##  [# Bitcoin Hits Six-Month Low, But ETFs Aren’t Driving the Sell-Off](/sections/features/bitcoin-hits-six-month-low-etfs-arent-driving-sell) 

 

# Bitcoin Hits Six-Month Low, But ETFs Aren’t Driving the Sell-Off

 

 

Bitcoin has fallen back to where it started the year, yet spot ETFs remain net buyers with more than $24 billion in inflows.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Nov 14, 2025

 Edited by: ETF.com Staff

 

 

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Bitcoin has erased nearly all its gains for the year and so have the spot bitcoin ETFs tied to it. On Friday, the cryptocurrency fell as much as 4.3% to a low near $94,500, a six-month trough that puts it only a hair above where it started 2025 at roughly $93,700.  
  
It’s a sharp reversal for an asset that hit an all-time high near $125,000 just last month. As recently as Oct. 6, bitcoin was up 32% year-to-date.  
  
![spotbitcoinprice](/sites/default/files/inline-images/spotbitcoin.png)  
  
The pullback comes amid a broader risk-off tone across financial markets. The I[**nvesco QQQ Trust (QQQ)**](/qqq) slid as much as 5% from its late-October high to Friday’s low, though it still sits up around 20% for the year. Bitcoin, however, has been noticeably weaker than other risk assets during this stretch.  
  
Interestingly, ETF investors haven’t been the primary driver of the sell-off. U.S.-listed spot bitcoin ETFs saw $3.1 billion of net outflows over the past month, including roughly $900 million on Thursday. Despite that, the category remains firmly positive for the year with more than $24 billion of inflows.

## Selling Elsewhere

Even with the growing role of ETFs, the flows simply aren’t large enough to explain the price action. Spot bitcoin ETFs hold roughly 7% of bitcoin’s market cap and most trading still happens elsewhere.   
  
Bitcoin’s market cap is roughly $1.9 trillion, and trading volume over the past 24 hours topped $117 billion, per CoinMarketCap. By comparison, U.S.-listed spot bitcoin ETFs traded around $6 billion on Friday.  
  
In other words, most of the selling is happening outside of ETFs, on platforms like Coinbase, Binance, and other venues. The ETF flows matter more than they did a year ago, but they’re still a minority share of the market.  
  
It’s nonetheless striking to see bitcoin sitting flat on the year while ETFs tied to it have taken in more than $24 billion. That gap highlights how ETFs reflect only one slice of the broader market.  
  
Despite the recent weakness, bitcoin remains much higher than where it stood when U.S. spot ETFs launched in January 2024—roughly $46,000 at the time. It also continues to trade above its prior cycle peak from 2021, when it topped out just below $68,000.

So this isn’t a collapse. But given the more permissive regulatory and political backdrop for crypto under the new administration and the optimism surrounding ETF demand, the recent slide is likely disappointing for investors who expected ETF demand to translate more directly into price strength.

 
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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


 Related Topics  [Bitcoin](http://www.etf.com/topics/bitcoin) 

 [Crypto](http://www.etf.com/topics/cryptocurrency)