CMC News

$BTC ETF Outflows Hit $3.48B in November's Largest Exit Since February

U.S. spot $BTC exchange-traded funds recorded $3.48 billion in net outflows during November, marking the largest monthly withdrawal since February, according to SoSoValue data.

Spot Bitcoin #ETFs experienced four consecutive weeks of net outflows beginning the week of Oct. 31. More than $4.34 billion exited the funds over that period, though November concluded with three straight days of net inflows ahead of the U.S. Thanksgiving holiday.

BlackRock's IBIT, the largest Bitcoin ETF by net assets, reported $2.34 billion in net outflows throughout November. The fund recorded its largest daily net outflow since launch on Nov. 18, totaling $523 million in a single trading session.

LVRG Director Nick Ruck stated the spot #BitcoinETF outflows reflect institutional profit-taking following $BTC's rally to all-time highs. Year-end portfolio rebalancing also contributed to the withdrawals rather than representing a fundamental loss of confidence in the asset class, according to Ruck's assessment.

Cumulative inflows for U.S. Bitcoin funds remain positive at $57.71 billion as of Nov. 28. The funds hold $119.4 billion worth of net assets, representing 6.56% of Bitcoin's total market capitalization across global markets.