The Bitcoin (BTC) Spot ETF recorded net outflows of $866.7 million on November 13, marking the second-largest single-day redemption since the fund was launched in January 2024.
The outflow surpassed the August 1st record of $812.3 million, ranking second. The $1.1 billion outflow on February 25 remains the worst single-day redemption amount on record.
According to data from Farside Investors, on November 13, Grayscale’s Bitcoin Mini Trust had the most withdrawals at approximately $318 million, followed by BlackRock’s IBIT at $257 million.
Fidelity’s FBTC and Bitwise’s BITB contributed to additional redemptions across 11 U.S.-listed spot Bitcoin ETFs.
Bitcoin fell back below $100,000 on the same day, losing nearly 2% in value. The decline accelerated on November 14th, with BTC falling to $94,890.52 at the time of writing, a 4.8% decline in 24 hours.
BTC has not traded in the $94,000 zone since early May 2025.
Macro uncertainty triggers a wave of risk aversion
This outflow reflects a three-week de-risking phase that equates to a total of approximately $2.6 billion in withdrawals from Bitcoin ETFs.
The redemption coincides with the resolution of the record-long U.S. government shutdown, and markets have started pricing in a lower probability of a Federal Reserve rate cut in December.
Expectations that liquidity conditions will tighten have prompted investors to move away from high-beta assets such as Bitcoin and into cash, bonds and gold.
Derivatives positioning amplified the selling pressure. After Bitcoin rose to around $126,000 in October, long futures positions accumulated significantly.
When the spot price fell below $100,000, there was a cascade of liquidations in the market, with Bitcoin longs totaling around $190 million and total crypto assets exceeding $300 million.
These forced sales triggered additional ETF redemptions as institutional risk limits were triggered.
The rotation pattern adds complexity to the flow diagram. The first U.S. spot XRP ETF debuted on Nov. 13 with about $250 million in inflows, while the Solana ETF attracted modest capital.
Ethereum products have also experienced outflows, as have Bitcoin funds.
While the move suggests some investors took profits on their Bitcoin positions and reallocated risk to alternative crypto narratives, the $866 million in outflows far exceeded the daily inflows in the rest of the world.
Structural context remains intact
Redemptions do not indicate a structural defect in the ETF product. The fund performed as designed and processed large redemptions without disrupting operations.
The authorized participant mechanism allowed financial institutions to exit positions efficiently, demonstrating the liquidity infrastructure that spot ETFs provide compared to pre-ETF crypto exposure methods.
Total assets under management across Bitcoin ETFs remain above $80 billion despite three weeks of outflows.
The $2.6 billion redemption amount represents approximately 3% of total holdings and is consistent with periodic rebalancing during periods of heightened macro uncertainty and profit-taking following record highs.
The withdrawal pattern is consistent with past behavior during risk-off episodes. When Bitcoin traded at $126,000 in October, ETF holders had accumulated unrealized gains of more than 100% of those who entered at the start.
The ensuing decline created natural pressure to realize profits, especially as expectations for Federal Reserve policy changed and the stock market sold off.
Bitcoin’s $94,000 support test on November 14th puts Bitcoin at a technical crossroads. The price of $94,890.52 is down 25% from October’s high and the lowest price since early May.
Whether ETF outflows continue will depend on whether spot prices stabilize above key support levels and whether macro conditions improve enough to justify re-entering risk positions.
The November 13th data point represents a snapshot of crowded positioning hit by a deterioration in sentiment, a situation that historically precedes either a capitulation trough or an extended consolidation phase.
(Tag translation) Bitcoin
