Bitcoin News Today: Bitcoin ETFs Lose $2.96B as November Bullishness Fades

BlackRock's Bitcoin exchange-traded funds (ETFs) are hemorrhaging capital at an alarming rate, with the iShares Bitcoin Trust (IBIT) recording its largest single-day outflows of $523 million on November 17. This marked the fifth consecutive day of net redemptions for U.S. spot Bitcoin ETFs, pushing November's total outflows to $2.96 billion, already the second-worst month for the products since their January 2024 launch. BlackRock alone accounted for $2.1 billion of those outflows, nearly eclipsing the $3.56 billion seen in February 2025, a historically strong period for Bitcoin.

The selling pressure has persisted despite November's historical reputation as a bullish month for Bitcoin, which has averaged a 41.22% price surge during the period. Standard Chartered's global head of digital assets research, Geoff Kendrick, noted that Bitcoin ETF flows were a key driver of the asset's momentum in 2025, yet recent redemptions suggest a cooling of institutional and retail demand. The trend has left many investors underwater, with the average spot ETF investor's cost basis now at $89,600, below Bitcoin's current price of around $90,000.

The exodus has raised questions about the sustainability of Bitcoin's institutional adoption. BlackRock's IBIT, which holds nearly 3.1% of Bitcoin's total supply, has seen its holdings grow to 649,870 BTC, accumulated at a blended average price of $74,433. However, the fund's performance has been volatile, with its net asset value (NAV) multiple dropping to 1.11x from 1.52x at the peak of the market in October.

Amid the turmoil, some executives remain bullish. Michael Saylor dismissed stablecoins as a threat to Bitcoin's long-term value, arguing that the two serve distinct purposes: programmable dollars for payments versus scarce digital property. Saylor's firm continued its aggressive Bitcoin buying spree, acquiring 8,178 BTC at an average price of $102,171 this week, bringing total holdings to 649,870 BTC valued at $48.37 billion.

The market's turbulence has also sparked regulatory scrutiny. JPMorgan analysts warned that companies with significant Bitcoin exposure, such as MicroStrategy, risk being delisted from major indexes like the MSCI USA and Nasdaq 100 by January 2026. Meanwhile, BlackRock's broader corporate activities, including a recent dividend declaration of $5.21 per share, suggest the firm is balancing its crypto bets with traditional financial strategies.

As the year-end approaches, the Bitcoin ETF saga underscores the fragility of institutional confidence in the asset class. While historical patterns suggest a potential rebound, the current outflows highlight the challenges of maintaining momentum in a market still grappling with volatility and regulatory uncertainty.