-
Bitcoin ETF outflows reached a record $3.79B in November, surpassing February’s $3.56B as Bitcoin fell 33% from highs above $126,000.
-
BlackRock’s Bitcoin ETF and Fidelity’s fund accounted for 91% of November withdrawals with $2.47B and $1.09B in outflows respectively.
-
New XRP and Solana ETFs attracted $410M and $531M in early inflows as investors diversified away from Bitcoin funds.
-
Some investors get rich while others struggle because they never learned there are two completely different strategies to building wealth. Don’t make the same mistake, learn about both here.
A surge of redemptions hit U.S.-listed spot Bitcoin (CRYPTO: BTC) exchange-traded funds in November 2025. According to on-chain analytics and fund data, investors pulled $3.79 billion from the 11 U.S. spot Bitcoin ETFs over the month, surpassing the previous record of $3.56 billion set in February.
The loss was striking given that BTC had set new all-time highs above $126,000 just two months earlier. By late November the price tumbled more than 33% to around $84,000, punishing those who bought during the summer rally.
Investors are now asking whether this wave of withdrawals signals a repeat of the 2022 “crypto winter” or if the sell-off is just a healthy correction after an overheated market.
The outflow figure is based on combined data from Coinbase Custody and ETF issuers. One crypto market tracker notes that on November 20 alone, U.S. spot Bitcoin ETFs saw $903 million in net outflows—the largest single-day loss since these products launched. By month’s end, total withdrawals reached $3.79 billion, eclipsing February’s record of $3.65 billion.
The monthly outflow was concentrated in a handful of funds. BlackRock’s iShares Bitcoin Trust pulled $2.47 billion, while Fidelity’s Wise Origin Bitcoin Fund shed $1.09 billion. Together, they accounted for 91% of November’s redemptions. At the same time, Bitcoin’s open interest on derivatives exchanges fell 35% from October highs as traders cut leverage, showing investors weren’t rotating into futures—they were leaving the market altogether.
The sell-off rippled across digital assets. Major cryptocurrencies like Ethereum, Solana, XRP, and Binance Coin fell 20% to 35% from their November highs, and 24-hour liquidations of leveraged positions exceeded $2 billion. The crypto market cap dropped below $3 trillion for the first time since early 2023, stoking memories of past collapses.
Several factors drove the record withdrawals. Here are the four main catalysts:
About the Author
