Bitcoin ETF experienced a net outflow of $3.48 billion in November, marking the worst month since February.

In November, Bitcoin spot ETFs experienced the most severe monthly capital outflow since the beginning of the year, with a total net outflow of $3.48 billion. According to SoSoValue data, from November 12 to 18, ETFs saw capital withdrawals for five consecutive weeks, with the largest single-day outflow occurring on November 20, reaching $903 million. At the end of the month, the market warmed up, showing net inflows for three consecutive days, partly due to Nasdaq ISE submitting an application to quadruple the options trading capacity linked to the BlackRock iShares Bitcoin Trust (IBIT).

BlackRock's IBIT has also gone through one of its worst periods since its launch in early 2024. On November 18, IBIT experienced a single-day outflow of $523 million, with a cumulative outflow exceeding $2.4 billion as of November 25, which is eight times the losses in October. Nevertheless, IBIT still maintains a net inflow of $57.71 billion, with assets exceeding $119 billion, accounting for approximately 6.56% of the Bitcoin market capitalization. A BlackRock executive stated that IBIT is its most profitable ETF globally, generating about $245 million in fee revenue annually and accumulating $70 billion in assets within 341 days. JPMorgan also plans to issue structured notes tracking IBIT to share in its profits.

The overall volatility in the crypto market is significant, with Bitcoin falling again by more than 6% after a few days of recovery, to about $85,653, leading to a sell-off of major assets. The Ethereum ETF also faced capital outflows, reaching up to $1.42 billion. The Solana ETF had seen capital inflows for more than 20 consecutive trading days, totaling over $600 million, but after the launch of the 21Shares Solana ETF, there was a capital outflow of $34.4 million on the fifth day. The XRP ETF performed relatively steadily, with inflows on nine out of ten trading days, totaling $666 million.

In contrast, the Dogecoin ETF remains sluggish. Grayscale's Dogecoin fund had a mere trading volume of $1.4 million on its first day, and the Bitwise BWOW Dogecoin ETF also performed poorly. This indicates that market interest in certain token ETFs remains limited, while the capital fluctuations of Bitcoin and Ethereum ETFs reflect that overall market sentiment is significantly influenced by macro factors and liquidity.