The spot Bitcoin ETFs in the United States have achieved a new record in trading volume, which experts described as “wild but normal”. This milestone occurred amidst significant price fluctuations for Bitcoin, including a drop towards $80,000 followed by a near $5,000 recovery.

BTC ETFs See New Record

Bloomberg’s senior ETF analyst Eric Balchunas termed the surge in trading activity as an “eruption” on the spot Bitcoin ETF market, with a noteworthy total of $11.5 billion traded among all ETFs. He suggested that this might be a typical occurrence, attributing ETFs as potential release valves during liquidation.

“Also no surprise record week for Put volume in $IBIT.. this is one thing that may help people stay the course, they can always buy some puts as a hedge while they stay long. This was something big investors loved about $SPY when it was first launched back in the ’90s.”
— Eric Balchunas (@EricBalchunas) November 21, 2025

Unsurprisingly, the largest BTC ETF accounted for a substantial portion of the activity, with $8 billion of the total volume. IBIT has faced a significant decline for several weeks, witnessing $122 million in net outflows recently and being in the green only once in the last eight trading days.

Despite these negative trends, the overall ETFs had a positive day, welcoming $238.4 million into their funds. However, the week concluded with substantial withdrawals, resulting in over $1.2 billion in net outflows, according to data from FarSide.

BTC Price Update

Recent outflows from ETFs have contributed to the decline in Bitcoin’s price. Bitcoin began the previous business week at $95,000 but fell significantly, hitting as low as $81,000 by Friday.

On a brighter note, after New York Fed President John Williams hinted at potential interest rate cuts, Bitcoin rebounded to around $85,000, although it remains down about 32% from its peak in early October, leading to concerns about whether bears currently dominate the market.