- Bullish posted an $18.5M profit in Q3, driven by surging options volume and the launch of U.S. spot trading.
- Ark Invest has accumulated about $172M worth of Bullish shares since the company’s August listing.
- Subscription and services revenue is projected at $47M–$53M for Q4, with Bullish holding $3.48B in net liquid assets.
November has turned into the roughest month on record for Bitcoin ETFs, with redemptions piling up faster than any other month since these products first launched. The biggest blow came on Nov. 18, when investors yanked about $523 million out of BlackRock’s iShares Bitcoin Trust (IBIT) in a single day. It’s the fund’s largest outflow since January 2024, and it happened right as Bitcoin slipped to a seven-month low, hovering near that shaky $89k range. Prices tried nudging up earlier on Nov. 19, but, yeah, that didn’t stick—they fell back more than 3% by midday.
Five Days of Straight Redemptions
That $523 million pull wasn’t a one-off; it was part of a streak. IBIT has now seen five straight days of net redemptions, shedding around $1.425 billion since the slide began. And with that, November is officially on track to become the worst-performing month for Bitcoin ETFs ever—cumulative outflows have already smashed every previous record. Interestingly though, not every ETF bled red. The Grayscale Bitcoin Mini Trust actually pulled in $139.6 million on the same day, and Franklin Templeton’s EZBC saw about $10.8 million in inflows. Reuters hinted this might show investors aren’t abandoning Bitcoin completely… just rotating into different vehicles while risk appetite stays low.
Price Drops Add Pressure on ETF Holders
Bitcoin’s slide from its October peak above $126,000 down toward the $89,000 level has put serious pressure on ETF investors. Trading volume dropped around 42% in the last 24 hours, and with BTC sitting near $89,620, it’s another daily dip of roughly 4.3%. Analysts say the average cost basis for spot Bitcoin ETF buyers is about $90,146, which means a huge chunk of investors are now sitting right at breakeven—or underwater. And when that happens, redemptions tend to show up fast, like we’re seeing now.
IBIT Still Leads the Pack
Even with the heavy withdrawals this week, IBIT is still the king of Bitcoin ETFs. As of Nov. 19, the fund holds $87.63 billion in assets under management. It’s worth remembering how strong things looked not long ago—between March and October, IBIT raked in almost $25 billion in inflows. The current pullback might just be part of the cycle, though it’s definitely one of the more intense ones we’ve seen since ETF trading began.
