Bitcoin and Ether exchange-traded funds (ETFs) recorded another day of heavy withdrawals, while Solana ETFs continued their uninterrupted streak of inflows since launch.
Bitcoin’s sharp decline has pushed the average U.S. spot Bitcoin ETF investor into negative territory for the first time. According to Glassnode analyst Sean Rose, the flow-weighted cost basis across all U.S. Bitcoin ETFs is around $89,600 — a level Bitcoin fell below on Tuesday. Some early buyers, who entered the market when Bitcoin traded between $40,000 and $70,000, still remain in profit.
Vincent Liu, chief investment officer at Kronos Research, said most ETF holders are long-term allocators and are unlikely to exit quickly even when underwater. He explained that broader market liquidity and macroeconomic conditions remain the main drivers. In tight conditions, losses can create more downside pressure, while signs of easing can support the market.
Bitcoin is currently trading near $89,500.
Spot Bitcoin and Ether ETFs Face Continued Outflows
On Monday, U.S. spot Bitcoin ETFs saw $254.6 million in combined outflows, according to data from Farside Investors. BlackRock’s iShares Bitcoin Trust (IBIT) led with $145.6 million in withdrawals, followed by Fidelity’s FBTC with $12 million. ARK 21Shares lost $29.7 million, and Bitwise shed $9.5 million.
This marked the fifth consecutive day of withdrawals. The outflow streak began on Nov. 12 with $278.1 million leaving the products, followed by a massive $866.7 million on Nov. 13 — the second-largest daily outflow on record. The pressure continued on Nov. 14 with another $492.1 million exiting the market.
Spot Ether ETFs also experienced significant outflows, totaling $182.7 million on Monday. BlackRock’s Ethereum Trust ETF (ETHA) was hit hardest, losing $193 million in a single session.
Liu noted that a shift back to inflows will likely depend on clear signs of disinflation, a softer but stable labour market, and central bank communication that leans more toward easing than “higher for longer.”
Solana ETFs Continue to Attract Inflows
Solana ETFs once again moved against the broader trend. On Monday, the Bitwise Solana Staking ETF (BSOL) attracted $7.3 million in new capital, while the Grayscale Solana Trust ETF (GSOL) added $0.9 million.
All three Solana products — BSOL, VSOL, and GSOL — have recorded inflows every day since launching in late October. Combined, they have now attracted roughly $390 million in net inflows.
