Bitcoin ETF saw a net outflow of $3.48 billion in November, marking the worst month since February. The Bitcoin Spot ETF experienced the most severe monthly fund outflow since the beginning of the year, totaling a net outflow of $3.48 billion. According to SoSoValue data, from November 12 to 18, the ETF faced fund withdrawals for five consecutive weeks, with the largest single-day outflow occurring on November 20, reaching $903 million. Towards the end of the month, the market warmed up, recording net inflows for three consecutive days, partly due to Nasdaq ISE submitting an application to expand its options trading capacity linked to BlackRock's iShares Bitcoin Trust (IBIT) by four times. BlackRock's IBIT also experienced one of its worst periods since its launch at the beginning of 2024. On November 18, IBIT saw a single-day outflow of $523 million, with cumulative outflows exceeding $2.4 billion as of November 25, which is eight times the losses in October. Despite this, IBIT maintained a net inflow of $57.71 billion, with assets exceeding $119 billion, accounting for approximately 6.56% of Bitcoin's market capitalization. BlackRock executives stated that IBIT is their globally most profitable ETF, generating about $245 million in fee income annually and accumulating $70 billion in assets within 341 days. JPMorgan also plans to issue structured notes tracking IBIT to share in its profits. The overall crypto market showed significant fluctuations, with Bitcoin falling over 6% again after a few days of recovery, to about $85,653, leading to a wave of selling in major assets. The Ethereum ETF similarly faced outflows, reaching $1.42 billion. The Solana ETF had over 20 consecutive trading days of inflows, totaling over $600 million, but saw an outflow of $34.4 million on the fifth day after the launch of the 21Shares Solana ETF. The XRP ETF performed relatively steadily, with inflows on nine out of ten trading days, totaling $666 million. In contrast, the DOGE ETF remained sluggish. Grayscale's DOGE fund had only $1.4 million in trading volume on its first day, and the Bitwise BWOW DOGE ETF also performed poorly. This indicates that market interest in certain Token ETFs remains limited, while the fund fluctuations of Bitcoin and Ethereum ETFs reflect that overall market sentiment is significantly influenced by macro factors and liquidity.