The American spot Bitcoin ETF market is experiencing its toughest month since the launch of these products. Massive capital withdrawals have hit several of the largest funds and triggered a new drop in bitcoin — to levels the market hasn’t seen since spring. November has already gone down in history as the month with the largest outflows, and the trend shows: the pressure may only intensify.
Record outflow: $3.79 billion in three weeks
Bitcoin ETF flows
After a brief revival in the middle of the week, when the funds recorded an inflow of $75.4 million, the flow reversed again. On Thursday, investors withdrew $903 million — this is the largest outflow in November and one of the record one-day withdrawals since January 2024, when ETFs were first launched.
In total for the month, the outflow reached $3.79 billion, exceeding the anti-record of $3.56 billion in February. If the trend does not change, November will become the weakest month in the history of Bitcoin ETFs — and a possible turning point for the BTC market structure.
BlackRock IBIT under leading pressure again
The main reason for the large-scale outflow is the flagship BlackRock iShares Bitcoin Trust (IBIT). It accounts for −$2.47 billion in November, or 63% of all withdrawn funds. This week, IBIT lost another $1.02 billion.
CryptoQuant head Ki Young Ju called this “the largest weekly IBIT outflow ever.” Following BlackRock is Fidelity FBTC — another institutional heavyweight, which lost $1.09 billion for the month.
Together, these two funds accounted for 91% of all outflows among US Bitcoin ETFs in November, showing similar sentiment among major managers.
Pressure from funds drags bitcoin down
Such a large-scale ETF sell-off quickly affected the price. According to CoinGecko, bitcoin fell to $83,461 — a seven-month low. The market last saw these levels back in April.
Over the past six weeks, BTC has lost a quarter of its value, and the crypto market as a whole — more than $1 trillion in capitalization. Some analysts believe this is just the beginning of a deeper decline.
The market prepares for a tougher scenario
Alliance DAO co-founder QwQiao warned in September about a possible “50% drop” before the market recovers. Now his thesis is relevant again. Chris Burniske from Placeholder believes we are entering a phase of “DAT sell-offs.”
DAT inflows by asset
According to him, the very mechanisms (ETFs and DAT treasuries) that drove bitcoin to all-time highs can now accelerate the fall. DAT inflow is collapsing: only $505 million for the month
According to DefiLlama:
- DAT inflow fell to $1.93 billion in October — minus 82% compared to September
- in November, inflow was only $505 million, making the current month a candidate for the weakest in 2025
- the drop began after $20 billion in crypto positions were liquidated in October
The reduction in demand for DAT shows that institutional liquidity is leaving both ETFs and corporate crypto treasuries at the same time.
Why did November become a stress point?
Several factors converged on the market at once:
- Macro tension. Rising US yields and no signs of a rate cut are putting pressure on all risk assets.
- Overvaluation of AI stocks. Investors fear a correction in the stock market, which reduces risk appetite in crypto.
- Nerves among large holders. Sales from major players (Thiel, SoftBank, etc.) amplify the effect of ETF outflows.
- Technical weakness of BTC. After a 27% drop from the high, the demand model has become more fragile.
What’s next?
If massive withdrawals from Bitcoin ETFs continue, the market may experience a deeper plunge. ETFs became a key source of liquidity at the end of 2023 — early 2024.
Their reversal means that the main fundamental flow supporting growth is now working in the opposite direction. The market is now in a situation where:
- ETFs are putting pressure on BTC from above
- DAT inflow is almost disappearing
- the macro background remains tough
To reverse the trend, the market will need either stabilization of outflows or the return of institutional demand — and so far these signals are absent.
Read more: Japan approved a $110 billion stimulus: what does it mean for bitcoin?
