The BlackRock Bitcoin ETF (IBIT) suffered outflows of $2.47 billion in November 2025 amid record withdrawals of $3.79 billion from U.S. spot Bitcoin ETFs. This reversal forced position rebalancing and put pressure on the asset’s price, marking the worst month on record for these funds. These movements also reopen the debate about the stability of institutional demand.
In November, most of the exodus was concentrated in two institutional vehicles: in addition to BlackRock’s fund, Fidelity’s Wise Origin (FBTC) recorded outflows of $1.09 billion, which consolidated much of the liquidity drain in the ETF segment. On November 19, the largest daily withdrawal from the BlackRock fund occurred, with $523 million in redemptions, and the following day the U.S. spot Bitcoin ETF market suffered one of its worst sessions, with $903–$904 million withdrawn in a single day.
The flow shock had an immediate impact on the price: Bitcoin fell from an October peak of 126,000 to 83,461 on November 21, 2025, an approximate correction of 27% from the recent high. Despite the intense capital withdrawal, the cumulative net inflows balance into ETFs for the year still amounts to $57.4 billion, attesting that institutional adoption has been significant during 2025.
In parallel, some institutions maintained or increased positions; a university increased its stake in IBIT by 257%. A rotation within the crypto ecosystem was also observed: Ethereum ETFs had mixed movements —a one-off outflow of $428.52 million on October 13 and significant inflows of $2.8 billion in August— and Solana ETFs recorded smaller inflows, of $14.9 million in early November, indicating tactical diversification searches by managers.
Causes and technical signals
The pullback responds to a conjunction of macro and technical factors. Expectations about monetary policy changed: the probability of a rate cut in December fell to approximately 50%, which directly affects the appetite for risk assets. Markets were also weighed down by general risk aversion and profit-taking by institutional investors.
On the technical side, signals emerged that intensified selling pressure. The appearance of a “death cross” —a crossover in which a short-term moving average falls below a long-term one— is usually interpreted as a bearish signal. In addition, overbought levels, high open interest and positive funding rates made Bitcoin vulnerable to rapid liquidations.
The November episode underscores the sensitivity of U.S. spot Bitcoin ETFs to rapid changes in sentiment and macroeconomic conditions; the next milestone to watch will be the Federal Reserve decision in December and the fund flows that accompany it, which will determine whether the market begins to stabilize or continues the capital reallocation.
