U.S. spot crypto funds extended their retreat into a second straight week, with Bitcoin and Ethereum ETFs together surrendering close to $1.5 billion in net assets as the underlying tokens slid to multi-week lows.
Spot Bitcoin ETFs posted $185.4 million in net outflows on Friday, the seventh consecutive trading day of redemptions, according to Decrypt's ETF tracker. That brought the week's haul to about $829 million after roughly $1.3 billion departed the prior week, lifting November's total withdrawals to around $2.1 billion. Data compiled by SoSoValue put the two-week tally at $2.35 billion, with only one positive session across the first ten business days of the month.
Cumulative net inflows since the funds launched in January 2024 have slid to $55.3 billion, and total net assets have dropped to $94.9 billion, falling back below the $100 billion level the group held for much of October.
Ethereum products showed a brief reprieve but remain deeply in the red. The funds attracted $2.3 million on Friday, ending a six-day outflow streak, yet still lost about $336 million for the week and roughly $702 million so far in November. Cumulative net inflows have fallen to $11.52 billion from $13.94 billion at the end of September. Solana ETFs shed about $28 million this week but retain $1.6 billion in cumulative net inflows.
Note: Figures are net flows in U.S. dollars. Cumulative inflows for Bitcoin funds date from their January 2024 launch; Ethereum cumulative figures are as of Nov. 13.
The selling has tracked a sharp decline in token prices. Bitcoin traded near $64,500 over the weekend, down 6% in 24 hours and about 15% on the week, and has lost more than 22% over the past month, according to CoinGecko. The largest cryptocurrency touched a 12-week low during the week as worries about additional Federal Reserve rate hikes erased its summer rally and concentrated liquidations pushed it below $69,000. Ethereum fell 8.4% to about $1,790, Solana dropped 12% to roughly $70, and total crypto market value slipped 4.5% to about $2.3 trillion.
Spot crypto ETFs hold the underlying asset and trade on exchanges like ordinary shares, letting investors gain exposure through a standard brokerage account. Because issuers disclose flows daily and much of the money comes from institutions and financial advisers, the figures are closely watched as a gauge of sentiment.
Not every large institution is retreating. JPMorgan's holdings of Bitcoin and crypto-linked securities are approaching $1 billion, according to its most recent SEC filing, though those purchases predate the latest downturn.
The outflows matter beyond crypto portfolios. Sustained redemptions force fund managers to sell the underlying tokens, which can amplify price declines and feed a cycle of risk reduction among advisers who allocate client money to the products. A stabilization in flows would be an early signal that institutional demand is returning; continued bleeding would suggest the asset class is still being treated as a risk to be trimmed rather than a position to be built.
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