TLDR
- U.S. spot bitcoin ETFs saw $903M in outflows, marking their second-largest on record.
- BlackRock’s IBIT ETF led with $355M in outflows, followed by Grayscale and Fidelity.
- Spot Ethereum ETFs also faced $261M in outflows, as risk-off sentiment impacted crypto.
- Despite outflows, total ETF inflows remain strong at $57.4B, indicating ongoing institutional interest.
U.S. spot bitcoin exchange-traded funds (ETFs) experienced a massive net outflow of $903 million on Thursday, November 20, 2025. This marked the second-largest daily outflow for these funds since their inception.
The outflows were widespread, with several major funds reporting significant losses. The outflows occurred amid broader market uncertainties and concerns over macroeconomic factors affecting global financial markets.
Among the top performers, BlackRock’s IBIT led the pack, with a reported $355.5 million in outflows. Following that, Grayscale’s GBTC saw $199.35 million in withdrawals, while Fidelity’s FBTC experienced $190.4 million in outflows. Other funds such as Bitwise, Ark & 21Shares, VanEck, and Franklin Templeton also saw diminished investor interest. This sell-off comes on the heels of a wider risk-off sentiment in equity markets, which was sparked by concerns over companies like Nvidia.
Market Conditions Contribute to the Outflows
The outflows from spot bitcoin ETFs occurred during a broader period of market turbulence. The initial spark was Nvidia’s quarterly earnings report, which showed robust revenue growth but raised concerns about its financial stability.
Specifically, Nvidia’s accounts receivable surged by 62%, reaching a concerning $33.4 billion, largely tied to four unnamed large clients. This prompted fears of delayed payments, which sent shockwaves through both equity and cryptocurrency markets.
On the same day, the S&P 500 and Nasdaq Composite both dropped sharply, with the former falling by 1.56% and the latter losing 2.15%. Cryptocurrency-related stocks also faced steep losses, with Coinbase dropping by 7.44%, while BitMine and Strategy both saw declines. Bitcoin’s price continued to drop, falling below $86,000, adding further pressure to the crypto markets. Analysts have suggested that these developments contributed to the broader pullback in spot bitcoin ETFs.
Institutional Investors Continue to Trim Positions
Despite the large outflows on Thursday, analysts pointed out that the broader trend still shows institutional interest in bitcoin and other digital assets. Rachael Lucas, a crypto analyst at BTC Markets, commented that the cumulative ETF inflows for the year remain strong, totaling $57.4 billion. “Institutions haven’t abandoned the market entirely. Instead, they appear to be trimming positions rather than pulling out completely,” said Lucas.
While the day’s outflows were substantial, Lucas noted that extreme market fear can often precede new opportunities. With total net assets of bitcoin ETFs now sitting at $113 billion, or about 6.5% of Bitcoin’s total market cap, there is still strong institutional backing, despite the short-term market pullback.
Ethereum ETFs and Altcoin Funds Show Different Trends
While spot bitcoin ETFs faced significant outflows, other parts of the cryptocurrency ETF market showed different trends. Spot Ethereum ETFs also saw a net outflow of $261.6 million, which is notable but still less than the bitcoin ETFs’ losses. The broader trend in altcoin ETFs, however, showed a more positive outlook.
Notably, the Bitwise XRP Fund, which had recently launched, saw strong inflows, attracting $105 million on its debut day. Similarly, funds tracking Solana (SOL) reported positive inflows, with a total of $23.66 million in new investments. Other altcoins, including HBAR and Litecoin, showed more modest movement, but the general trend indicated a shift in interest from Bitcoin and Ethereum to other crypto assets.
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