November has officially turned into the most painful month for U.S. spot Bitcoin ETFs, with cumulative outflows soaring to $3.79 billion—surpassing the previous negative record set in February. The largest blow came from BlackRock’s flagship fund, which alone accounted for $2.47 billion, or roughly 63% of all withdrawn capital.
Record Outflows Smash Previous Lows
Data from Farside Investors shows that investor sentiment sharply deteriorated throughout the month. After a brief pause in the five-day selloff streak—when ETFs saw a modest $75.4 million inflow—outflows surged again.
On Thursday, November 20, U.S. spot Bitcoin ETFs experienced a massive $903 million exit, marking both the biggest single-day outflow of the month and one of the largest since these products launched in January 2024.
BlackRock’s IBIT Takes the Hardest Hit
The iShares Bitcoin Trust (IBIT) led the downturn, losing nearly $2.47 billion in net assets in November. Over $1.02 billion left the fund in just one week—an event that CryptoQuant founder Ki Young Ju described as the largest weekly outflow in the fund’s history.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) ranked second, shedding $1.09 billion this month and about $225.9 million over the past week. Combined, IBIT and FBTC were responsible for 91% of all November outflows among U.S. spot Bitcoin ETFs.
The heavy selling pressure also shook the broader market. Bitcoin itself dropped to $82,000, sliding back to its lowest levels in seven months—territory last seen in April.
Corporate Digital Asset Reserves Also Dry Up
The weakness is not limited to ETFs. Data from DefiLlama reveals that inflows into corporate digital asset reserves (DAT) plunged to $1.93 billion in October, an 82% decline from September’s $10.89 billion. The sharp drop followed large-scale liquidations in October totaling around $20 billion.
November is shaping up to be even weaker: by mid-month, inflows stood at only $505 million, putting the period on track to become the lowest-capitalized month of 2024 for corporate crypto allocations.
Institutional Sentiment Is Shifting
The combination of record ETF outflows and shrinking corporate investment signals a meaningful shift in institutional appetite for digital assets. These trends could play a decisive role in shaping the market’s trajectory over the coming months.
If this capital flight continues, the crypto market may face increased volatility and prolonged downward pressure—especially as institutional investors reassess their risk exposure to Bitcoin and other digital assets.
