Bitcoin ETFs Bleed Record $3.79B in November: Is This 2022’s Crypto Winter All Over Again?

• Bitcoin ETF outflows reached a grounds $3.79B successful November, surpassing February’s $3.56B arsenic Bitcoin fell 33% from highs supra $126,000.

• BlackRock’s Bitcoin ETF and Fidelity’s money accounted for 91% of November withdrawals with $2.47B and $1.09B successful outflows respectively.

• New XRP and Solana ETFs attracted $410M and $531M successful aboriginal inflows arsenic investors diversified distant from Bitcoin funds.

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A surge of redemptions deed U.S.-listed spot Bitcoin (CRYPTO: BTC) exchange-traded funds successful November 2025. According to on-chain analytics and money data, investors pulled $3.79 cardinal from the 11 U.S. spot Bitcoin ETFs implicit the month, surpassing the erstwhile grounds of $3.56 cardinal acceptable successful February.

The nonaccomplishment was striking fixed that BTC had acceptable caller all-time highs supra $126,000 conscionable 2 months earlier. By precocious November the terms tumbled much than 33% to astir $84,000, punishing those who bought during the summertime rally.

Investors are present asking whether this question of withdrawals signals a repetition of the 2022 "crypto winter" oregon if the sell-off is conscionable a steadfast correction aft an overheated market.

The outflow fig is based connected combined information from Coinbase Custody and ETF issuers. One crypto marketplace tracker notes that connected November 20 alone, U.S. spot Bitcoin ETFs saw $903 cardinal successful nett outflows—the largest single-day nonaccomplishment since these products launched. By month's end, full withdrawals reached $3.79 billion, eclipsing February's grounds of $3.65 billion.

The monthly outflow was concentrated successful a fistful of funds. BlackRock's iShares Bitcoin Trust pulled $2.47 billion, portion Fidelity's Wise Origin Bitcoin Fund shed $1.09 billion. Together, they accounted for 91% of November's redemptions. At the aforesaid time, Bitcoin's unfastened involvement connected derivatives exchanges fell 35% from October highs arsenic traders chopped leverage, showing investors weren't rotating into futures—they were leaving the marketplace altogether.

The sell-off rippled crossed integer assets. Major cryptocurrencies similar Ethereum, Solana, XRP, and Binance Coin fell 20% to 35% from their November highs, and 24-hour liquidations of leveraged positions exceeded $2 billion. The crypto marketplace headdress dropped beneath $3 trillion for the archetypal clip since aboriginal 2023, stoking memories of past collapses.

Several factors drove the grounds withdrawals. Here are the 4 main catalysts: