Bitcoin and Ethereum ETFs Post Record Outflows Over $1B — Solana, XRP Funds Buck Trend With Inflows

BTC-USD +1.25% SOL-USD +0.57% XRP-USD +0.19% SOSO-USD -0.34% ETH-USD +0.50%

Key Takeaways

• Bitcoin and Ethereum ETFs lost more than $1 billion in a single day.

• Solana and XRP funds stood out with steady inflows, even as the market fell apart.

• Crypto-treasury companies are inching toward dangerous territory as prices keep sliding.

The crypto market can’t seem to catch a break.

After a bruising month, Bitcoin (BTC) and Ethereum (ETH) investment products suffered another wave of outflows, wiping a record $1.6 billion from spot ETFs in just one session.

Bitcoin briefly dipped to $82,000, its lowest level of the year. Ethereum slid under $2,800. Anyone who bought either asset in 2025 is now sitting on losses.

But in the middle of all the selling, a few unexpected winners emerged.

Bitcoin and Ethereum ETFs Keep Losing Ground

Data from SoSoValue shows that spot Bitcoin ETFs logged $903 million in net outflows on Nov. 20, the second largest in their history.

Ethereum ETFs, on the other hand, shed $261 million, extending a streak of red that has lasted more than a week.

BlackRock’s IBIT — the flagship BTC ETF — is experiencing its worst month since its launch, with more than $2.1 billion withdrawn in November.

Historically, November is one of Bitcoin’s strongest months. This year, it’s anything but.

The ETF-driven rally that carried the market earlier in 2025 has stalled, and cumulative outflows are already approaching record territory.

With both BTC and ETH sitting at fresh yearly lows, big-ticket investors appear to be stepping aside until the dust settles.

Solana and XRP ETFs Are the Week’s Rare Bright Spots

While the two largest crypto ETFs bled money, the newly launched altcoin products moved in the opposite direction.

Solana ETFs brought in $23 million, marking its 19th straight day of inflows, a remarkable streak in a market this shaky.

Meanwhile, XRP funds added $118 million, making it one of the very few products flashing green.

The streak of inflows suggests that institutions aren’t abandoning crypto entirely; they’re rotating into products they think still have room to run.

Whether that enthusiasm can survive a deeper downturn, however, is still an open question.

Treasury-Heavy Crypto Firms Are Approaching Danger Zone

The continued price decline is now putting real pressure on publicly traded companies that built their entire identity around crypto treasuries.

Strategy (formerly MicroStrategy) is the most exposed.

The company holds 649,870 BTC at an average cost of $74,433.

With Bitcoin now barely above that level — and flirting with another leg down — Strategy’s cushion is almost gone.

The stock has fallen 68% from its 2025 peak and 40% in the past month.

Other firms aren’t holding up much better:

• Bitmine is carrying $3.5 billion in unrealized ETH losses.

• Smaller treasury companies are already trading below their net asset value, a point where lenders and shareholders typically get uneasy.

If crypto prices keep falling, analysts warn that some of these firms may eventually have to sell assets, a scenario that could add even more pressure to an already fragile market.

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