Which ETFs drove November outflows?

TLDR

The biggest driver was BlackRocks iShares Bitcoin Trust (IBIT), which saw roughly $2.34 billion in November net outflows, including a single?day $523 million withdrawal on 18 Nov, per a media report and flow summary.

1. IBITs outflows dominated weekly losses mid?month, per a weekly breakdown.
2. ARK 21Shares (ARKB), VanEck (HODL), and Bitwise (BITB) also posted daily outflows on 25 Nov, per a flows snapshot.
3. Grayscales GBTC contributed in earlier weeks, with IBIT+GBTC nearly $1.26 billion out over one week, per a weekly recap.

Deep Dive

1. IBIT Led Outflows

BlackRocks IBIT was the primary source of November redemptions. Reports estimate ~$2.34 billion net outflows across the month, with standout single?day withdrawals of $523 million on 18 Nov and $463 million on 14 Nov, per a media report and a flow summary.

• For the week ended 21 Nov, IBIT accounted for ~$1.09 billion of the industrys net outflows, its second?largest weekly outflow on record, per a weekly breakdown.

2. Other ETFs With Outflows

Several peers added to the pressure with day?specific redemptions. On 25 Nov, Ark 21Shares (ARKB) had $75.92 million out, VanEck (HODL) $36.95 million, and Bitwise (BITB) $12.31 million, per a flows snapshot.

• Earlier in the month, combined IBIT and Grayscales GBTC redemptions reached nearly $1.26 billion in a single week, amplifying the net drawdown, per a weekly recap.

3. Context And Exceptions

Not all issuers bled every day. Fidelitys FBTC posted notable inflows on some sessions (for example, $170.8 million on 25 Nov), showing investor rotation rather than a uniform exit, per a daily breakdown.

• Despite late?month stabilization, the aggregate November picture was negative, with spot Bitcoin ETFs posting multi?week outflows before a small end?of?month weekly inflow, per a week?end recap.

Conclusion

Novembers outflows were driven chiefly by BlackRocks IBIT, with additional pressure from ARKB, HODL, BITB, and periodic GBTC redemptions. Rotation toward FBTC on some days suggests investors were reallocating rather than exiting entirely, but the mid?month wave of IBIT redemptions set the overall negative tone.