Bitcoin ETFs lose about $2.1 billion in November as outflows reach seven days

U.S. spot Bitcoin ETFs recorded roughly $2.1 billion in November outflows after seven consecutive trading days of withdrawals. Decrypt's ETF tracker shows that investors withdrew $185.4 million on Friday. The funds recorded about $829 million in withdrawals this week. The previous week's withdrawals amounted to nearly $1.3 billion.

Bitcoin ETFs lost $1.4 billion during five earlier sessions in the withdrawal streak as investors reduced risk. Cumulative net inflows have declined to $55.3 billion since the funds began trading in January 2024. Total net assets dropped to $94.9 billion, compared with more than $100 billion during much of October.

Ethereum ETFs attracted $2.3 million on Friday, ending six consecutive trading days of withdrawals. Ethereum ETFs nevertheless recorded weekly outflows of about $336 million. November withdrawals from Ethereum ETFs have reached roughly $702 million. Solana ETFs lost about $28 million this week. Solana ETFs still have cumulative net inflows of $1.6 billion.

Spot crypto ETFs own underlying assets, including Bitcoin or Ethereum, and offer exposure through ordinary brokerage accounts by trading like shares on stock exchanges. Issuers disclose fund flows daily. Institutions and financial advisers account for much of the money, helping make fund flows a widely followed indicator of investor sentiment.

The withdrawals have accompanied a steep cryptocurrency sell-off. CoinGecko data put Bitcoin near $64,500 over the weekend, a decline of 6% over 24 hours. Bitcoin was down about 15% for the week. Bitcoin has fallen more than 22% over the past month. Ethereum declined 8.4% to about $1,790. Solana fell 12% to roughly $70. The cryptocurrency market's total value decreased 4.5% to about $2.3 trillion.

Bitcoin reached a 12-week low this week as concerns about further Federal Reserve rate increases reversed Bitcoin's summer gains. Concentrated liquidations drove Bitcoin below $69,000 earlier in the week.

JPMorgan's most recent SEC filing shows that JPMorgan's holdings of Bitcoin and crypto-linked securities are nearing $1 billion. However, those purchases occurred before the more recent market downturn.