Paul Johnson Bitcoin ETFs face their worst month yet as BlackRock’s iShares Bitcoin Trust records a record $523 million in outflows, pushing total redemptions near $3 billion amid fading rate cut hopes.
Bitcoin exchange-traded funds are seeing an alarming investor retreat as the month heads toward its close. Data from Farside Investors shows total outflows approaching $3 billion for November, setting the stage for the weakest performance since spot Bitcoin ETFs debuted earlier this year.
BlackRock’s iShares Bitcoin Trust, the market leader in inflows for much of 2025, logged its biggest single-day redemption since launch with $523 million withdrawn. That figure brought BlackRock’s total November outflows to nearly $2.1 billion, representing the majority of the month’s redemptions across all United States Bitcoin ETF products.
The sustained five-day losing streak has already seen Bitcoin ETF investors shed $372 million more on Tuesday alone, underscoring a wave of risk aversion as macro sentiment turns cautious.
Worst Month on Record Looms for Bitcoin ETFs
With net redemptions now sitting at $2.96 billion, November 2025 has already become the second-worst month for Bitcoin ETFs. Another week of outflows could push the figure beyond February’s $3.56 billion, marking an unprecedented level of investor withdrawal despite Bitcoin’s historically bullish performance in November.
Traditionally, November has been Bitcoin’s strongest month, with an average historical return of 41.22 percent, according to long-term market data. However, this year’s trend appears to have reversed as macroeconomic headwinds and waning liquidity have muted risk appetite.
Geoff Kendrick, head of digital assets research at Standard Chartered, recently told Cointelegraph that ETF inflows had been the “primary fuel” behind Bitcoin’s 2025 rally. But as the flows reverse, price momentum has clearly slowed, and the bullish narrative around institutional accumulation has weakened.
Bitcoin traded around $89,134 at press time, extending its correction as traders weigh the balance between profit-taking and long-term conviction.
Rate Cut Doubts and Technical Weakness Pressure Market Sentiment
Adding to the pressure, Bitcoin recently flashed a “death cross” pattern, its fourth in this cycle, signaling short-term weakness against longer-term averages. While the pattern is often viewed as bearish, analysts suggest it may also indicate a potential macro bottom if liquidity improves in the coming weeks.
According to Lacie Zhang, research analyst at Bitget Wallet, the timing of this signal coincides with “declining rate cut expectations, tightening liquidity, and lingering market risk.”
The CME Group’s FedWatch tool shows traders now assigning just a 46 percent probability of a Federal Reserve rate cut in December, down sharply from 93.7 percent a month earlier. This shift has reduced appetite for risk assets across markets, including cryptocurrencies.
Market caution has been reinforced by reports that two major crypto market makers are facing balance sheet stress, according to Bitmine Immersion’s chairman Tom Lee.
Other Crypto Funds Show Mixed Flows
Outside Bitcoin, Ether exchange-traded funds recorded $74.2 million in outflows on Tuesday, while Solana products attracted $26.2 million in fresh inflows. Total investments in Solana ETFs have now surpassed $421 million, underscoring investor rotation toward alternative layer-one networks amid Bitcoin’s short-term volatility.
As institutional traders reposition and liquidity remains uncertain, all eyes now turn to December. Whether Bitcoin ETFs can rebound from this record November slump will depend heavily on macro policy cues and renewed investor confidence in digital assets.
