Spot Bitcoin ETFs log near-record $903M daily outflow

BlackRock’s iShares Bitcoin Trust (IBIT) led redemptions with $355.5 million out, followed by Grayscale Bitcoin Trust (GBTC) at $199.35 million and Fidelity’s FBTC at $190.4 million. Smaller outflows were reported across funds from Bitwise, Ark & 21Shares, VanEck and Franklin Templeton. The latest print comes after a steady inflow pace earlier this month and trails only the record one-day outflow logged in late February.

“It’s a big sentiment shift from steady inflows earlier this month,” said Rachael Lucas, crypto analyst at BTC Markets. “And it’s not just crypto bleeding – Nvidia’s accounts-receivable spike spooked equity markets, triggering a broader risk-off move. When tech giants wobble, liquidity tightens everywhere, and Bitcoin feels the pinch.”

Nvidia posted Q3 revenue up 62% year over year on Wednesday, Nov. 19, initially lifting the stock before attention turned to $33.4 billion in accounts receivable, concentrated among a handful of customers. Shares finished down 3.15% to $180.64 on Thursday, Nov. 20. Broader risk assets followed: the S&P 500 fell 1.56% and the Nasdaq Composite 2.15%. Crypto-exposed names saw heavier declines – Coinbase −7.44%, BitMine −10.83%, and MicroStrategy −5%. Bitcoin slipped below $86,000 on Thursday as fresh U.S. employment data clouded expectations for a December rate cut.

“But here’s the nuance: cumulative ETF inflows still sit at $57.4 billion, and total net assets are $113 billion, about 6.5% of Bitcoin’s market cap,” Lucas added. “Institutions haven’t abandoned ship; they’re trimming sails. Extreme fear often precedes opportunity – but timing is everything.” 

Flows in other crypto ETPs were mixed. Spot Ethereum ETFs registered a $261.6 million net outflow across five funds on Thursday. Newly launched altcoin products drew interest: Bitwise’s XRP fund took in $105 million on launch day, while spot Solana ETFs saw $23.66 million of net inflows across products from Bitwise, 21Shares and Fidelity. Canary Capital’s HBAR ETF added $747,370, and its Litecoin ETF recorded no net flows.

As GNCrypto wrote previously, on Nov. 19, 2025 U.S. spot Bitcoin ETFs snapped a five‑day outflow streak with $75.47 million in net inflows, led by $60.61 million into BlackRock’s IBIT and $53.84 million into Grayscale’s Mini Bitcoin Trust. Offsetting moves included $21.35 million out of Fidelity’s FBTC and $17.63 million from VanEck’s HODL. The turn followed Nov. 12–18 outflows of more than $2.26 billion amid fragile sentiment and macro uncertainty.