The U.S. spot Bitcoin exchange-traded funds (ETFs) took another sharp turn downward on Thursday, erasing a brief respite earlier this week.
After breaking a five-day streak of net outflows with a net inflow of $75.4 million on Wednesday, these funds faced a new round of redemptions totaling $903 million on Thursday—marking the largest single-day net outflow in November and one of the largest since these products were launched in January 2024, according to Farside Investors.
The $3.79 billion in withdrawals this month puts November on track to become the month with the highest recorded net outflows for U.S. spot Bitcoin ETFs, unless inflows in the remaining days can offset this month's redemptions.
This figure has surpassed February's $3.56 billion, which had held the record since the ETF's inception.
BlackRock's iShares Bitcoin Trust (IBIT) ETF is the largest driver of this historic net outflow in November. The product has seen $2.47 billion in net redemptions this month, accounting for about 63% of the total $3.79 billion withdrawn from all U.S. spot Bitcoin ETFs.
The fund also topped the list of net outflows this week with $1.02 billion. Ki Young Ju, founder and CEO of the analytics platform CryptoQuant, noted that this represents "the largest single-week net outflow in IBIT's history."
Fidelity Investments' Wise Origin Bitcoin Fund (FBTC) ranks as the second-largest contributor to net outflows in November, with monthly net redemptions reaching $1.09 billion. Just this week, the issuer has seen $225.9 million in withdrawals, reflecting a moderate but ongoing redemption trend.
Although FBTC's net outflows are smaller than IBIT's, the two funds have collectively exacerbated liquidity loss, pushing November past February to become the month with the heaviest net outflows for Bitcoin ETFs.
Together, they account for 91% of the total net outflows from U.S. spot Bitcoin ETFs in November.
According to CoinGecko data, with nearly $1 billion in ETF net outflows, Bitcoin fell to $83,461 on Friday. This drop pushed Bitcoin to a seven-month low, a price level not seen since April.
Industry voices suggest that this downturn may just be the beginning. Alliance DAO co-founder QwQiao reiterated his warning in September, believing that the next bear market could be harsher than expected.
"There is a lot of stupid money buying DATs and ETFs with no knowledge of crypto. This never ends well," he wrote, adding that the market may need to experience another "50% pullback" before forming a solid foundation.
Chris Burniske, co-founder of Placeholder crypto venture capital, stated that the era of DAT sales has just begun, warning that just as ETFs and digital asset trusts (DATs) have driven Bitcoin's rise, they could similarly exacerbate declines.
DefiLlama data shows that October's DAT net inflows fell to $1.93 billion, down 82% from September's $10.89 billion. The data indicates that net inflows significantly decreased after approximately $20 billion in crypto positions were liquidated in October.
As of the time of writing, DAT net inflows have only reached $505 million. At this rate, November is on track to become the month with the lowest DAT net inflows in 2025.
Related: The Samourai case ruling solidifies the U.S. Department of Justice's (DOJ) funding transmission theory regarding cryptocurrency mixers.
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