Bitcoin ETFs Lose $2.1 Billion in November as Outflow Streak Hits Seven Days

The selling pressure on Bitcoin has intensified, with U.S. spot Bitcoin ETFs shedding $185.4 million on Friday alone. This daily outflow extends the funds' losing streak to seven consecutive trading days.

The weekly outflow of about $829 million follows a nearly $1.3 billion loss the previous week, bringing November’s total redemptions to roughly $2.1 billion.

The cumulative net inflows for these funds since their launch in January 2024 have slipped to $55.3 billion, and their total net assets have fallen below the $100 billion mark.

Crypto ETFs also see outflows

The broader crypto market is also under pressure, with Ethereum ETFs snapping a six-day outflow streak but still losing about $336 million on the week. Solana ETFs shed about $28 million this week, though they retain $1.6 billion in cumulative net inflows.

The price slide has accelerated, with Bitcoin trading near $64,500 over the weekend. It is down about 15% on the week and has lost more than 22% over the past month.

Ethereum fell 8.4% to about $1,790, and Solana dropped 12% to roughly $70. The total crypto market value slid 4.5% to about $2.3 trillion.

Fed rate fears and price drop

Bitcoin hit a 12-week low this week as fears of further Federal Reserve rate hikes erased its summer rally. Concentrated liquidations pushed the price below $69,000 earlier in the week.

Not every institution is retreating, as JPMorgan’s holdings of Bitcoin and crypto-linked securities are approaching $1 billion, according to its most recent SEC filing. However, those purchases predate the more recent market downturn.