U.S. spot Bitcoin ETFs saw unprecedented trading activity on November 21. BlackRock’s iShares Bitcoin Trust (IBIT) recorded a single-day trading volume of $8 billion, setting a new record since its launch and driving the total daily trading volume of Bitcoin ETFs across the market to an all-time high of $11.5 billion. Amid sharp volatility, institutional investors adjusted their positions intensively. Bitcoin stabilized around the $84,000 level after pulling back more than 30% from its peak, which also fueled the surge in trading volume.

Despite the active trading, IBIT recorded a net outflow of approximately $122 million on the day. ETF analyst Eric Balchunas stated that this reflected “large-scale liquidity rotation” rather than sustained capital withdrawal. IBIT accounted for over 69% of the total daily trading volume, consolidating its position as the core vehicle for institutions to gain Bitcoin exposure. Since its launch in January 2024, it has attracted approximately $62.7 billion in cumulative capital.

The overall capital flow of Bitcoin ETFs rebounded on the day, registering a net inflow of $238 million, marking the first large-scale inflow in recent weeks. Prior to this, the sector had faced continuous redemptions throughout November, with cumulative monthly outflows reaching around $3.5 billion, making it one of the weakest-performing months this year. Among the inflowing funds, Fidelity’s FBTC recorded a net inflow of $108 million, bringing its cumulative inflow since inception to $11.8 billion; Grayscale’s Mini Trust added $84.9 million, and its GBTC product also posted a net inflow of $61.5 million. Just one day earlier, Bitcoin ETFs experienced the largest single-day redemption in nearly nine months, with a net outflow of $903 million.

Meanwhile, options trading around IBIT also heated up significantly, with put option trading volume climbing to an all-time high, indicating that institutions are actively deploying downside protection while maintaining long positions. Analysts believe that such hedging demand shows investors are using volatility for structural adjustments rather than collectively withdrawing from the market.

Bitcoin has fallen approximately 24% in November so far, down about one-third from its intrayear all-time high of around $126,000. The market is closely monitoring the key support level of $80,000, and many analysts warn that a breakdown below this level may trigger a further pullback to around $75,000.