Bitcoin funds face massive outflows
U.S. spot bitcoin ETFs lost $1.07 billion last week, and this marked their second straight week with more than $1 billion leaving the funds. The bitcoin funds lost $2.35 billion in two weeks when combined with the $1.28 billion lost the previous week, which is the largest two-week total since the period that ended on June 5. The bitcoin funds saw outflows every single day last week. They lost $201.1 million on Monday, $95 million on Tuesday, $299.9 million on Wednesday, $284 million on Thursday, and $185.5 million on Friday. Friday’s $185.5 million loss extended the daily outflow streak to seven days. This is the longest daily outflow streak since the 10-session stretch from June 17 to July 1. BlackRock’s IBIT accounted for $143.5 million of Friday’s outflows, which is about 77% of the total for that day. IBIT currently holds bitcoin worth $53.99 billion against $64.19 billion in cumulative inflows since launch.
| Fund Name | Friday Outflow/Inflow |
|---|---|
| BlackRock IBIT | $143.5 million outflow |
| Fidelity FBTC | $41.9 million outflow |
| Other 10 funds | $0 |
The outflows arrived as bitcoin dropped below $69,000 early Friday, which reached approximately $65,650 by Saturday morning. Traders weighed Jensen Huang’s resignation as Nvidia CEO and expectations of another Federal Reserve rate hike. Bitcoin funds have now lost $2.35 billion in November after nine trading days. This is the largest monthly outflow since June, when $4.51 billion left the funds. The 2026 losses for bitcoin funds currently sit at $1.98 billion, which is more than double the $914.1 million deficit from a week ago. I find this rapid acceleration of losses throughout November to be extremely concerning for investors.
Crypto categories bleed except for Avalanche
Total U.S. spot crypto ETF outflows reached $1.55 billion last week. Out of 15 tracked groups, 10 posted net outflows and four reported no flows. Only Avalanche funds saw an inflow, which took in $227,000 on Thursday. Ether funds lost $398.9 million last week, and this marked their seventh consecutive negative week. This seven-week losing streak has pulled $2.42 billion from ether funds since late September. On Friday, a $2.4 million inflow ended a six-trading-day outflow streak worth $594.4 million. Fidelity’s FETH gained $11.6 million on Friday, and this offset a $9.3 million outflow from Grayscale’s Ethereum Mini Trust. Ether funds are now down about $804.5 million for 2026, which is nearly double the $405.6 million deficit from a week ago. Net assets for the category fell 15.5% over the week to $10.85 billion.
Solana funds lost $32.1 million last week, and this extended a six-week losing streak that started when the funds snapped a 14-week inflow run in October 2025. Fidelity’s FSOL accounted for all of Friday’s $3.1 million outflow. Net assets for Solana funds fell to $1.14 billion from $1.31 billion a week earlier, though these funds remain about $644.1 million positive for the year. Grayscale’s Zcash fund, ZCSH, lost $30.7 million, which is nearly as much as the nine Solana funds lost combined. ZCSH’s net assets fell 32% over the week to $523.7 million. XRP ETFs shed $19.1 million last week, which is the largest weekly outflow for the category since mid-March. On Friday, Grayscale’s GXRP lost $5.5 million while Franklin’s XRPZ took in $4.5 million. The three U.S. Hyperliquid ETFs lost $4.3 million and extended their weekly outflow streak to six weeks. Smaller funds tracking NEAR, Chainlink, Hedera and Polkadot lost between $99,000 and $1.4 million each.
