Spot Bitcoin and Ethereum ETFs posted a combined daily net outflow of $797 million in November, precipitating a price correction in Bitcoin and a rise in risk aversion among institutional and product investors. The episode underscores how ETF flows interact with market liquidity and sensitivity to macro data, directly affecting asset managers, product teams and compliance functions.
Flows point to a sustained trend of divestment: in a recent week, spot Bitcoin ETFs suffered more than $2 billion in outflows, the second worst streak on record, according to data cited by Coincodex and OKX. Specific sessions illustrate the magnitude, with $566.4 million on October 4 and $536.4 million on October 16, the largest daily withdrawal since August 2025, according to compiled reports.
The shift marks a cautious stance across crypto exposures as participants react to both flow dynamics and a worsening macro backdrop.
Ethereum was not immune: ETH ETFs recorded daily outflows of $447 million and a record week of outflows of $787.7 million. An ETF (exchange-traded fund) is a vehicle that tracks the price of an asset and trades on an exchange like a stock.
Context and impact for Bitcoin
Outflow pressure translated into price stress: Bitcoin fell from peaks near $113,000 to levels below $108,000 and even pierced the psychological $100,000 barrier, an approximate drop of 17.5% from the early-October high; liquidations exceeded $1.3 billion, according to market data cited in the reviewed reports.
Divergence within the ecosystem is evident, as some products such as Solana ETFs attracted steady inflows despite broad risk reduction elsewhere.
The macro environment exacerbates the correction: a stronger US dollar, global liquidity adjustments and the hawkish tone of the Fed raise the opportunity cost of unprofitable assets. FOMC announcements have acted as a volatility catalyst, with “buy the rumor, sell the news” moves on key sessions.
Lower liquidity and higher volatility are lifting execution costs for managers and market makers, complicating hedging and inventory management across spot products. Institutional allocations are being reassessed, with the potential reduction of AUM in crypto products as redemptions pressure issuers and strategies are recalibrated.
The next milestone for flows and price is the upcoming FOMC decision and associated macro data, events that are likely to be decisive for the reconfiguration of allocations and the liquidity of spot products in the coming quarters.
