A monthly column on the global crypto markets and ETF/ETP flows, brought to you by CoinDesk Indices, Trackinsight and ETF Express.
Joshua de Vos, Research Lead, CoinDesk, writes that digital-asset investment products saw a sharp reversal in November, recording -USD3.70 billion in global net outflows, according to TrackInsight data.
Total assets under management ended the month at USD179 billion, reflecting broad risk reduction across ETF and ETP markets following October’s strength.
US-listed products accounted for -USD3.62 billion, the largest driver of global redemptions, although secondary-market participation remained firm with US ADV at USD19.6 million.
The retracement was concentrated in large-cap majors, while altcoin participation proved more resilient, with several XRP and Solana products attracting meaningful inflows despite the risk-off backdrop.
Index performance
The CoinDesk 5 Index (CD5) and CoinDesk 20 Index (CD20) both declined through November as large-cap assets retraced from October’s strength.
Bitcoin, tracked by the CoinDesk Bitcoin Price Index, fell 17.5 per cent, opening at 109,567 and closing at 90,385, reflecting reduced risk appetite across spot and derivatives markets.
Ether and most large-cap altcoins followed a similar trajectory, weighed down by softer flows and thinning liquidity across major trading venues.
Despite falling prices, ETF and ETP trading remained orderly, demonstrating the increasing stability and maturity of regulated digital-asset vehicles.
Asset flows
Bitcoin products saw -USD2.89 billion in net outflows, marking one of the steepest monthly reductions in 2024.
Ether-linked ETFs recorded -USD1.53 billion in outflows, driven primarily by US redemptions, though the Volatility Shares 2x Ether ETF (ETHU) attracted USD76 million in inflows.
XRP-linked products brought in +USD664 million, supported by strong demand for single-asset exposure.
Solana ETPs saw net outflows of -USD9.5 million, despite strong inflows into Bitwise Solana Staking ETF (BSOL) specifically, reflecting a rotation from non-staked to staked-SOL products.
Multi-asset products recorded +USD50.3 million in inflows, signalling a modest rotation back into diversified baskets even as large-cap majors faced outflows and price retracements.
Flows by geography
Americas flows totalled -USD3.51 billion, driven almost entirely by US redemptions.
Europe recorded -USD163.3 million in net outflows, despite Switzerland posting inflows of USD35.5. million.
APAC markets posted -USD24.3 million, led by reduced activity in Hong Kong and Australia.
The consistency of outflows across all regions indicated a broadly cautious global stance, with the heaviest activity centred in the United States.
Flows by currency
USD-denominated products recorded -USD3.80 billion in flows, reiterating the dominant role of US rebalancing in November’s contraction.
CAD products added USD118.3 million, while SEK and EUR products brought in USD21.2 million and USD18.9 million respectively.
AUD, CHF and NZD vehicles saw smaller inflows.
Largest ETF movers (by net flows)
Canary XRP ETF (XRPC): +USD348.8 million; USD340.4 million AUM
Bitwise Solana Staking ETF (BSOL): +USD330.8 million; USD631.4 million AUM
ProShares Bitcoin Strategy ETF (BITO): +USD215.8 million; USD2.35 billion AUM
Bitwise XRP ETF (XRP): +USD161.9 million; USD175.8 million AUM
NEOS Bitcoin High Income ETF (BTCI): +USD129.2 million; USD864.4 million AUM
Volatility Shares 2x Bitcoin Strategy ETF (BITX): +USD129.1 million; USD1.61 billion AUM
iShares Bitcoin ETF (1B1T): +USD106.0 million; USD690.0 million AUM
Outlook
November clearly showed the disconnect between short-term price action and ETF trading resilience.
While spot markets corrected, ETF liquidity remained intact, reflecting the robustness of regulated markets.
Strong inflows into multi-asset and XRP ETPs demonstrated continued appetite for altcoin exposure and staking-linked products.
With more than 150 crypto ETP filings pending and regulatory activity expected to accelerate into year end, the product landscape is positioned for further diversification and renewed inflow momentum.
Data Sources:
TrackInsight (All ETF and ETP Data): https://www.trackinsight.com/services/data-services
CoinDesk (Bitcoin, CD20, CD80, Centralised Exchange Data): https://indices.coindesk.com/indices; https://www.coindesk.com/price
Disclaimer: TrackInsight considers flows from an ETF’s perspective, treating the fund’s first AUM upon listing as its initial inflow, which may differ from other sources that account for pre-listing activity or conversions.
