Crypto ETFs Face Major Losses in November Amid Market Struggles

November proved to be a turbulent month for crypto exchange-traded funds (ETFs), with Bitcoin products leading the way in losses. 

Investors pulled billions out of the market as Bitcoin’s price continued to struggle, marking the worst month for many funds since early 2025. 

Spot Bitcoin ETFs See Biggest Monthly Loss Since February

Spot Bitcoin ETFs had their largest monthly loss since February, mainly because investors kept selling. Data from SoSoValue revealed that these funds saw $3.48 billion leave in November. 

Withdrawals continued for five weeks straight from November 12 to 18. The biggest single-day outflow was $903 million on November 20. By the end of the month, analysts saw a small improvement as three days of inflows hinted that investors were slowly coming back. 

Nasdaq ISE filed to quadruple options trading capacity for BlackRock’s iShares Bitcoin Trust (IBIT). This news may have encouraged more market activity.

Crypto ETFs See Mixed Results in November

Bitcoin’s price struggles affected the whole crypto market. The top coin dropped more than 6% to $85,653, causing big losses in other major assets. Ethereum ETFs also had a tough month, losing $1.42 billion, showing that November was a rough time for crypto.

On the other hand, Solana ETFs did well, gaining over $600 million across more than 20 days. However, the growth slowed after the 21Shares Solana ETF launched, which lost $34.4 million on its fifth day.

XRP ETFs also did well, with nine days of inflows out of ten, adding $666 million. The biggest inflow was on November 14, when $243 million went into the funds.

Dogecoin ETFs, however, struggled. Grayscale’s DOGE fund only had $1.4 million in its first day, much lower than expected. At the same time, Bitwise’s BWOW Dogecoin ETF has had trouble attracting investors. 

BlackRock’s IBIT Faces a Rough Patch

BlackRock’s IBIT, one of the largest U.S. Bitcoin ETFs, also suffered one of its worst months since debuting in early 2024. On November 18, the fund experienced its largest single-day withdrawal on record, losing $523 million. 

By November 25, IBIT’s total monthly outflows exceeded $2.4 billion, nearly eight times the losses recorded in October and marking its second-worst month ever.

Despite these setbacks, IBIT remains a major player in the crypto ETF space. The fund still holds $57.71 billion in net inflows and manages over $119 billion in assets, representing roughly 6.56% of Bitcoin’s total market capitalization.

BlackRock recently highlighted IBIT’s profitability. Reportedly, the ETF has outperformed more than 1,400 other BlackRock products. In just 341 days, it generated $245 million in annual fees and amassed $70 billion in assets.

In a related move, JPMorgan filed to offer structured notes tracking IBIT, signaling a broader interest from traditional financial institutions in the fund’s success.