Crypto ETF Month — November 2025: net -$3.8B
November 2025 saw a net outflow of -$3.8B from spot crypto ETFs, with XRP and SOL marking notable inflows. BTC and ETH experienced significant withdrawals.
TL;DR
- Net flow: -$3.8B
- Total inflows: +$1.2B
- Total outflows: -$5.0B
- Strongest day: Nov 11 (+$424.9M) · Weakest day: Nov 13 (-$1.1B)
Monthly Overview
In November 2025, net flows into spot crypto ETFs were predominantly negative, totaling -$3.8B. Despite the overall decline, seven assets recorded net inflows, with XRP, SOL, HBAR, LTC, and DOGE showing positive movements.
Flows by Asset
BTC
Net: -$3.5B / Inflow: +$19.7M / Outflow: -$3.5B
| Fund | Flow |
|---|---|
| BlackRock | -$2.3B |
| Fidelity | -$412.7M |
| Grayscale | -$333.1M |
| 21Shares | -$205.9M |
| VanEck | -$121.7M |
| Bitwise | -$59.8M |
| Grayscale BTC | +$14.7M |
| Franklin | -$11.1M |
| WisdomTree | -$6.0M |
| Invesco | +$5.0M |
ETH
Net: -$1.4B / Inflow: +$13.8M / Outflow: -$1.4B
| Fund | Flow |
|---|---|
| BlackRock | -$1.0B |
| Grayscale | -$206.9M |
| Fidelity | -$98.8M |
| Grayscale ETH | -$91.0M |
| VanEck | -$20.5M |
| Bitwise | +$6.7M |
| Franklin | +$4.8M |
| 21Shares | +$1.2M |
| Invesco | +$1.1M |
XRP
Net: +$666.6M / Inflow: +$666.6M / Outflow: $0.0M
| Fund | Flow |
|---|---|
| Canary | +$343.7M |
| Bitwise | +$166.1M |
| Franklin | +$85.2M |
| Grayscale | +$71.7M |
SOL
Net: +$419.1M / Inflow: +$446.7M / Outflow: -$27.6M
| Fund | Flow |
|---|---|
| Bitwise | +$330.9M |
| Grayscale | +$75.7M |
| Fidelity | +$32.2M |
| 21Shares | -$27.6M |
| VanEck | +$7.9M |
HBAR
Net: +$35.9M / Inflow: +$35.9M / Outflow: $0.0M
| Fund | Flow |
|---|---|
| Canary | +$35.9M |
LTC
Net: +$6.9M / Inflow: +$6.9M / Outflow: $0.0M
| Fund | Flow |
|---|---|
| Canary | +$6.9M |
DOGE
Net: +$2.2M / Inflow: +$2.2M / Outflow: $0.0M
| Fund | Flow |
|---|---|
| Grayscale | +$2.2M |
Weekly Breakdown
| Week | Net flow |
|---|---|
| Nov 3 – Nov 7 | -$1.6B |
| Nov 10 – Nov 14 | -$1.5B |
| Nov 17 – Nov 21 | -$1.4B |
| Nov 24 – Nov 28 | +$741.7M |
Biggest Fund Moves
Largest inflows
- Canary (XRP): +$343.7M
- Bitwise (SOL): +$330.9M
- Bitwise (XRP): +$166.1M
- Franklin (XRP): +$85.2M
- Grayscale (SOL): +$75.7M
Largest outflows
- BlackRock (BTC): -$2.3B
- BlackRock (ETH): -$1.0B
- Fidelity (BTC): -$412.7M
- Grayscale (BTC): -$333.1M
- Grayscale (ETH): -$206.9M
Market Interpretation
Institutional capital was primarily withdrawn from BTC and ETH, which experienced significant outflows of -$3.5B and -$1.4B respectively. XRP and SOL attracted substantial inflows, indicating a rotation of funds towards these assets, particularly highlighted by XRP's strong inflow of +$666.6M. The best day of the month on November 11 saw a positive net flow of +$424.9M, while the worst day on November 13 reflected a sharp outflow of -$1.1B.
Conclusion
The month closed with a total net figure of -$3.8B, underscoring the challenges faced by major assets. The trend suggests ongoing volatility and shifting investor preferences within the crypto ETF space.