Yeliz Akmaca 
Spot Bitcoin ETFs experienced record outflows in November. A total of $3.48 billion left U.S. funds. This marked the largest monthly negative flow since February. Spot Ethereum ETFs also saw $1.42 billion in outflows, setting a new record.
According to SoSoValue, Bitcoin ETFs recorded four consecutive weeks of net outflows starting the week of October 31. During this period, over $4.34 billion exited the funds. However, the last three days of November saw net inflows ahead of the U.S. Thanksgiving holiday.
BlackRock IBIT and Institutional Investments
BlackRock’s IBIT, the largest Bitcoin ETF by net assets, reported $2.34 billion in net outflows in November. On November 18, the fund recorded its largest single-day withdrawal since launch, totaling $523 million.
Nick Ruck, Director at LVRG, said, “Spot BTC ETF outflows reflect institutional profit-taking after Bitcoin’s all-time high and year-end portfolio rebalancing. Investor confidence remains strong. Total inflows are still positive, and Bitcoin futures open interest continues to rise.”
Altcoin ETFs and Emerging Opportunities
As of the end of November, total net inflows into U.S. Bitcoin funds reached $57.71 billion. The net asset value totaled $119.4 billion, representing 6.56% of Bitcoin’s total market capitalization. Spot Ethereum ETFs posted $1.42 billion in outflows during the month but ended the final five days with consecutive net inflows.
Newly launched Solana, XRP, and other altcoin ETFs recorded weekly net inflows since their debut. XRP ETFs attracted a total of $666 million in investment. Canary’s Litecoin and Hedera ETFs drew $7 million and $36 million, respectively. This shows that investor interest in altcoin ETFs remains moderate but growing.
According to Ruck, “Solana and other new altcoin ETFs attracted only modest inflows despite high volatility. Institutional capital remains concentrated in Bitcoin and Ethereum. This trend will continue until regulatory clarity and on-chain stability improve.”
Additionally, Nate Geraci, President of NovaDius Wealth, announced that Grayscale will launch the U.S.’s first spot Chainlink ETF this week. This new product expands diversity in the crypto ETF market and signals growing institutional interest in altcoins.
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