Bitcoin News Today: November's Bitcoin Exodus: Record ETF Outflows Defy 41% Historical Rally Trend

BlackRock's Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has recorded historic outflows in November, with net redemptions surpassing $2.47 billion, contributing to a record $3.79 billion in total withdrawals from U.S. spot Bitcoin exchange-traded funds (ETFs) this month. The figures, reported by Farside Investors and multiple industry sources, mark November as the worst month on record for the products, eclipsing February's previous outflow record of $3.56 billion.

The iShares Bitcoin Trust led the exodus, accounting for 63% of total outflows, or $2.47 billion in net redemptions, as investors rushed to exit the fund. IBIT's outflows included a single-day record of $523 million on November 19, the largest since the fund's January 2024 launch. Fidelity's Wise Origin Bitcoin Fund (FBTC) followed as the second-largest contributor, with $1.09 billion in outflows for the month. Together, BlackRock and Fidelity accounted for 91% of November's total redemptions.

The outflows have coincided with a sharp decline in Bitcoin's price, which fell to $83,461 on November 21 - its lowest level in seven months - according to CoinGecko data. The drop came amid a broader market selloff, with U.S. spot Bitcoin ETFs posting $903 million in outflows on November 20 alone, the second-largest single-day withdrawal since the products debuted. Analysts attribute the redemptions to fading optimism over Federal Reserve rate cuts, bearish technical indicators, and a shift in institutional positioning.

"November has become the weakest period for ETF flows despite historical tendencies for the month to be a Bitcoin rally period," said Standard Chartered's global head of digital assets research, Geoff Kendrick, noting that ETF inflows had driven Bitcoin's 2025 momentum. The market's "smart money" traders have also increased short positions, with cumulative bearish bets rising by $5.7 million in 24 hours, according to blockchain analytics.

The selloff contrasts with Bitcoin's typical November performance, which has historically averaged a 41.22% rally, per CoinGlass data. However, the current environment reflects growing macroeconomic uncertainty and profit-taking by institutional investors. "The outflows signal risk-off positioning as large players lock in gains ahead of year-end," said Rachael Lucas, a crypto analyst at BTC Markets.

Bitcoin's price correction has also raised concerns about the bull cycle's durability. QCP Capital's report highlighted that BTC's 27% slide from its October all-time high of $126,199 and its break below the 50-week moving average increase the risk of a prolonged downturn. Meanwhile, BlackRock's broader portfolio adjustments - shifting toward U.S. equities and favoring value and momentum stocks - signal a broader reallocation of capital away from crypto.

The record outflows underscore a fragile market sentiment, with analysts cautioning that further declines could follow. "The path of least resistance remains lower unless macroeconomic or geopolitical factors provide a rebound catalyst," said QCP Capital's report. For now, Bitcoin ETFs remain in a precarious position, with November's outflows reshaping the narrative for year-end investment flows.