After five days of heavy outflows, US-listed spot Bitcoin ETFs finally reversed course on Nov. 19 and attracted $75.4m in new money.
The move offered a breather to weary markets still reeling from a brutal week of redemptions that had drained more than $2b from the products.
BlackRock’s iShares Bitcoin Trust once again led the field, absorbing $60.6m and accounting for most of the day’s positive flows. Fidelity’s FBTC, by contrast, shed $21.4m, while smaller funds such as ARKB, BTCO and BRRR recorded no net change.
Other issuers like HODL saw mild outflows of around $17.6m, suggesting that investors remain selective even as buying interest re-emerges.
Volatile Week Delivers Some Of The Largest Single-Day Outflows On Record
The rebound followed one of the sharpest drawdowns in the short history of spot Bitcoin ETFs.
Between Nov. 14 and 18, the cohort bled roughly $2.1b, with several sessions ranking among the largest single-day outflows since the products’ January debut.
On Nov. 14 alone, outflows were reported between $492m and $869m, depending on the tracker, led again by BlackRock’s IBIT.
That was followed by a choppy series of exits, with $141m leaving on Nov. 15, another $665m on Nov. 16, $32m on Nov. 17 and a further $373m on Nov. 18.
Bitcoin ETFs Face Mounting Stress As November Redemptions Accelerate
Cumulative pressure wiped out early November inflows and pushed the month toward one of the weakest on record for ETF activity, with redemptions nearing $3b by mid-month.
Bitcoin’s slide of roughly 27% from its October peak near $126,000 to below $90,000 by mid-November deepened the damage.
The drop cut through key technical levels and left many institutional holders underwater for the first time since the products launched, triggering stop-loss orders and a cascade of risk-off selling.
Weaker ETF demand coincided with a broader downturn in crypto assets, as liquidity dried up and leveraged positions were unwound. CoinGlass data showed $596m in liquidations over the past 24 hours, with Ethereum leading at $200m and Bitcoin close behind at $148m. About 163,300 traders saw positions wiped out, marking one of the heaviest liquidation days in weeks.
The pain was not evenly spread. Long traders bore the brunt earlier in the selloff, but shorts began to suffer as Bitcoin found temporary footing near $89,000.
Over the same 24-hour window, long liquidations totaled $405m against $191m in shorts, hinting that some traders misread the market bottom.
ETFs Feel The Strain As Rate Jitters And Tariff Risks Hit Crypto Markets
The macro backdrop has done little to help. Investors remain cautious as the Federal Reserve delays clear guidance on rate cuts while inflation data stays stubborn. Renewed tariff threats and a cooling risk appetite across global markets have also weighed on crypto sentiment.
President Trump’s latest comments on reshoring American manufacturing added to volatility across commodities and digital assets alike, as traders positioned for potential shifts in fiscal policy. Analysts said the uncertainty amplified ETF redemptions from institutional desks managing large cross-asset books.
Still, the modest inflow on Nov. 19 suggests that some buyers are stepping back in at lower levels.
BlackRock’s continued dominance in ETF flows, despite the volatility, reinforces its status as the primary gateway for institutional Bitcoin exposure. IBIT’s net inflows have helped stabilize overall sentiment, even as smaller issuers struggle to maintain traction.
Market watchers caution that the recovery could prove fragile if Bitcoin fails to hold above $90,000. A further slide could reignite ETF outflows and trigger another round of liquidations across futures markets.
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