Crypto ETF giants like BlackRock and Fidelity are not immune to the recent crypto correction.
Two weeks after the heavy $2.4 billion hit that shook both Bitcoin (BTC) and Ethereum (ETH) ETF issuers, last week brought another round of withdrawals, though on a softer scale.
Between November 10 and 14, major U.S. spot ETFs recorded about $1.32 billion in outflows. It wasn’t a panic sell. Instead, it looked like investors who entered during October’s rally were gradually reducing their positions.
As seen two weeks ago, BlackRock and Fidelity sat at the center of the flows. BlackRock’s IBIT, still the largest U.S. spot bitcoin ETF with tens of billions in assets, and Fidelity’s ETHA, the leading Ethereum product, recorded the biggest redemptions over the week.
Bitcoin ETF weekly flow summary
(Top issuers — Nov. 10–14, 2025, Data from Farside Investors)
| ETF Issuer | AUM (US$) | Inflows (US$m) | Outflows (US$m) | Net Flow (US$m) |
| BlackRock (IBIT) | 76.16 B | 224.2 | (756.6) | (532.4) |
| Fidelity (FBTC) | 19.17 B | 165.9 | (254.9) | (89.0) |
| Bitwise (BITB) | 3.85 B | 8.5 | (47.0) | (38.5) |
| Ark/21Shares (ARKB) | 3.92 B | 102.5 | (100.9) | 1.6 |
| VanEck (HODL) | 1.75 B | 0.0 | (8.3) | (8.3) |
Total Inflows: ≈ $525.2 m
Total Outflows: ≈ $1,113.3 m
Net Flow: ≈ -$588.1 m
BlackRock’s IBIT saw the heaviest pressure, finishing the week with about 532.4 million withdrawn after a strong 224.2 million inflow day on November 11. Fidelity’s FBTC saw about $89 million in outflows as investors scaled back. Bitwise followed with a $38.5 million pullback, and VanEck’s HODL lost $8.3 million. Ark’s ARKB was the only product to finish slightly positive, with a modest $1.6 million net gain.
BTC holdings Source: bitbo.io
Ethereum ETF weekly flow summary
(Top issuers — Nov. 10–14, 2025)
| ETF Issuer | AUM (US$) | Inflows (US$m) | Outflows (US$m) | Net Flow (US$m) |
| BlackRock (ETHA) | 13.24 B | 0.0 | (421.4) | (421.4) |
| Fidelity (FETH) | 3.16 B | 0.0 | (37.2) | (37.2) |
| Bitwise (ETHW) | ~$360 M | 0.0 | (4.4) | (4.4) |
| Grayscale (ETHE) | ~$3.03 B | 0.0 | (121.8) | (121.8) |
Total Inflows: $0.0 m
Total Outflows: ≈ $728.3 m
Net Flow: ≈ -$728.3 m
BlackRock’s ETHA led the outflows on the Ethereum side, shedding about 421.4 million over the week. Fidelity’s FETH saw 37.2 million leave the product, while Bitwise recorded a 4.4 million dip in ETHW. Grayscale’s ETHE posted a sizeable 121.8 million withdrawal, and no major issuer reported any inflows.
With the current trend, will heavy inflows return soon?
Institutional flows typically follow price momentum, and for now both BTC and ETH remain in a holding pattern. Bitcoin sits near $95,292 and ether around $3,184, below late-October highs but still above where many allocators entered earlier in the year. The flow pattern looks less like an exit and more like a strategic rollback.
ETH to BTC chart source: bitbo.io
For large inflows to return, a clear catalyst is likely needed, whether a price recovery, a regulatory shift, or a major institutional move. Until then, the market appears paused but stable. If prices firm up and start rising again, inflows could come back quickly.
In short, last week’s activity carried on the early-November reduction. The market is pausing, not breaking. Heavy inflows can still return once momentum improves, but for now flows will likely remain mixed.
