Spot Bitcoin ETFs had its highest monthly loss since early in the year. This was mostly driven by selling pressure in the market as the price of BTC continued to struggle.
Bitcoin ETF Outflows Reach $3.5B in November
According to data from SoSoValue, Bitcoin ETF products concluded the month of November with a net outflow of $3.48 billion. The products saw five weeks in a row of withdrawals between November 12 and 18. This was its worst performance for the products since February.
The heaviest single-day hit occurred on November 20 when combined outflows surged to $903 million. Momentum returned at the end of the month as net inflows occurred in three consecutive days. Analysts cited news that Nasdaq ISE had filed to quadruple its options trading capacity tied to BlackRock’s IBIT as a contributing factor.
BlackRock’s iShares Bitcoin Trust has just seen one of its worst periods since its early 2024 debut. On November 18, IBIT saw its largest single-day withdrawal on record, losing $523 million.
By November 25, IBIT’s total monthly outflows surpassed $2.4 billion. That’s nearly eight times the losses it recorded in October and marks its second-worst month ever.
Despite this, the U.S. Bitcoin ETF still maintains $57.71 billion in net inflows and over $119 billion in assets. This represents around 6.56% of Bitcoin’s market cap.
Meanwhile, BlackRock confirmed the IBIT is its most profitable ETF globally. Executives speaking at a blockchain conference in São Paulo said IBIT outperformed more than 1,400 other BlackRock products. They said it generated $245 million in annual fees and amassed $70 billion in assets in just 341 days.
In a related development, JPMorgan filed to offer structured notes that track IBIT in bid to take part in its success.
Meanwhile, the crypto market has crashed again just days after recovering from its initial downturn. Bitcoin fell by over 6% to around $85,653. The result was liquidations in major assets.
How Did Other ETF Products Perform?
The November slump wasn’t limited to Bitcoin ETF products. Ethereum ETFs also had their worst month on record with $1.42 billion in outflows.
However, Solana ETFs saw more than 20 days of inflows amounting to over $600 million. It saw their momentum break after the launch of the 21Shares Solana ETF which recorded a $34.4 million outflow on its fifth day of trading.
Meanwhile, XRP ETFs have not yet seen any outflow. Data shows the products logged nine inflow days out of ten accumulating $666 million. The strongest session came on November 14 with $243 million entering XRP ETFs.
Dogecoin ETFs on the other hand have continued to underperform. Grayscale’s DOGE fund recorded a muted $1.4 million in first-day volume far below expectations. Bitwise’s BWOW Dogecoin ETF has also started trading but has failed to perform.