$75M INFLOWS MARK END OF 5-DAY OUTFLOW STREAK FOR BITCOIN SPOT ETFS
After five consecutive days of heavy outflows, U.S.-listed spot Bitcoin ETFs finally reversed course on November 19, attracting $75.4 million in new inflows.
The rebound provided some relief to markets that had suffered a rough week, with more than $2 billion withdrawn from these products during the prior sell-off.
BlackRock’s iShares Bitcoin Trust led the way, absorbing $60.6 million, representing the bulk of the day’s positive flows. In contrast, Fidelity’s FBTC saw $21.4 million in outflows, while smaller funds like ARKB, BTCO, and BRRR recorded no net change.
Other issuers, including HODL, experienced modest outflows of around $17.6 million, indicating that investors remain selective even as buying interest begins to return.
Volatile Week Brings Some of the Largest Single-Day Outflows on Record
The recent rebound followed one of the sharpest drawdowns in the short history of spot Bitcoin ETFs.
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Between November 14 and 18, the sector experienced approximately $2.1 billion in outflows, with several sessions ranking among the largest single-day withdrawals since these products were introduced in January 2025. On November 14 alone, outflows ranged from $492 million to $869 million, depending on the tracker, with BlackRock’s IBIT again leading the exits.
The sell-off continued over the following days, with notable transactions of $141 million on November 15, $665 million on November 16, $32 million on November 17, and $373 million on November 18, highlighting a volatile and choppy market week.
Bitcoin ETFs Face Growing Stress Amid Accelerating November Redemptions
Cumulative outflows have erased early November inflows, pushing the month toward one of the weakest on record for Bitcoin ETF activity, with redemptions approaching $3 billion by mid-month.
Bitcoin’s roughly 27% drop from its October peak near $126,000 to below $90,000 by mid-November intensified the pressure. Key technical levels were breached, leaving many institutional holders underwater for the first time since the products’ launch, triggering stop-loss orders and a cascade of risk-off selling.
ETF weakness coincided with broader crypto market turbulence. Liquidity dried up and leveraged positions were unwound, with $596 million in liquidations over the past 24 hours, led by Ethereum ($200M) and Bitcoin ($148M). About 163,300 traders were liquidated, marking one of the heaviest days in weeks. Long traders took the brunt earlier, while shorts began to suffer as Bitcoin temporarily stabilized near $89,000. Long liquidations totaled $405M, compared to $191M in shorts, suggesting some traders misjudged the market bottom.
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Macro Factors Add Pressure
The wider macro environment has done little to ease ETF stress. Investors remain cautious as the Federal Reserve delays clear guidance on rate cuts, inflation remains sticky, and renewed tariff concerns shake risk appetite across global markets. President Trump’s comments on reshoring U.S. manufacturing further added volatility, influencing cross-asset strategies and ETF redemptions.
Signs of Stabilization
Despite the turmoil, November 19 saw a modest inflow of $75M, signaling some buyers returning at lower levels. BlackRock’s iShares Bitcoin Trust (IBIT) continues to dominate ETF flows, stabilizing sentiment even as smaller issuers struggle.
Market watchers warn that the recovery remains fragile. Bitcoin needs to hold above $90,000 to prevent another wave of ETF outflows and potential liquidations across futures markets.
