U.S. Bitcoin exchange-traded funds (ETFs) saw $903 million in net outflows on November 20, the second-largest outflow since their launch in January 2024. The selloff was led by BlackRock’s iShares Bitcoin Trust and Grayscale’s Bitcoin fund, as institutional investors took profits amid a risk-off shift ahead of year-end.
Ethereum ETFs also faced pressure, recording $262 million in net outflows, extending an eight-day streak of withdrawals, according to SoSoValue.
The outflows coincided with a sharp drop in Bitcoin prices, driven by a mix of institutional exits, miner economics pressures, and technical market triggers. Analysts said the trend reflects profit-taking by large holders rather than a loss of confidence in crypto.
“Institutional investors are leading the charge, with ETF outflows signalling profit-taking and risk-off positioning,” said Rachael Lucas, crypto analyst at BTC Markets.
Przemysław Kral, CEO of European exchange ZondaCrypto, added that long-term investors may see the current decline as an opportunity to accumulate at lower prices, while short-term traders may face difficulty timing a recovery. “Large Bitcoin holders continue to purchase the cryptocurrency, showing underlying confidence even as prices fall,” he said.
Despite the heavy outflows, analysts warn that volatility remains high and market conditions could change quickly.
