Spot bitcoin ETFs hemorrhaged more than $3.4 billion over the past month, with the selling accelerating in mid-November as bitcoin prices retreated from October highs, according to data from U.K.-based asset manager Farside Investors.
BlackRock, Inc.’s iShares Bitcoin Trust ETF (IBIT) led the exodus with $2.17 billion in net outflows starting November 4, according to Farside Investors. The wave of redemptions comes as bitcoin prices tumbled 13.6% over the same period, reflecting broader risk-off sentiment ahead of key inflation data and next week’s Federal Reserve rate decision, according to market commentary from Charles Schwab.
The selling hit its peak on November 13, when spot bitcoin ETF investors pulled a combined $866.7 million in a single session, Farside data showed. IBIT’s worst day came five days later on November 18, recording $523.2 million in outflows as bitcoin continued to slide.
The Fidelity Wise Origin Bitcoin Fund (FBTC) shed $378 million over the month, while the ARK 21Shares Bitcoin ETF (ARKB) saw $326.5 million in redemptions, according to Farside. Even the Grayscale Bitcoin Trust ETF (GBTC), which already experienced heavy outflows most of the year, recorded another $362.8 million in withdrawals.
The selling wasn’t uniform. On November 21, the funds collectively attracted $238.4 million as some investors viewed the price dip as a buying opportunity, Farside data showed. While inflows mostly continued through early December, the past month still finished deeply in the red as outflows outweighed the gains.
Bitcoin ETF Retreat Reflects Inflation Worries
In recent days, investors have shown less appetite for risk assets as they await Friday’s Personal Consumption Expenditures price data and next week’s Federal Open Market Committee rate decision, according to Schwab. Bitcoin futures pulled back from their mid-week recovery, down more than 2% in early trading Friday, Schwab noted.
Treasuries are having their worst week in six months ahead of the inflation and sentiment data, with the 10-year yield posting its largest weekly gain since June, according to Schwab. Rising yields typically pressure cryptocurrencies as investors shift toward traditional fixed-income investments.
Only two of the 11 funds tracked by Farside managed positive flows for the month. The Grayscale Bitcoin Mini Trust (BTC) added $14.3 million, while the Invesco Galaxy Bitcoin ETF (BTCO) attracted $5 million, according to the data.
Year-to-date, IBIT still leads with $25.3 billion in total inflows despite November’s retreat. Total flows across all spot bitcoin ETFs remain positive at $22.3 billion for 2025, though the recent selling has trimmed those gains, Farside data showed.
Bitcoin is currently trading around $89,400 midday Friday, down nearly 30% from its all-time high of $126,198 reached in October.
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