Bitcoin spot ETFs saw net outflows of about 5.1 trillion won last month — largest since February

Spot Bitcoin (BTC) exchange-traded funds (ETFs) listed in the United States recorded net outflows of about $3.5 billion (about 5.1429 trillion won) last month, marking the largest monthly outflow since February.

On the 1st (local time), crypto-focused media The Block reported that spot Bitcoin ETFs saw net outflows for four consecutive weeks, with a total of $3.48 billion leaving over the month. However, toward the end of the month—ahead of the U.S. Thanksgiving holiday—funds flowed back in for three consecutive days, partially stabilizing the trend.

BlackRock's IBIT accounted for a large portion of the outflows, recording net outflows of $2.34 billion last month. In particular, on the 18th of last month, the largest single-day outflow since listing—$523 million—left in one day.

Nick Luck, head of research at LVRG, explained, "Outflows expanded as institutional investors booked profits after Bitcoin's record high and year-end portfolio adjustments overlapped," adding, "This is not easily interpreted as a loss of confidence in the underlying asset."

He said, "Cumulative inflows remain positive and open interest in Bitcoin futures is also on the rise," adding, "Institutions are structurally maintaining 'long' positions while showing flows that are more sensitive to valuation."

According to SosoValue, as of the 28th of last month, cumulative net inflows into U.S. Bitcoin ETFs totaled $57.71 billion, with net assets of $119.4 billion, representing about 6.5% of total Bitcoin market capitalization.

Spot Ethereum (ETH) ETFs also recorded net outflows of $1.42 billion last month, the largest since their launch. However, at month-end there were five consecutive trading days of net inflows.

Meanwhile, newly launched altcoin ETFs such as Solana and XRP continued to see net inflows since debut. The XRP ETF saw cumulative inflows of $666 million, and Litecoin and Hedera ETFs launched by Canary recorded net inflows of $7 million and $36 million, respectively.

Luck analyzed, "Although new altcoin ETFs like Solana are attracting steady capital flows despite high volatility, institutional capital remains concentrated in Bitcoin and Ethereum," adding that this structure is likely to persist until regulatory clarity and on-chain stability are secured.