFs and digital asset treasuries (DATs) that accelerated Bitcoin’s rise could just as easily magnify its decline.
DefiLlama data shows DAT inflows fell to $1.93 billion in October — an 82% drop from September’s $10.89 billion. The decline followed roughly $20 billion in crypto liquidations that month, which sharply curtailed new capital flows.
So far, DAT inflows in November stand at just $505 million, putting the month on pace to be 2025’s weakest for DAT funding.
