In November, the net outflow of Bitcoin spot ETF in the United States reached $3.48 billion, a nine-month high: Institutional rebalancing is the main reason.

In November, the US Spot Bitcoin ETF saw a significant capital outflow, with a monthly net outflow reaching $3.48 billion, marking the largest single-month outflow since February of this year. According to SoSoValue data, starting from the week of October 31, the Bitcoin ETF has recorded net outflows for four consecutive weeks, with a total outflow exceeding $4.34 billion, but it briefly experienced three consecutive days of net inflow before the Thanksgiving holiday.

BlackRock's IBIT, as the largest Bitcoin ETF, saw a net outflow of $2.34 billion in November, and recorded the largest single-day outflow since its inception on November 18, with $523 million. LVRG director Nick Lac noted that this round of capital outflow was mainly due to institutions taking profits after Bitcoin reached historic highs and year-end asset rebalancing, rather than a decline in confidence in Bitcoin's fundamentals. He emphasized that the cumulative inflow of Bitcoin ETFs remains positive, while open interest in futures continues to rise, indicating that institutional structural bullishness remains solid, but valuation sensitivity has clearly increased under macro uncertainty.

As of November 28, the cumulative net inflow of Bitcoin funds in the United States has reached 57.71 billion dollars, with total assets amounting to 119.4 billion dollars, accounting for approximately 6.56% of the Bitcoin market value.

In terms of Ethereum, although the ETH Spot ETF recorded net inflows for five consecutive days in November, it ultimately still experienced a monthly net outflow of 1.42 billion dollars, setting a historical record.

At the same time, the newly launched Solana, XRP and other altcoin ETFs have continued to see net inflows since their listing. Among them, the XRP ETF has accumulated inflows of 666 million dollars; the Litecoin ETF and the Hedera ETF from Canary attracted 7 million dollars and 36 million dollars in funds last month, respectively. Analysts indicate that although these new ETFs attract moderate funds, their volatility remains high, showing that institutions will still focus on Bitcoin and Ethereum until the regulations are clearer and on-chain data is more stable.

In addition, Nate Geraci, president of NovaDius Wealth, stated that Grayscale will launch the first Spot Chainlink ETF in the United States this week, adding another type of cryptocurrency investment tool to the market.