Bitcoin ETFs are closing in on three billion dollars in November. BlackRock logs record withdrawals and traders increase short exposure.
November delivered severe pressure on Bitcoin ETFs. Outflows continued to accelerate as investors pulled almost $3 billion from these products.
Many traders expected strength during this period, yet the data moved in the opposite direction. Persistent selling, weakening sentiment and changing macro expectations have made October and November very difficult months for the sector.
BlackRock’s Record Withdrawals Lead the Selloff
BlackRock’s iShares Bitcoin Trust drove a large part of the retreat. The product recorded more than $500 million in outflows during a single session on 18 November. This was its highest withdrawal day since its launch.
This bearish trend has pushed the total monthly outflows to almost $3 billion.
US spot Bitcoin ETFs also extended a five-day streak of losses. Tuesday alone saw $372 million in net redemptions and BlackRock accounted for more than $2 billion of the monthly figure.
Only one more week of selling would push November past the $3.56 billion recorded in February. That would mark the weakest month since these products reached the market.
Related Reading: The Average ETF Investor Is Now At A Loss As Bitcoin Price Slides Further
Historic Strength Failed to Lift Investor Mood
Bitcoin often posts strong returns in November. Data from CoinGlass shows an average gain above 40% during the month.
Traders entered the period hoping for a repeat of that trend. Instead, selling pressure grew and outflows showed little sign of easing. In all, the usual seasonal lift did not appear.
Market watchers pointed out that ETF inflows played a major part in Bitcoin’s earlier rise. Standard Chartered’s Geoff Kendrick noted earlier this year that these products helped support the advance.
A slowdown in allocations naturally weighed on price expectations.
Mixed Signals Across Other Crypto Funds
Activity across other crypto ETFs painted a varied picture. Ether funds lost more than $74 million on Tuesday. Solana funds, however, continued to attract interest. They pulled in more than $26 million in fresh inflows. Total investments in Solana ETFs have now passed $421 million.
Traders also faced changes in macro conditions. Bitcoin printed its fourth death cross of the cycle last week.
For context, the move occurs when short-term price signals fall below long-term indicators. Many investors view the pattern as a bearish sign and some analysts note that it can also coincide with market lows, although that depends on surrounding conditions.
So far, liquidity has only begun to stabilise while expectations for a December rate cut have fallen. One month ago, traders priced in a near-certain cut.
Current predictions now place the odds around 46%. This adjustment reduced enthusiasm for risk assets and contributed to weaker sentiment in the crypto market.
What Comes Next for the ETF Market
In all, the rest of the month will show whether selling slows or continues at the same pace.
If outflows break February’s figure, November will become the weakest period on record for Bitcoin ETFs. Traders will watch for changes in rate expectations, liquidity conditions and signals from institutional participants.
For now, the data is showing signs of caution. ETF activity continues to be a major influence on Bitcoin’s direction. The recent wave of redemptions shows that many investors continue to scale back exposure, while waiting for clearer signals.