- Trending
- Comments
- Latest
U.S. spot bitcoin ETFs recorded $3.48 billion in net outflows during November, the largest monthly withdrawal since February, as bitcoin’s price fell from near $110,000 to $85,000 and exchange trading volumes dropped 22% to $1.59 trillion, according to SoSoValue data.
November’s decline marks a sharp reversal from October’s gains. Crypto ETF outflow intensified the pressure on an already volatile market, with investors pulling funds from U.S. spot Bitcoin ETFs, signaling rising risk aversion amid macroeconomic uncertainty.
The selloff hit both centralized and decentralized exchanges. Binance maintained its leadership but saw November trading volumes fall to $599.34 billion from October’s $810.44 billion.
Bybit processed $105.8 billion, Gate.io $96.75 billion, and Coinbase $93.41 billion, all reflecting the broader slump in trading activity.
Decentralized exchanges (DEXs) were hit hardest. Volume on DEXs dropped to $397.78 billion from $568.43 billion in October—the lowest monthly figure since June, according to DefiLlama data.
The DEX-to-CEX volume ratio slid from 17.56% in October to 15.73% in November, signaling investors’ flight to centralized venues amid heightened market risk.
“DEXs are more sensitive to market turbulence, and the November selloff highlights that investors are seeking safer, regulated platforms,” noted blockchain analyst Sarah Kim of CoinMetrics.
Bitcoin’s price action amplified the crypto ETF outflow. Starting November near $110,000, BTC fell to a low of $81,000 on Nov. 21, before briefly rebounding.
On Monday, Asian trading sessions triggered renewed pressure, pushing Bitcoin down 6% to $85,616 and extending losses from October’s peak to 32%.
Leveraged positions bore the brunt of the volatility, with over $600 million liquidated as traders scrambled to manage risk. “Bitcoin’s swings this month resemble August 2024, when a sudden BOJ rate hike forced a 20% crash and $1.7 billion in liquidations,” said Nic, CEO of Coinbureau.
Macroeconomic factors contributed to the crypto ETF outflow. Japanese two-year yields climbed to their highest since 2008, while the yen’s surge amplified concerns over unwinding the massive carry trade.
Investors borrowing yen to buy risk assets like crypto were forced to reduce exposure.
A Reuters poll revealed that 53% of economists expect further rate hikes due to imported inflation and easing political pressures, raising fears of continued downward momentum for crypto markets.
“An increase in Japanese base rates triggers the unwind of leveraged positions globally, forcing asset sales across risk markets, including Bitcoin ETFs,” Nic explained.
U.S. spot Bitcoin ETFs recorded the largest monthly outflow since February, with $3.48 billion in net withdrawals, reversing October’s $3.42 billion inflows, according to SoSoValue.
Analysts warn that sustained crypto ETF outflowcould further suppress market confidence and trading activity heading into December.
“The outflows reflect investors’ caution and uncertainty over macroeconomic conditions. ETF redemptions are not just numbers—they indicate sentiment shifts that can prolong market declines,” commented Mark Yusko, CEO of Morgan Creek Capital.
As December approaches, the crypto ETF outflow serves as a stark reminder of volatility risks inherent in digital assets.
Analysts advise investors to monitor macroeconomic developments, especially BOJ rate decisions and global liquidity conditions, before making aggressive bets on cryptocurrencies.
“The market is reacting to a combination of macro shocks and profit-taking. Until confidence returns, ETF outflows are likely to continue,” Kim said.
Investors and market watchers are now bracing for a cautious start to the last month of 2025, as both leveraged positions and ETF holdings remain under pressure, signaling that the crypto sector could remain in turbulent waters.
