Bitcoin Funds Set for Worst Month as Investors Yank $3.5 Billion

Exchange-traded funds investing in Bitcoin are heading for their worst month of outflows since launching nearly two years ago, piling yet more pressure on a jaded crypto market.

Investors have pulled $3.5 billion from the US-listed Bitcoin ETFs so far in November, almost equaling the previous monthly record for outflows of $3.6 billion set in February, according to data compiled by Bloomberg. BlackRock Inc.’s Bitcoin fund IBIT, which accounts for about 60% of the cohort’s assets, has registered $2.2 billion in redemptions in November, meaning it will slump to its worst month barring a sharp reversal.