Spot Bitcoin (BTC) exchange-traded funds are recording their worst month of outflows since their launch nearly two years ago, as the crypto market collapses.
TipRanks Black Friday Sale
So far in November, investors have withdrawn $3.5 billion from US-listed Bitcoin ETFs, nearly matching the previous monthly outflow record of $3.6 billion set in February this year. BlackRock’s (BLK) main iShares Bitcoin Trust (IBIT) ETF, which represents approximately 60% of all assets held in spot BTC ETFs, saw $2.2 billion in redemptions in November.
These outflows come as Bitcoin is experiencing its worst monthly performance since the crypto industry collapsed in 2022. At $86,500 currently, the BTC price is down 31% since its October 6 high of $126,272. The broader cryptocurrency market has also contracted sharply in recent weeks.
Crypto Sentiment
Analysts say spot Bitcoin ETFs, which track BTC price movements without having to own the cryptocurrency in a digital wallet, have become synonymous with sentiment toward digital assets. According to analysts, the strong outflows from these ETFs confirm that the enthusiasm and optimism towards crypto is now exhausted.
Analysts at Citigroup (C) sought to quantify this phenomenon, saying that for every billion dollars withdrawn from Bitcoin ETFs, prices experience a decline of approximately 3.4%. This dynamic helps explain Bitcoin’s recent price decline, according to Citigroup, which has a year-end price target of $82,000 on BTC, assuming no ETF inflows in the coming weeks.
Is Bitcoin a buy?
Most analysts do not offer ratings or price targets on Bitcoin. We will therefore instead examine the performance of BTC over three months. As the chart below shows, the price of Bitcoin has fallen by 20.41% over the past 12 weeks.

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