Bitcoin exchange-traded funds (ETFs) are approaching $3 billion in net outflows for November, putting the products on track for their worst month on record after BlackRock’s fund recorded its biggest day of redemptions in history.
U.S. spot Bitcoin (BTC) ETFs extended their five-day losing streak on Tuesday, recording another $372 million in net negative outflows, according to for Farside Investors.
BlackRock’s iShares Bitcoin Trust (IBIT) ETF saw $523 million in outflows, marking its biggest day of outflows since its January 2024 debut.
The latest outflows brought November’s total to $2.96 billion, already making it the second-worst month for spot Bitcoin ETFs. BlackRock alone accounts for $2.1 billion of those outflows.
Another week of selling could push redemptions above the $3.56 billion recorded in February, marking the weakest month for ETF flows despite the historical tendency for November to be one of Bitcoin’s strongest periods.
Spot Bitcoin ETF inflows were the primary driver of Bitcoin’s momentum in 2025, Standard Chartered’s global head of digital asset research, Geoff Kendrick, recently told Cointelegraph.
Related: Bitcoin ETFs lose $866 million in second-worst day on record, but some analysts remain bullish
ETF outflows continued to rise despite investors expecting a bullish month for Bitcoin, based on historical data. November is the best month for Bitcoin’s historical returns, with BTC gaining an average of 41.22% during the month, according to to CoinGlass data.
Looking at other crypto funds, Ether (ETH) ETFs saw $74.2 million in outflows on Tuesday, while Solana (SOL) ETFs attracted $26.2 million in inflows, surpassing $421 million in total investments since launch, according to Farside Investors.
Related: Metaplanet’s Bitcoin gains fell 39% due to October’s plunge under pressure from corporate treasuries
The prospect of a falling exchange rate is weighing on sentiment
Bitcoin last week printed the fourth “death cross” of this cycle, a technical chart pattern that occurs when short-term indicators of an asset’s price momentum fall below the long-term trend.
Although historically considered a “bearish technical signal”, the death cross can also signal a macro bottom ahead of a strong reversal, depending on the broader economic context, Lacie Zhang, research analyst at Bitget Wallet, told Cointelegraph.
“This time the signal comes at a time when liquidity is just starting to stabilize, the prospects for a rate cut in December have dropped from almost certain to ~50%, and market risks remain unresolved (…)”
Some of the concerns surrounding the crypto include a warning from Bitmine Immersion’s president, Tom Lee, who stated that the two main drivers of the market are facing a financial deficit, the analyst explained.
Meanwhile, markets are pricing in a 46% chance of a 25 basis point rate cut during the Federal Reserve’s Dec. 10 meeting, down from 93.7% a month ago. according to to CME Group’s FedWatch tool.
The development has inspired a repositioning among the industry’s most successful traders, who are tracked as “smart money” traders on Nansen’s blockchain intelligence platform, to the near-term downside.
Smart money traders added $5.7 million worth of cumulative short positions over the past 24 hours, signaling bearish expectations, as this cohort was net short on Bitcoin by $275 million, according to Nansen.
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