Retail Investors Pull $4 Billion from Bitcoin, Ethereum Spot ETFs in November

Retail investors withdrew approximately $4 billion from Bitcoin and Ethereum spot ETFs in November, exceeding the record net outflows seen in February, JPMorgan analysts said. The outflows contrast with October, when crypto-native traders drove market corrections through significant deleveraging in perpetual contracts. During the same period, retail investors poured roughly $96 billion into equity ETFs, including leveraged products, with the total potentially reaching $160 billion by month-end if the pace continues. JPMorgan Managing Director Nikolaos Panigirtzoglou and his team noted that retail investors continue to treat crypto assets and equities as separate asset baskets, despite both being risk assets.