Spot Bitcoin ETFs Shed $903M, Second-Highest Outflow in History

Amid the ongoing crypto market downturn, investors in U.S.-listed bitcoin exchange-traded funds (ETFs) have been offloading their positions. According to data from ETF tracker SoSoValue, these investment funds ended Thursday, November 20, 2025, with a massive $903.1 million in outflows. This marks the second-worst day for these ETFs since their market debut in January 2024.

The worst business day for these investment funds was about 9 months ago in February, when investors sold off ETFs worth over $1.1 billion amid market uncertainty. While November 13, which recorded $870 million in outflows, ranked second-highest earlier. However, Thursday’s $903 million in outflows have surpassed it, signaling dwindling confidence in the ETFs.

Investors Offload $903 Million

SoSoValue revealed that BlackRock’s IBIT led the red ETF business day. Its investors sold about 4,110 BTC, resulting in a massive $355.5 million in outflows. Notably, this massive outflow was also captured on-chain as BlackRock moved large units of BTC to Coinbase Prime on Thursday, for redemption.

Closest to IBIT are Fidelity’s FBTC and Grayscale’s GBTC with a 1.5% management fee. Both funds recorded outflows of $199.4 million and $190.4 million, accounting for over 42% of the day’s losses. Meanwhile, none of the 12 U.S. BTC ETFs recorded an inflow on Thursday. 

BTC Drops Below $82,000

Notably, since the market has recently touched new lows, many traders have entered the market with bullish predictions, opening long leverage positions. However, the market played against their predictions. Following massive ETF outflows, BTC plunged to its seven-month low around $81,400. 

Sadly, the dip forcefully threw many of these predictors out of the market. According to CoinGlass data, over 400,000 traders have lost over $2 billion in liquidations over the past 24 hours. The largest single liquidation order hit a trader on Hyperliquid who risked $36.78 million on a BTCUSD long position.

Meanwhile, many investors are still bullish on BTC despite the downtrend, including the first institutional bitcoin investors, Strategy. It recently splashed $800 million into the market, scooping up more BTC. El Salvador also spent $100 million to buy 1,090 bitcoin a few days ago.

Amid the downtrend, a popular crypto-focused podcast, Simply Bitcoin, has expressed confidence in BTC’s long-term potential. In a Thursday show, its presenter noted that “bitcoin is massively mispriced,” highlighting a few factors that could catalyze a massive pump to the $1 million mark in a few years.   

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