Bitcoin exchange-traded funds (ETFs) saw nearly $3 billion in net outflows in November, marking the worst month since BlackRock's fund recorded its largest redemption day.
According to Farside Investors, U.S. spot Bitcoin (BTC) ETFs continued a five-day losing streak on Tuesday, recording another $372 million in net negative outflows.
BlackRock's iShares Bitcoin Trust (IBIT) ETF recorded $523 million in outflows, marking the largest single-day outflow since its launch in January 2024.
The latest outflows brought November's total to $2.96 billion, making it the second worst month for spot Bitcoin ETFs. BlackRock alone accounted for $2.1 billion of that outflow.
Another week of selling could push redemptions above February's $3.56 billion, which would mark the weakest month for ETF liquidity, although historically, November is usually one of Bitcoin's strongest periods.
The inflows into spot Bitcoin ETFs are a key driver of Bitcoin's momentum in 2025, Standard Chartered's global head of digital asset research, Geoff Kendrick, recently told Cointelegraph.
According to CoinGlass, despite investors expecting Bitcoin to have an up month based on historical data, ETF outflows continue to rise. November is historically the best month for Bitcoin returns, with BTC averaging a 41.22% increase during this period.
Looking at other crypto funds, Ethereum (ETH) ETFs recorded $74.2 million in outflows on Tuesday, while Solana (SOL) ETFs attracted $26.2 million in inflows, with total investments exceeding $421 million since their launch, according to Farside Investors.
Bitcoin experienced its fourth "death cross" of the cycle last week, a technical chart pattern that occurs when an asset's short-term price momentum indicator falls below its long-term trend.
While historically considered a "bearish technical signal," a death cross can also signal a macro bottom before a strong reversal, depending on the broader economic context, Bitget Wallet's research analyst Lacie Zhang told Cointelegraph.
Some crypto-specific concerns include warnings from Tom Lee, chairman of Bitmine Immersion, who stated that two major market makers are facing financial deficits, analysts explained.
Meanwhile, the market anticipates a 46% chance of a 25 basis point rate cut at the Federal Reserve meeting on December 10, down from 93.7% a month ago, according to CME Group's FedWatch tool.
This development has prompted repositioning among the industry's most successful traders, who are tracked as "smart money" traders on Nansen's blockchain intelligence platform, tending towards shorter-term downside.
According to Nansen, smart money traders increased their cumulative short positions by $5.7 million in the past 24 hours, indicating bearish expectations, as this group holds a net short position of $275 million on Bitcoin.
Related: El Salvador's latest $100 million Bitcoin (BTC) purchase reignites questions related to the IMF agreement.
Original article: “BlackRock Leads $3B Outflows from Bitcoin (BTC) ETFs in November, Records $523M Outflow in a Single Day”
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