In brief
- Bitcoin ETFs added $228 million in investments on Friday, led by Fidelity’s fund.
- The funds shed more than $900 million in assets on Thursday, the second-most daily outflows in their history.
- The declining assets for the 11 BTC funds have come as Bitcoin’s price has plunged to its lowest levels since April.
Spot Bitcoin exchange-traded funds shed nearly $1.2 billion in assets for the week, the third-highest total in the funds’ 22-month history, despite regaining ground on Friday.
November outflows from the 11 funds, which reached a monthly record $3.79 billion on Thursday, hovered at roughly the same total as the previous all-time high—set this February—after Friday’s rally, according to data from U.K. asset manager Farside Investors. On Thursday, the ETFs recorded their second highest daily outflows, more than $900 million.
The recent outflows, a rare misstep for the dramatically successful products, have dovetailed with a six-week slump in Bitcoin’s price. The largest cryptocurrency by market capitalization plunged to $81,000 early Friday, its lowest mark since early April.
Bitcoin is down about 33% since hitting an all-time high above $126,000 in early October, stung by macroeconomic unrest, including most recently, the decreasing prospects of the U.S. central bank approving a third 2025 interest rate cut, and concerns about an overheated artificial intelligence market.
BlackRock’s iShares Bitcoin Trust (IBIT) led this week’s hemorrhaging more than $1 billion in outflows, while redemptions from the Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) totaled about $172 million and $116 million, respectively.
On Friday, FBTC added $108 million in investments, the best in the category, while the Grayscale Bitcoin Mini Trust ETF (BTC) and GBTC generated $61.5 million and $84.9 million in assets.
The recent outflows have come as a flurry of Solana, XRP and Dogecoin ETFs have started trading over the past month, with additional XRP and Dogecoin products to list next week. The Canary Capital XRP ETF (XRPC) generated $58 million in daily net investments, the most among opening-day totals for all ETFs in 2025, topping the Bitwise Solana Staking ETF’s (BSOL) $57 million in its debut, according to Bloomberg data.
BSOL has accumulated more than $660 million in assets in its three-week history, and has yet to record a single day of outflows. The success of these funds has reflected investors’ strong appetite for digital asset-based investment products. The U.S. Securities and Exchange Commission is currently weighing dozens of applications for funds tracking individual altcoins, combinations of tokens, and crypto strategies.
In a Friday X post, Bloomberg Senior ETF Analyst Eric Balchunas optimistically noted Bitcoin’s historical resilience.
“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,” Balchunas wrote. “This asset has survived like half a dozen drawdowns worse than this only to hit [all-time highs] every time. The only other things with that ‘Rocky’-esque record are stud stocks like Apple, Amazon, and Florida real estate.”
He quipped in a separate tweet: “This asset should [definitely] be treated as HOT SAUCE.”
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