Bitcoin ETF issuers like BlackRock and Fidelity are starting to feel the effects of the recent crypto sell-off.
Coming off a $2.4 billion sell-off and a follow-up $1.32 billion withdrawal the week after, last week brought a third straight wave of redemptions across major Bitcoin (BTC) and Ethereum (ETH) ETF issuers.
The latest $1.58 billion in outflows was a marginally calmer week compared to the early-month turbulence but still reflects investors easing off positions after October’s surge in demand.
Fresh data from Bitbo’s U.S. ETF dashboard confirms that from Nov. 17–21, 2025, the top issuers collectively posted more than $1.58 billion in net outflows, with BlackRock once again carrying the bulk of the week’s selling pressure, including a record $523 million single-day withdrawal from its IBIT fund, the largest since launch.
Bitcoin ETF Weekly Flow Summary
| ETF Issuer | AUM (US$) | Inflows (US$m) | Outflows (US$m) | Net Flow (US$m) |
| BlackRock (IBIT) | $66.64B | 60.6 | –1,146.3 | –1,085.7 |
| Fidelity (FBTC) | $17.03B | 108.0 | –223.8 | –115.8 |
| Bitwise (BITB) | $3.42B | 22.8 | –30.7 | –7.9 |
| Ark (ARKB) | $3.38B | 39.1 | –124.1 | –85.0 |
| Invesco (BTCO) | $522.23M | 35.8 | 0.0 | +35.8 |
- Total Inflows: ≈ $266.3M
- Total Outflows: ≈ –$1.29B
- Net Flow: ≈ –$1.03B
BlackRock’s IBIT fund was again the week’s dominant outflow driver, shedding $1.186 billion in total, a figure amplified by its record $523 million single-day withdrawal on Nov. 18. The rest of the week saw additional heavy redemptions across multiple sessions, keeping BlackRock firmly at the top of the outflow list.
Fidelity also experienced mild weakness, finishing the period at –$116 million, while Ark’s Bitcoin product closed with –$85 million in net outflows.
Notably, Invesco broke the trend with $35.8 million in net inflows, its strongest week in nearly two months.
Ethereum ETF Weekly Flow Summary
| ETF Issuer | AUM (US$) | Inflows (US$m) | Outflows (US$m) | Net Flow (US$m) |
| BlackRock (ETHA) | $7.92B | 0.0 | –558.9 | –558.9 |
| Fidelity (FETH) | $1.87B | 95.4 | –93.5 | +1.9 |
| Bitwise (ETHW) | $602.4M | 25.4 | –11.2 | +14.2 |
| 21Shares (TETH) | $1.11B | 0.0 | 0.0 | 0.0 |
| VanEck (ETHV) | $353.7M | 4.6 | –18.7 | –14.1 |
Total Inflows: ≈ $119.1M
Total Outflows: ≈ –$674.7M
Net Flow: ≈ –$555.6M
Ethereum products followed the BTC trend, led almost entirely by BlackRock’s -$558.9 million weekly redemption. Bitwise and Fidelity managed to stay in positive territory, though the gains were not strong enough to offset the heavier selling across the category. VanEck closed the week with a net loss of about $14 million, while 21Shares recorded a flat slate.
More panic selling to come?
Bitcoin and ether have pulled back sharply from recent highs, raising the question of whether the weakness will extend. So far, the declines look more like short-term risk-off positioning than a loss of longer-term conviction.
BTC spent last week sliding toward the low-$90,000s and now trades in the mid-$80,000s after a mild 24-hour lift.
Bitcoin price Source: TradingView
ETH showed a similar pattern, slipping into the high-$2,000s before steadying near $2,800 with a modest bounce.
Ethereum price Source: TradingView
For now, the market sits in a cautious holding pattern, but the underlying strength hasn’t disappeared, and the next move could come sooner than expected.
