Bitcoin ETFs See Record November Outflows as BlackRock’s IBIT Drains $3.5 Billion

COINOTAG News reported on November 24 that the US-listed Bitcoin ETFs are experiencing their steepest monthly outflows in nearly two years. Through November, investors have pulled about $3.5 billion from these vehicles, approaching the February record of $3.6 billion. BlackRock’s Bitcoin fund (IBIT) remains the largest ETF holding, with roughly $2.2 billion in redemptions this month, signaling potential for the worst monthly performance absent fresh inflows.

Citigroup researchers quantify the linkage: for each net $1 billion outflow from Bitcoin ETFs, the price tends to fall by roughly 3.4%, while inflows counteract the move. Analyst Alex Saunders has set a year-end bearish target near $82,000 if inflows remain scarce.

Bloomberg Intelligence’s Rebecca Sin cautions that ongoing weakness and elevated volatility may perpetuate ETF outflows, particularly as gold trends influence risk sentiment. Some withdrawals reflect hedge funds unwinding a basis trading strategy that profits from the spot-futures spread and crypto volatility, shaping investor behavior.