U.S. spot Bitcoin exchange-traded funds recorded $1.22 billion in net outflows during the week ended Nov. 21, marking the fourth consecutive week of investor withdrawals. The funds have now shed $4.34 billion over the past month as Bitcoin prices tumbled from above $95,000 to near $82,000 before recovering slightly to current levels around $87,348.
Key Facts:
- Bitcoin spot ETFs posted $1.22 billion in weekly outflows, extending a four-week streak that has drained $4.34 billion from the funds
- BlackRock's IBIT experienced its second-largest weekly outflow on record at $1.09 billion, with a single-day withdrawal of $523.15 million on Tuesday
- Ethereum ETFs lost $500 million while Solana ETFs gained $128 million during the same period, reflecting divergent investor sentiment across digital assets
What Happened: Month-Long Retreat
The spot Bitcoin ETFs saw modest daily inflows of $238.47 million on Friday and $75.47 million on Wednesday, according to data from SoSoValue. Those gains failed to offset withdrawals on the other trading days during the week of Nov. 17-21.
BlackRock's IBIT fund recorded $1.09 billion in outflows for the week, its second-highest weekly total.
The fund's largest weekly outflow remains $1.17 billion during the week ended Feb. 28. IBIT saw its biggest single-day net outflow of $523.15 million last Tuesday.
The withdrawals coincided with what The Block characterized as the largest crypto market correction of the current cycle.
Bitcoin dropped from Monday's $95,600 to approximately $82,200 by Friday before climbing back to $87,348, a 1.2% gain over 24 hours.
Spot Ethereum ETFs recorded $500.25 million in weekly net outflows, their third straight week of withdrawals. The Ether funds posted a single daily net inflow of $55.71 million last Friday but saw outflows across the remaining trading days.
Spot Solana ETFs bucked the trend with $128.2 million in inflows, up from $46.34 million the previous week. The gains marked four consecutive weeks of positive flows for Solana products. Spot XRP ETFs brought in $179.6 million during the week, though the figure trailed the $243.05 million single-day inflow on Nov. 14.
Why It Matters: Fragile Recovery
Vincent Liu, chief investment officer at Kronos Research, told The Block that Bitcoin appears likely to consolidate within a range of roughly $85,000 to $90,000. Liu noted that "liquidity is shallow and stops are being picked off," suggesting the market remains vulnerable to sharp moves.
Analysts described the market structure as "fragile" despite signs of recovery from Friday's lows. The sustained ETF outflows indicate institutional investors have pulled back as Bitcoin's price momentum stalled after approaching the $100,000 threshold in mid-November.
Closing Thoughts
The four-week withdrawal streak from Bitcoin ETFs represents a significant shift in sentiment following months of steady inflows earlier this year. The divergence between Bitcoin, Ethereum outflows and Solana, XRP inflows suggests investors are rotating between digital assets rather than exiting crypto exposure entirely.
