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Spot Bitcoin exchange-traded funds experienced one of their most challenging weeks on record, with nearly $1.2 billion in assets exiting, marking the third-largest weekly outflow since the products were introduced 22 months ago.
Key Takeaways:
- Bitcoin ETFs faced nearly $1.2 billion in weekly outflows, representing their third-largest withdrawal event since inception.
- In spite of a significant six-week price decline, several funds reversed their trend on Friday, witnessing strong inflows led by Fidelity’s FBTC.
- Analysts such as Eric Balchunas emphasize Bitcoin’s resilience, highlighting its ability to recover from even more severe drawdowns to achieve new highs.
The substantial withdrawals continued even as markets showed signs of partial recovery on Friday.
Data from Farside Investors indicates that November’s outflows reached $3.79 billion by Thursday, equaling the previous monthly record established in February.
Bitcoin ETFs Record Second-Largest Daily Outflow at $900M
The pressure persisted into Friday, despite a brief recovery across risk assets. On Thursday alone, over $900 million was redeemed, marking the second-largest single-day exit for this category.
The sharp fluctuations occurred during a six-week decline in Bitcoin’s price, which briefly dipped to $81,000 early Friday, its lowest point since April.
Bitcoin has now decreased approximately 33% from its October peak exceeding $126,000, influenced by changing macroeconomic expectations, including diminishing hopes for a third Federal Reserve rate cut in 2025, and renewed concerns regarding inflated valuations in the artificial intelligence sector.
The most significant impact came from BlackRock’s iShares Bitcoin Trust (IBIT), which experienced over $1 billion in withdrawals throughout the week.
Grayscale’s GBTC and Fidelity’s FBTC followed with outflows of $172 million and $116 million, respectively.
However, Friday marked a shift in sentiment. Fidelity’s FBTC attracted $108 million in new capital, the strongest daily inflow among the group.
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Grayscale’s Bitcoin Mini Trust (BTC) and GBTC also rebounded, recording inflows of $61.5 million and $84.9 million.
Despite the downturn, some analysts remain unperturbed. Bloomberg’s Eric Balchunas, commenting on X, countered pessimistic forecasts, noting Bitcoin’s extensive history of bouncing back from significant corrections.
“This asset has survived half a dozen drawdowns worse than this, only to hit new highs every time,” he stated, likening Bitcoin’s resilience to that of leading stocks like Apple and Amazon. In a separate post, he humorously remarked that Bitcoin “should definitely be treated as hot sauce.”
I get the haters dunking on btc’s slide (enjoy, this is your time) but what I don’t get is the obituaries being written. This asset has survived like half a dozen drawdowns worse than this only to hit ATHs every time. The only other things w that Rocky-esque record are stud…
— Eric Balchunas (@EricBalchunas) November 21, 2025
New Altcoin ETFs Capture Attention as Bitcoin Funds Struggle
The volatility in Bitcoin funds coincides with the introduction of a series of new altcoin ETFs.
In the past month, issuers have launched products linked to Solana, XRP, and Dogecoin, with additional XRP and Dogecoin funds expected to list next week.
The Canary Capital XRP ETF (XRPC) launched with $58 million in net inflows, the highest opening-day total for any ETF this year, surpassing the Bitwise Solana Staking ETF (BSOL), which debuted with $57 million.
BSOL has quickly emerged as one of the early success stories of 2025, amassing over $660 million in assets within three weeks and avoiding any days of outflows.
As reported, the New York Stock Exchange has approved the listing of Grayscale’s XRP and Dogecoin exchange-traded funds, allowing both products to commence trading on Monday.
NYSE Arca, the exchange’s ETF-focused subsidiary, filed certifications on Friday confirming the listing and registration of the Grayscale XRP Trust ETF Shares and the Grayscale Dogecoin Trust ETF Shares under the Securities Exchange Act of 1934.
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