Investor sentiment in the crypto market has deteriorated sharply in November, pushing nearly $1.8 billion out of BlackRock’s spot Bitcoin ETF in just the first 18 days of the month.
According to data cited by CoinDesk on Nov. 19, BlackRock’s fund recorded $1.26 billion in net outflows between Nov. 1 and 18 — the largest monthly withdrawal since the ETF debuted in January 2024. The fund’s net asset value fell to $52as of Nov. 18, down about 18% so far this month.
Weakening institutional demand, profit-taking by long-term holders, and uncertainty surrounding U.S. interest-rate policy have all contributed to the accelerating downturn in the crypto market.
Bitcoin, the market’s benchmark asset, has dropped below $90,000 for the first time since April. It now trades roughly 30% below its all-time high of $126,000 reached in early October, wiping out its year-to-date gains.
The cryptocurrency has been under pressure since a wave of forced liquidations triggered a broad selloff on Oct. 10, following President Donald Trump’s comments about potential retaliatory tariffs against China. Institutional inflows that had previously supported the market have also slowed significantly.
Investors are increasingly worried that the Trump administration’s tariff plans could fuel additional inflation, prompting the Federal Reserve to delay anticipated rate cuts. Expectations for a December rate cut have fallen below 50%, while global equities have retreated from recent highs, further weakening appetite for risk assets.
