Key facts
- US spot Bitcoin ETFs saw $1.44 billion in net outflows over five consecutive sessions from November 5 to November 11, per SoSoValue data.
- Net outflows reached $1.88 billion for November so far after $520 million left the funds in October, SoSoValue data showed.
- The funds' net assets fell to $93.7 billion, about 45% below the October 2025 peak of $169.5 billion.
- BitGo's Greg Cipolaro said the post-election bounce drew only $75 million into spot Bitcoin ETFs.
- HashKey's Tim Sun put the average holding cost for spot Bitcoin ETFs at about $81,000.
- Glassnode found stablecoin supply fell $14.2 billion in the 30 days through November 9, the fastest drop since June 2022, per Decrypt.
US spot Bitcoin exchange-traded funds recorded five consecutive sessions of net outflows, losing about $1.44 billion between November 5 and November 11, according to SoSoValue data cited by Decrypt. That took November's net outflows to $1.88 billion, after $520 million left the funds in October.
The funds' net assets fell to $93.7 billion, down about 45% from a peak of $169.5 billion in October 2025, as outflows and falling prices both weighed. Bitcoin was trading at $73,358 on November 12, down 0.87% over the prior 24 hours, according to Decrypt data.
The outflows tracked a sell-off in AI and technology stocks. On November 5, when the Nasdaq Composite fell 5.5% in a single day, Bitcoin ETFs saw net outflows of about $430 million, the data showed.
Tim Sun, senior researcher at HashKey, told Decrypt the wave reflected institutional investors actively or passively reducing risk exposure after a decline in macro risk appetite. He said the five-day outflows equal about 2.6% of the funds' $55.1 billion in cumulative net inflows, far from a full-scale retreat, and that the average holding cost for spot Bitcoin ETFs is around $81,000, leaving some holders with unrealized losses.
Greg Cipolaro, head of research at BitGo, said in a note shared with Decrypt that the post-election bounce brought only $75 million into spot Bitcoin ETFs, while the supply of dollar-pegged stablecoins contracted 1.9% to $286.3 billion, suggesting little fresh capital was waiting. Glassnode found total stablecoin supply fell $14.2 billion in the 30 days through November 9, the fastest contraction since June 2022, Decrypt reported.