U.S. spot Bitcoin ETFs continued to lose money in November, extending an outflow streak to seven straight trading days and bringing the month’s withdrawals to roughly $2.1 billion.
The funds shed $185.4 million on Friday, according to Decrypt’s ETF tracker. They lost about $829 million this week after losing nearly $1.3 billion the week before. Earlier in the streak, the funds bled $1.4 billion over five sessions as investors cut risk.
Bitcoin ETF assets slip below $100 billion
Cumulative net inflows since launch have slipped to $55.3 billion. Total net assets fell to $94.9 billion, below the $100 billion mark the funds held through much of October.
Spot crypto ETFs hold the underlying asset, such as Bitcoin or Ethereum, and trade on stock exchanges like ordinary shares, giving investors exposure through a regular brokerage account. Bitcoin funds have drawn $55.3 billion in net inflows since debuting in January 2024. Because issuers report flows daily and much of the money comes from institutions and financial advisers, the figures are closely watched as a gauge of investor sentiment.
Ethereum and Solana funds also decline
Ethereum ETFs took in a modest $2.3 million on Friday, snapping a six-day outflow streak, but still lost about $336 million on the week and roughly $702 million so far in November. Solana ETFs shed about $28 million this week, though they retain $1.6 billion in cumulative net inflows.
Crypto prices fall sharply
The outflows have tracked a sharp sell-off. Bitcoin traded near $64,500 over the weekend, down 6% over 24 hours and about 15% on the week, according to CoinGecko. It has lost more than 22% over the past month.
Ethereum fell 8.4% to about $1,790, and Solana dropped 12% to roughly $70. Total crypto market value slid 4.5% to about $2.3 trillion.
Bitcoin hit a 12-week low this week as fears of further Federal Reserve rate hikes erased its summer rally, and concentrated liquidations pushed the price below $69,000 earlier in the week.
JPMorgan holdings approach $1 billion
Not every institution is retreating. JPMorgan’s holdings of Bitcoin and crypto-linked securities are approaching $1 billion, according to its most recent SEC filing. However, those purchases predate the more recent market downturn.
