The crypto market faces a decisive crash at the end of November 2025, with record outflows from Bitcoin and Ethereum ETF. The institutional flight has broken the bullish narratives from earlier this year. Bitcoin and Etherum have wiped out significant value in the space of 24 hours, sending market sentiment to its lowest point since mid-2023.
Bitcoin is currently trading near $83,000, a strong 35% retrace from its all-time high in October, while Ethereum is holding on to support near $2,700.
Historical Bitcoin and Ethereum ETF Outflows
Institutional investors pushed selling pressure to historic levels in November. US-listed spot Bitcoin ETFs recorded a staggering collective outflow of $3.79 billion, shattering the previous record of $3.56 billion set in February 2025. Statistics confirm that institutional players are aggressively de-risking rather than buying the dip.
BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest Bitcoin fund, saw redemptions of more than $2 billion in November alone. On Thursday, November 20, the 11 US spot Bitcoin ETFs experienced a single-day withdrawal of more than $900 million, the second-largest daily outflow since their inception in January 2024.
Ether ETFs fared no better, with total outflows of $1.79 billion. These figures represent a clear signal of “no confidence” from the traditional financial sectors regarding the short-term performance of the two largest cryptocurrencies.
Bitcoin ETFs saw record-breaking net outflows in November. – Source: SoSoValue
Smart money rotates in Solana and XRP
Amid the sea of red, a curious difference emerged in the ETF sector. As investors fled Bitcoin and Ether, they actively allocated capital to alternative Layer-1 assets. Data shows that Solana and XRP ETFs bucked the macro trend during the same period. XRP ETFs attracted net inflows of $410 million, while Solana ETFs attracted $300.46 million.
However, the broader altcoin market did not share this resilience. Tokens such as INJ, NEAR, ETHFI, APT and SUI plummeted between 16% and 18% within 24 hours. The contrast highlights that there is demand for regulated institutional products for SOL and XRP, while spot markets for other altcoins are suffering from the liquidity drought.
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This liquidity crisis is linked to broader macroeconomic weakness. The Nasdaq 100 is currently trading 9.4% below its October 31 record high, indicating that risk-off sentiment is pervading both traditional stocks and digital assets.
Derivative data reveals extreme fear
The derivatives market is currently painting a picture of panic and defensive hedging. The ‘Fear and Greed Index’ recorded a score of 11/100 on Friday, indicating ‘Extreme Fear’, the lowest reading since June 2023. Traders are doing their best to protect downside risk.
Volatility indices soared, with Bitcoin’s 30-day implied volatility (BVIV) rising above 64% and Ether rising to 87%, the highest since April. The spike in Bitcoin volatility caused the cost of option premiums to rise. Order flow on Deribit shows a strong preference for put options (bets that prices will fall). In a sign of extreme pessimism, some traders even bought deeply out-of-the-money puts on BlackRock’s IBIT ETF with a strike price as low as $15.
15DTE $IBIT calls are bought here for $2.2 million pic.twitter.com/FyF1ZiRNle
— Salma (@salmaogs) November 20, 2025
Moreover, bullish speculators faced total extinction. Bitcoin Open Interest (OI) crashed from 752,000 BTC to 700,000 BTC in one day as exchanges liquidated overextended long positions. Although the Relative Strength Index (RSI) indicates that the market is technically ‘oversold’, the huge drop in open interest suggests that the market has reset and few traders are willing to ‘catch the falling knife’ in the short term.
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