Following Bitcoin’s sharp decline in November, U.S. spot-Bitcoin ETFs have come under renewed pressure, prompting redemptions at major funds and tactical rebalancing by institutions, a shift that has made fund flows (not just spot price action) the dominant market variable into year-end. In light of this, I am reaching out with a new report tracking how spot Bitcoin ETFs have accumulated BTC since their approval in early 2024.
For this report, the team at BestBrokers analysed on-chain BTC holdings of the 11 spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission, starting from the second quarter of 2024 (the period following the regulatory approval). Data was sourced from Dune Analytics, as well as from official ETF filings, to create a comprehensive quarterly timeline showcasing the accumulation of Bitcoin by the world’s largest ETFs.
The latest analysis shows that BTC assets under management in ETFs dropped sharply, with the 11 funds shedding a total of 30,323.80 BTC in November. BlackRock’s IBIT Bitcoin holdings experienced the most significant decline, with daily snapshots showing exposure falling from approximately 799,701 BTC on 1 November to around 776,475 BTC on 1 December. Since the Bitcoin price plunged 22% in November alone, this represents a price-related AUM loss of roughly $19.37 billion, with a further reduction of about $1.99 billion due to Bitcoin outflows, a combined AUM reduction of approximately $21.37 billion over the month.
This is how spot BTC ETFs have changed their AUMs in the past 4 weeks
(Change in BTC AUMs between Nov 1 and Dec 1, value based on average BTC price of $85,841):
- BlackRock: down 23,226 BTC ($1.99B) to 776,475 BTC ($66.56B)
- Grayscale: down 3,354 BTC ($290.8M) to 167,600 BTC ($14.53B)
- Fidelity: down 392 BTC ($33.6M) to 200,832.78 BTC ($17.41B)
- 21Shares: down 1719 BTC ($147.4M) to 39,976.27 BTC ($3.47B)
- Bitwise: down 735.57 BTC ($63M) to 40,043.96 BTC ($3.47B)
- Grayscale Mini: up 301 BTC ($25.8M) to 48,534.62 BTC (4.21B)
- VanEck: down 1181 BTC ($101.2M) to 17,061.19 BTC ($1.48B)
- Invesco: up 108 BTC ($9.3M) to 6,269.45 BTC ($543.6M)
- Franklin Templeton: down 30 BTC ($2.6M) to 5,757.56 BTC ($499.2M)
- Valkyrie: down 31 BTC ($2.7M) to 5,767.8 BTC ($500.1M)
- WisdomTree: down 64 BTC ($5.55M) to 1,577 BTC ($136.7M)
Other highlights from our report:
- In just a month, the 11 spot Bitcoin ETFs collectively shed approximately $35 billion worth of assets under management, driven by both net BTC redemptions (-30,323.8 BTC) and a weakening Bitcoin price, which has dropped from around $110,000 on 1 November to just shy of $86,000 as of 1 December.
- The fund with the largest AUM decline over this period was BlackRock, whose BTC ETF lost $21 billion in assets under management. This drop was driven by a combination of substantial outflows – with investors withdrawing 23,226 BTC over the past month – and Bitcoin’s falling price, which erased a further $19.3 billion from the fund’s asset value.
- Other funds that experienced notable declines in AUM include Fidelity, which lost $4.91 billion, Grayscale, down $4.43 billion, and 21Shares, which saw a reduction of $1.16 billion.
- In early November, BlackRock alone accounted for nearly 60% of all Bitcoin held by ETFs. With close to 800,000 BTC under management, IBIT controlled around 4% of the global Bitcoin supply before the November drawdown. As of 1 December, the IBIT fund holds 776,475 BTC, roughly 59.3% of the total, with all U.S.-approved ETFs collectively holding 1,309,895 BTC.
- Since receiving ETF approval, BlackRock has added more than $55 billion in net new assets under management. In contrast, the rest of the ETF market has added far less and, in several cases, experienced net outflows in 2025. By contrast, funds such as Fidelity, 21Shares, Grayscale, and Franklin Templeton have seen their AUM decline throughout the year as redemptions increased and market conditions weakened.
- BlackRock’s IBIT remains the dominant force in the Bitcoin ETF market, with the fund’s BTC holdings rising sharply from 303,935 in Q2 2024 to 776,475 as of 1 December. This substantial increase has firmly established it as the world’s largest Bitcoin ETF.
“November’s correction forced a concentrated unwind in the ETF channel – a mix of profit-taking and tactical rebalancing rather than a wholesale flight from crypto. Because BlackRock’s iShares Bitcoin Trust (IBIT) holds by far the biggest BTC stake, its flows dominate market outcomes: during November, IBIT absorbed the lion’s share of redemptions and therefore accounted for the largest single-fund AUM decline. At the same time, many investors used the pullback to lock gains after a prolonged rally, and funds with smaller market share experienced relatively greater percentage-wise withdrawals.”– comments Paul Hoffman from BestBrokers.com
The report was based on the latest data from Dune Analytics, as well as from official ETF filings, to create a comprehensive quarterly timeline showcasing the accumulation of Bitcoin by the world’s largest ETFs.
