Bitcoin ETFs Record $3.5 Billion in November Outflows as Price Falls Sharply

U.S. spot Bitcoin exchange-traded funds experienced their fifth month of net outflows in November 2025, with $3.5 billion leaving the products amid a steep decline in Bitcoin’s price and broader economic uncertainty.

Key Figures

• November total outflows: $3.5 billion (through November 26)
• Year-to-date net flows: still positive at approximately $28 billion, but momentum has reversed sharply
• Bitcoin price impact: down more than 30% from its October peak above $126,000, now trading near $87,000
• Assets under management: remain above $300 billion across the category

BlackRock’s IBIT: Largest Fund, Smallest Relative Outflows

BlackRock’s iShares Bitcoin Trust (IBIT), the largest ETF with roughly $68 billion in assets, accounted for a modest portion of the withdrawals. Bloomberg ETF analyst Eric Balchunas noted that IBIT’s outflows represented less than 3% of its total AUM, indicating that most institutional holders have remained committed despite the sell-off.

Broader Context

The heavy redemptions coincide with:

• Weakening U.S. consumer sentiment
• Uncertainty around Federal Reserve policy direction
• A broader risk-off environment affecting equities and other risk assets

Despite the November bleed, the 11 spot Bitcoin ETFs still hold more than 1.3 million BTC — valued at over $114 billion at current prices — demonstrating that the majority of investors who entered through these regulated vehicles have not yet capitulated.

Historical Perspective

November’s $3.5 billion outflow ranks as the worst monthly performance since the products launched in January 2024, but it remains a fraction of the $90+ billion in cumulative inflows recorded over the funds’ lifetime.

In summary, spot Bitcoin ETFs saw $3.5 billion leave in November amid Bitcoin’s sharp price decline, yet the category continues to hold over $300 billion in assets and more than 1.3 million BTC, underscoring both the growing mainstream footprint and the persistent volatility of the underlying asset.