Finance

Bitcoin and Ethereum ETFs Bleed Billions Amidst Crypto Downturn: Is XRP the New Safe Haven?

Bitcoin and Ethereum ETFs lost over $1B, while a new XRP ETF debuted strongly amid market dips.

November 14, 2025, 9:30 AM

Close-up of a gold and black Ripple XRP cryptocurrency coin on a textured brown surface.

A detailed macro photograph of the physical Ripple XRP coin, symbolizing digital financial innovation. By Eduardo Estellez / Shutterstock.com.

Executive Summary

Spot Bitcoin and Ethereum ETFs experienced over $1 billion in combined outflows on Thursday, marking significant divestment from these funds.

The substantial ETF outflows coincided with a sharp decline in cryptocurrency markets, pushing Bitcoin to its lowest level in six months below $98,500.

Canary Capital’s new spot XRP ETF (XRPC) recorded an impressive $58 million in first-day trading volume, making it the strongest debut for any ETF this year.

The Story So Far

The significant outflows from established Bitcoin and Ethereum exchange-traded funds and the broader cryptocurrency market downturn are primarily driven by investors exiting risk-on assets, including tech stocks, amidst a shaky U.S. economic and political environment.

Why This Matters

The substantial outflows from established Bitcoin and Ethereum ETFs, coupled with a broader crypto market downturn, signal a significant shift in investor sentiment away from major digital assets and a move towards a “risk-off” environment, likely influenced by U.S. economic and political uncertainties. This trend could indicate a period of increased volatility and price corrections for top cryptocurrencies. However, the remarkably strong debut of the new XRP ETF suggests that targeted investor interest in specific alternative digital assets remains robust, potentially indicating a diversification of investment within the crypto landscape rather than a complete market exit.

Who Thinks What?

Investors in spot Bitcoin and Ethereum ETFs are divesting from these funds, leading to significant outflows, amid a turbulent period for digital assets and a shaky U.S. economic and political environment.

Conversely, investors showed strong interest in Canary Capital’s spot XRP ETF, leading to a record-breaking debut with impressive first-day trading volume, indicating a willingness to invest in new crypto products.

Spot Bitcoin and Ethereum exchange-traded funds (ETFs) experienced significant outflows on Thursday, shedding over $1 billion combined, while a new XRP ETF recorded the strongest debut of any ETF this year. The outflows coincided with a sharp decline in cryptocurrency markets, with Bitcoin falling to its lowest level in six months.

Bitcoin and Ethereum ETFs See Major Outflows

On Thursday, the 11 spot Bitcoin ETFs collectively lost nearly $867 million in assets, marking their second-highest daily outflow in 22 months. Concurrently, the nine spot Ethereum funds saw an additional $260 million in outflows, according to data from UK asset manager Farside Investors.

BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin fund with over $80 billion in assets under management, led the decline with more than $250 million in outflows. The Fidelity Wise Origin Bitcoin Fund (FBTC), the second-largest Bitcoin fund by AUM, also saw investments drop by over $119 million.

Interest in these major funds has waned recently, with IBIT experiencing over $1 billion in outflows in the last 13 trading days and FBTC shedding more than $681 million.

Crypto Market Downturn

The substantial ETF outflows occurred amidst a turbulent period for digital assets. Bitcoin dropped below $98,500 for the first time in over six months, roughly 20% below its early October record high, according to crypto markets data provider CoinGecko. The cryptocurrency plunged further on Friday morning, dipping below $97,000.

Ethereum and Solana also reached four- and five-month lows, respectively, as investors continued to exit risk-on assets, including tech stocks. This exodus is attributed to a shaky U.S. economic and political environment.

XRP ETF Records Strong Debut

In contrast to the broader market trend, Canary Capital’s spot XRP ETF (XRPC) launched with an impressive $58 million in first-day trading volume. This performance makes XRPC the strongest debut for any exchange-traded fund this year.

Bloomberg Senior ETF Analyst Eric Balchunas had initially projected around $17 million for XRPC, a figure the fund surpassed within half an hour. XRPC narrowly outperformed the Bitwise Solana Staking ETF (BSOL), which launched two weeks prior with $57 million in its debut. BSOL has since accumulated over $550 million in net inflows, though it only saw $1.5 million on Thursday.

Summary

Thursday saw a significant divestment from established Bitcoin and Ethereum ETFs, with combined outflows exceeding $1 billion, as crypto markets experienced a notable downturn. Conversely, the newly launched XRP ETF demonstrated exceptional investor interest, recording the highest first-day trading volume of any ETF this year.