Bitcoin and
Ethereum
ETFs See Significant Withdrawals as SEC Assesses Altcoin Applications
Last week, exchange-traded funds (ETFs) for Bitcoin and Ethereum saw contrasting movements, with
Bitcoin
ETFs pulling in $524 million, while Ethereum ETFs experienced unprecedented outflows totaling $1.071 billion,
based on Farside Investors figures
. This sharp divergence reflects changing market sentiment as investors reevaluate their risk in light of economic uncertainty and increased regulatory attention.
The record-breaking Ethereum withdrawals, the largest in a single day, came amid a broader downturn in crypto markets, with
ether
(ETH) falling below $3,100 as of Nov. 14
according to Farside Investors data
. Meanwhile, Bitcoin’s value steadied near $96,000 after a turbulent week, though experts caution that ongoing ETF outflows could threaten its institution-driven rally. Markus Thielen from 10x Research
pointed out that $939 million exited Bitcoin ETFs in the previous week
as a sign of "market exhaustion" following October’s major liquidations and the post-halving surge. "Institutions that previously drove Bitcoin’s rise may now amplify declines as they adjust their holdings," Thielen explained, referencing CoinShares statistics.
Despite the withdrawals, institutional interest in Bitcoin showed early signs of a rebound.
Harvard University’s endowment tripled its investment
in BlackRock’s
iShares Bitcoin Trust
(IBIT), reaching $442.8 million in Q3 2025—a 257% jump from the previous quarter. This update, revealed in a 13F filing, made
IBIT
Harvard’s largest single asset, indicating a growing recognition of crypto as a mainstream investment. At the same time,
the university nearly doubled its gold ETF investments
to $235 million, suggesting a diversified approach to hedging against inflation.
The contrasting ETF flows highlighted ongoing difficulties for Ethereum.
Nine U.S.-listed ETH ETFs saw $107 million withdrawn
on Nov. 12, continuing a weekly pattern that has reduced total assets to $22.48 billion. Ethereum’s challenges were worsened by weak retail interest in altcoins such as
XRP
,
whose derivatives open interest dropped to $3.95 billion
from $8.36 billion at the start of October. Canary, the company behind a successful XRP ETF launch in October,
suspended new altcoin ETF applications awaiting SEC guidance
, underscoring the regulatory obstacles facing non-Bitcoin crypto funds.
Market watchers are monitoring the SEC’s evaluation of altcoin ETF proposals, which could shape the future of wider crypto adoption. While Bitcoin’s institutional draw remains strong—supported by Harvard’s commitment and BlackRock’s $19.4 billion in IBIT assets—Ethereum and other altcoins are struggling to regain momentum
as highlighted in a recent report
. Thielen stressed that ETF flows are a “double-edged sword,” able to both drive and hinder price movements depending on investor sentiment
according to 10x Research
.
The short-term outlook for Bitcoin is uncertain. Although
a $523.98 million inflow on Nov. 12
indicated renewed institutional interest, the asset still faces challenges from a possible U.S. government shutdown, delays in key economic data, and a broader market pullback.
QCP Capital analysts observed that resolving the shutdown
would relieve some liquidity stress, but would not solve deeper fiscal problems.
