Spot Ethereum ETFs registered their largest monthly outflow on record, while spot bitcoin ETFs experienced the second-largest monthly withdrawal since launch.

Monthly flows

In November investors withdrew $3.48 billion from spot bitcoin ETFs, marking the second-largest monthly outflow since these products debuted.

Spot Ethereum ETFs recorded an even weaker performance, with an outflow exceeding $1.42 billion for the month, the worst result in their history.

The main selling pressure occurred during the first three weeks of November, while flows improved modestly toward the month’s end.

Weekly dynamics

• Bitcoin ETFs closed the final week with approximately ~$70 million of net inflows, reflecting a modest stabilization in demand.
• Funds based on Ethereum attracted more than $312 million during the same late-week period, contributing to a partial recovery.

Drivers and context

Large monthly outflows often result from portfolio rebalancing, profit-taking, or shifts into other crypto instruments and do not necessarily indicate permanent disinvestment.

Short-term macro developments and changing risk appetite among institutional investors can amplify flows into and out of spot ETF products.

Overall monthly net flows highlight continued volatility across spot crypto ETFs and underscore divergence in investor preferences within digital-asset products.