Key Investment Trends
On November 13, investors withdrew approximately $869 million from U.S. Bitcoin ETFs, signaling a notable shift in market sentiment. This withdrawal, the second largest on record, indicates growing investor caution as Bitcoin's price fell below $100,000 for the first time since June.
BlackRock's IBIT, the largest and most actively traded fund, experienced one of its largest single-day outflows, amounting to about $256 million. Similarly, Fidelity's FBTC saw outflows of $120 million, and Grayscale's products also faced significant withdrawals, with GBTC down $64 million and BTC down $318 million.
Despite these daily outflows, long-term net inflows for major issuers remain positive. IBIT continues to hold $64.25 billion cumulatively, and Fidelity's fund holds $11.92 billion. Other funds, such as Ark and 21Shares’ ARKB and Bitwise’s BITB, have maintained steady, albeit smaller, inflows.
Since their launch in January 2024, Bitcoin ETFs have collectively attracted $59.34 billion. The total assets under management for these ETFs currently stand at $130.54 billion, representing approximately 6.7% of Bitcoin's total market capitalization.
ETF Flows Mirror Bitcoin's Price Movements
Data from Sosovalue reveals highly volatile capital movements across Bitcoin ETFs throughout 2025. From May to July, strong inflows, often exceeding $1 billion daily, demonstrated significant institutional interest, and ETF values generally tracked Bitcoin's price movements.
However, this trend began to shift in late August. By November 13, daily outflows approached $1 billion, marking one of the most substantial decreases in months. Consequently, ETF assets fell from approximately $160 billion to $130 billion, coinciding with a decline in Bitcoin's price towards $98,000.
Analyst Crypto Rover has observed that the current Bitcoin cycle is developing more slowly compared to previous cycles. His analysis, illustrated by a chart showing price trends after past lows (particularly in 2015-2018 and 2018-2022), indicates that prices historically climbed at a faster pace. The red-shaded area on the chart represents a typical post-peak correction phase, a period where the market usually cools down and prices experience pullbacks.
According to the 4-year cycle, we’re already in a bear market. pic.twitter.com/F8EspHwXbc
— Crypto Rover (@cryptorover) November 13, 2025
At the time of reporting, Bitcoin was trading near $99,207, a decrease of 5.44% over the preceding 24 hours. Its 24-hour trading volume was $114.38 billion, with a current market capitalization of $1.94 trillion, according to CoinMarketCap data.
New Crypto ETFs Gain Momentum
Despite the pullback in Bitcoin ETFs, newer products such as XRP and multi-coin ETFs are attracting significant attention. Canary's XRP ETF, XRPC, surpassed Bloomberg's full-day trading volume estimate within its first 30 minutes of trading, reaching $26 million against a target of $17 million. Bloomberg analyst Eric Balchunas noted that this fund has the potential to become the largest debut of the year, possibly exceeding Bitwise's Solana Staking ETF.
$XRPC at $26m in volume in first 30min, wow, gonna blow away my $17m guess. Has good shot at beating $BSOL's $57m as biggest Day One of any launch this year. pic.twitter.com/UrbHsRYxYV
— Eric Balchunas (@EricBalchunas) November 13, 2025
In Switzerland, 21Shares launched the FTSE Crypto 10 Index ETF (TTOP.P) and the FTSE Crypto 10 ex-BTC Index ETF (TXBC.P), providing investors with exposure to a range of cryptocurrencies. Duncan Moir of 21Shares highlighted the regulatory advantages of '40 Act funds and suggested that multi-coin ETFs are likely to be favored by professionals and advisors due to the inherent uncertainty of long-term winners in the crypto space. Despite entering a volatile market, Moir anticipates gradual adoption by institutional investors.
Additionally, Canary Capital has filed for a proposed “Canary MOG ETF,” which would be a spot ETF tracking the memecoin MOG Coin. This fund is intended to hold MOG directly, with minimal Ethereum allocated for transaction fees. This filing represents the first U.S. attempt to offer a memecoin through a regulated ETF, indicating a growing diversification in the types of crypto investment products available.