Bitcoin ETF outflows on track for worst month in history

November is set to be the worst month for crypto ETFs in their history, with Bitcoin ETFs seeing $3.5 billion in outflows.

Since launching nearly two years ago, Bitcoin exchange-traded funds are on track for their worst month in history, according to Bloomberg.

From the start of the month up to Monday, November 24, investors have pulled $3.5 billion from U.S.-listed Bitcoin ETFs. This puts November on track to overtake February, with monthly outflows of $3.6 billion, as the worst month on record.

The outflows coincided with a major correction in the price of Bitcoin (BTC). In November, BTC dropped to $80,657, its lowest level since April of this year. This is despite the fact that November is historically one of the strongest months for crypto assets. However, macroeconomic factors are contributing to a market-wide correction for risk assets, which is impacting crypto more than ever.

Investors have grown increasingly cautious as U.S. labor market data has weakened and recession risks have risen, prompting a broad pullback from riskier corners of the market.

At the same time, sticky inflation has policymakers conflicted over how quickly to ease monetary policy and creating uncertainty around the timing and scale of future rate cuts.

Liquidity conditions are also tightening, with the Fed continuing to unwind its balance sheet, while a stronger U.S. dollar and volatile Treasury yields have shifted capital toward safer assets. Globally, soft economic data from Europe and Asia has amplified risk-off sentiment.

Taken together, these factors have weighed disproportionately on crypto—one of the market’s most sensitive, high-beta asset classes—forcing prices lower even in a month historically favorable to digital assets.

Crypto market conditions lead to Bitcoin ETF outflows

With crypto assets on the decline, ETF outflows could worsen. Nicolai Søndergaard, research analyst at Nansen, told crypto.news that outflows will likely continue until market conditions improve, which will likely depend on macro outlooks.

“The reason for these outflows from ETFs is quite simple. The market is going down lately, and as such, it is expected that ETFs see outflows as people want to take their money out of the market,” said Nicolai Søndergaard, Nansen.

He also noted positive inflows for Solana (SOL) ETFs, but these remain relatively small in comparison. Notably, Solana ETFs saw $128.20 million in net inflows in the week ending on November 22.