Bitcoin ETFs Face $903M Outflow, Marking Second-Largest on Record

Bitcoin ETFs saw their second-largest single-day outflow on record. Investors pulled $903.11 million from the products on November 20.

Data from SoSoValue shows that the massive withdrawal reversed the recent positive inflow. This pushed cumulative net inflows down to $57.40 billion.

Trading volume reached $8.92 billion as total net assets across all Bitcoin ETFs fell to $113.02 billion. The outflow is a sharp reversal from the previous trading session.

Bitcoin ETFs Face Extended Selling Pressure

The latest outflow continues a difficult period for Bitcoin ETFs. November 13 was the worst single-day performance with $869.86 million in redemptions.

On November 14, another $492.11 million exited the products. November 18 recorded $372.77 million in outflows. The cumulative five-day total from November 12 through November 18 reached $2.27 billion in net withdrawals.

Individual Bitcoin ETFs showed major negative flows on November 20. BlackRock IBIT on NASDAQ led the decline with $355.50 million in redemptions and 4,110 Bitcoin leaving the fund.

Fidelity FBTC on CBOE posted $190.37 million in outflows with 2,200 Bitcoin withdrawn. Grayscale GBTC on NYSE recorded $199.35 million in redemptions as 2,300 Bitcoin exited the product.

The selling pressure spread across multiple providers rather than concentrating in a single fund. VanEck HODL on CBOE saw $30.59 million flow out along with 353.45 Bitcoin. Bitwise BITB on NYSE lost $21.17 million and 244.58 Bitcoin.

Bitcoin ETFs Show Mixed Provider Performance

Not all Bitcoin ETFs experienced outflows on November 20. Several smaller providers maintained positive flows during the selloff.

Invesco BTCO on CBOE showed flat performance with no inflows or outflows. Valkyrie BRRR on NASDAQ and WisdomTree BTCW on CBOE also recorded zero net flows.

Franklin EZBC on CBOE posted $7.51 million in outflows, along with 86.79 Bitcoin withdrawn. Ark & 21Shares ARKB on CBOE saw $94.42 million leave the fund, with 1,090 Bitcoin redeemed.

The November 20 data shows total net assets fell from $117.34 billion on November 19 to $113.02 billion. Cumulative total net inflows dropped from $58.30 billion to $57.40 billion over the same period.

Historical Context For Bitcoin ETFs

The $903.11 million outflow ranks as the second-largest single-day withdrawal since Bitcoin ETFs launched in January 2024. Only the November 13 outflow of $869.86 million exceeded the November 20 figure.

Bitcoin ETFs had experienced strong inflows earlier in 2024. The products accumulated over $60 billion in cumulative net inflows by early November.

The recent selling pressure has erased approximately $3 billion from that peak. Total net assets have declined from highs above $130 billion in mid-November to current levels around $113 billion.

The November 20 trading volume of $8.92 billion exceeded the $6.89 billion recorded on November 19.

Bitcoin ETFs processed $5.84 billion in trading volume on November 18 when outflows totaled $372.77 million.

Ethereum and Solana ETFs Diverge From Bitcoin

Bitcoin ETFs suffered their second-largest outflow. However, Ethereum and Solana ETF products showed contrasting performance on November 20. Ethereum ETFs recorded $261.59 million in net outflows, extending their own negative trend.

Trading volume reached $2.76 billion as cumulative total net inflows fell to $12.58 billion. Total net assets for Ethereum ETFs dropped to $17.43 billion from $18.19 billion the previous day.

The Ethereum ETF selling followed multiple consecutive days of withdrawals. November 19 saw $37.35 million exit the products. November 18 recorded $74.22 million in outflows.

Solana ETFs bucked the overall trend with $23.66 million in net inflows on November 20. The products maintained their positive momentum with trading volume hitting $64.49 million.

Cumulative total net inflows for Solana ETFs reached $499.67 million, with total net assets climbing to $744.64 million.