Bitcoin ETF flows recorded a net inflow of $75 million on November 20, 2025, with BlackRock’s IBIT pulling in $60.61 million after several days of steady outflows. It was a brief moment of relief in a month dominated by selling pressure, and it hints at a cautious shift in institutional behavior rather than a full change in trend.
Bitcoin ETF Flows Show a Brief Pause in a Defensive Market
The $75 million inflow on November 20 temporarily broke a long streak of withdrawals that now totals $2.59 billion in November alone. Just a day earlier, IBIT had seen a record $523.15 million pulled out, part of a wider pattern of capital flight that has drained roughly another $536 million since October.
Daily flows into spot Bitcoin ETFs can surpass $500 million, a scale that dwarfs daily mining issuance by about five times. Analysts often point to the strong link between flows and price — a cited statistical model shows a 95% correlation, with positive inflows typically adding around 1.2% upside between days three and four after they occur.
At the same time, put option prices on IBIT have jumped to multi-month highs, a clear sign that institutions are actively paying for downside protection. For context: an ETF is a regulated financial vehicle that tracks an asset’s price and trades like a stock, giving institutions exposure without needing to hold Bitcoin directly.
Market commentators broadly connect the recent withdrawals to uncertainty around the Federal Reserve’s interest-rate path and a widespread “risk-off” mood. The Crypto Fear & Greed Index dropped to its lowest point since the FTX collapse in 2022, and Synfutures COO Wenny Cai noted that heavy redemptions are forcing institutions to “reassess their exposure,” signaling a more cautious allocation stance.
On the technical side, the market is showing stress at key supports: $115,000, $100,000, and potentially $90,000 if selling intensifies. Continued outflows — combined with rising hedging costs — can worsen slippage on large trades and thin liquidity in order books and OTC venues.
For traders and corporate treasuries, the takeaway is practical: flows matter, and the historical link with price means that tracking daily inflows and outflows is critical. The surge in put-option prices also means hedging now eats a larger share of potential returns and must be factored into risk planning.
While the one-off inflow offered a momentary break from November’s decline, it doesn’t reverse the broader defensive tone among large asset managers. With macro uncertainty still front and center, institutions remain focused on liquidity preservation and hedging costs. The key point to watch now is whether daily flows — and IBIT options activity — begin to stabilize or confirm that the defensive shift is here to stay.
