Bitcoin ETFs Shed $2.1 Billion in November as Redemptions Persist

U.S. spot Bitcoin ETFs recorded about $2.1 billion in November outflows after seven straight trading days of redemptions. Decrypt ETF tracker data show investors pulled $185.4 million on Friday. The funds saw about $829 million in withdrawals this week, after nearly $1.3 billion the prior week. Bitcoin ETFs lost $1.4 billion across five earlier sessions in the streak as investors cut risk. Cumulative net inflows have fallen to $55.3 billion since the funds began trading in January 2024. Total net assets dropped to $94.9 billion, down from more than $100 billion for much of October. Ethereum ETFs drew $2.3 million on Friday, ending six consecutive trading days of withdrawals. They still posted weekly outflows of about $336 million, and November redemptions have reached roughly $702 million. Solana ETFs lost about $28 million this week but retain cumulative net inflows of $1.6 billion. Spot crypto ETFs hold underlying assets such as Bitcoin or Ethereum and offer exposure through ordinary brokerage accounts by trading like shares on stock exchanges. Issuers disclose fund flows daily. Institutions and financial advisers account for much of the money, which helps make fund flows a widely followed gauge of investor sentiment. The outflows have come alongside a sharp cryptocurrency selloff. CoinGecko data put Bitcoin near $64,500 over the weekend, down 6% in 24 hours, about 15% for the week and more than 22% over the past month. Ethereum fell 8.4% to about $1,790. Solana dropped 12% to roughly $70. Total cryptocurrency market value fell 4.5% to about $2.3 trillion. Bitcoin hit a 12-week low this week as concerns about further Federal Reserve rate increases reversed its summer gains. Concentrated liquidations pushed Bitcoin below $69,000 earlier in the week. A recent SEC filing by JPMorgan shows that the firm holds nearly $1 billion in Bitcoin and crypto-linked securities. Those purchases came before the more recent market downturn.