U.S. Bitcoin exchange-traded funds are approaching $3 billion in November outflows, as weakening rate-cut expectations, a new “death cross,” and growing short positions from sophisticated traders continue to pressure sentiment.
Bitcoin spot ETFs in the U.S. extended their five-day losing streak on Tuesday, recording another $372 million in net outflows, data from Farside Investors showed.
BlackRock’s iShares Bitcoin Trust (IBIT) posted $523 million in redemptions—its largest single-day outflow since launching in January 2024. This pushed total November redemptions to $2.96 billion, already making it the second-worst month for spot Bitcoin ETFs. BlackRock alone accounts for $2.1 billion of that total.
Another week of selling could push total outflows past $3.56 billion, the record set in February. That would mark the weakest month for Bitcoin ETF flows on record, despite November historically being one of the strongest months for Bitcoin performance.
Standard Chartered’s Geoff Kendrick recently told Cointelegraph that ETF inflows were the primary catalyst behind Bitcoin’s rally earlier in 2025.
ETF Flows Across Crypto: Bitcoin Weak, Solana Strong
Despite November’s traditionally bullish track record—Bitcoin has historically averaged a 41.22% monthly gain—ETF flows have continued to turn negative.
Ethereum ETFs saw $74.2 million in outflows on Tuesday. Solana ETFs, meanwhile, attracted $26.2 million in new inflows and have accumulated more than $421 million since launch.
Death Cross and Rate-Cut Odds Add Pressure
Bitcoin recently formed its fourth “death cross” of this cycle—a chart pattern where short-term momentum falls below the long-term trend. While often viewed as bearish, analysts note that it can also mark a macro bottom in certain economic conditions.
According to Bitget Wallet analyst Lacie Zhang, the signal comes at a time when liquidity is only beginning to stabilize, and when optimism over a December rate cut has faded. Odds of a 25-basis-point cut at the December 10 Fed meeting have dropped to 46%, down sharply from 93.7% a month ago, based on CME’s FedWatch tool.
Sentiment is also being weighed down by concerns within the crypto sector. Bitmine Immersion’s chairman, Tom Lee, warned that two major market makers may be facing financial issues.
Smart Money Turns Bearish
Blockchain analytics from Nansen show that “smart money” traders have shifted to a more defensive stance. Over the past 24 hours, these high-performing traders added $5.7 million in net short positions. In total, they remain $275 million net short on Bitcoin—reflecting expectations of more downside ahead.
