Bitcoin ETFs experienced significant selling pressure this week, with outflows totaling $250 million and nearly $3 billion withdrawn over the past month. Data shared by Bloomberg ETF analyst Eric Balchunas indicates that despite this turbulence, a substantial 97.5% of ETF capital remains invested. This resilience is notable, occurring during one of the most severe sentiment drops observed in 2025.
Balchunas observed that while crypto markets are currently experiencing "extreme fear," the year-to-date performance for Bitcoin ETFs remains exceptionally strong. These ETFs have accumulated $23 billion in inflows so far this year, an extraordinary figure given the recent market downturn.
Bitcoin ETFs with $250m in outflows, $3b out in past month, about 2.5% of total assets, 97.5% hanging in there. Still $23b YTD which is amazing. People forget just how much lifting was done 18mo prior to selloff. All told not too bad considering the "extreme fear" mood. pic.twitter.com/KyrVQhGppC
— Eric Balchunas (@EricBalchunas) November 18, 2025
Impact of Outflows on Major Bitcoin ETFs
The majority of the weekly redemptions were concentrated among several key issuers:
- •IBIT (BlackRock): –$677.98M
- •FBTC (Fidelity): –$100.97M
- •GBTC (Grayscale): –$147.16M
- •BTC (Invesco/Galaxy): –$289.92M
- •ARKB (Ark/21Shares): –$27.99M
While a few products experienced minor positive flows, the category as a whole recorded weekly outflows of -$1.37 billion and -$2.95 billion over the past month. Analysts interpret the retention rate, with over 97% of total ETF assets remaining invested, as an indicator that both institutional and long-term investors view the current downturn as cyclical rather than structural.
Traditional ETFs See Significant Dip-Buying Activity
In contrast to the outflows from Bitcoin ETFs, broader U.S. ETFs are actively buying into the market dip, with daily inflows nearing $7 billion. Balchunas noted that this pullback is minor when compared to historical periods of market uncertainty, such as the "Tariff Tantrum," when equities recorded record inflows despite macroeconomic chaos. Major broad-market ETFs like VOO, IVV, and QQQ demonstrated strong 1-day and 1-week inflow figures, suggesting a capital rotation back into equities.
Shifting Investor Preferences: From Gold to Treasuries
A notable trend is the increased investor interest in treasuries, exemplified by strong inflows into the IEF (iShares 7–10 Year Treasury ETF). This shift reflects changing macroeconomic sentiment, with investors rebalancing their portfolios in anticipation of potential interest rate cuts in 2026. The current preference appears to be a combination of equities and treasuries, a change from the previous focus on equities and gold.
Crypto ETFs Maintain Stability Amidst Volatility
Despite the recent volatility, the overall sentiment from Balchunas suggests that Bitcoin ETF investors are demonstrating considerable resilience. Long-term allocations have remained largely consistent, even as Bitcoin prices have dipped below significant psychological thresholds. As traditional markets show robust risk-on flows and interest in treasuries grows, analysts are closely monitoring for signs that crypto ETFs may stabilize once broader market fear subsides and interest rate expectations become clearer.