Crypto News
U.S. spot Bitcoin ETFs recorded $1.44 billion in net outflows across five sessions from November 5 to November 11, as Bitcoin traded near $73,500 and struggled to reclaim $75,000. The withdrawals followed a brief move above $80,000 on November 4. BlackRock's iShares Bitcoin Trust, or IBIT, accounted for roughly three-quarters of the total outflow.
Why it matters
The ETF selling points to weak demand through a major institutional investment channel during Bitcoin's recovery attempt. Outflows totaled $430.2 million on November 5 and $411.9 million on November 6, with further withdrawals on November 9, 10 and 11. IBIT alone posted $269.7 million in net outflows on the latest day cited, while Morgan Stanley's Bitcoin ETF attracted $9 million.
Glassnode's Week 46 report adds to the caution: Bitcoin is below the $75,600 short-term holder cost basis, leaving recent buyers with unrealized losses. The research firm also cited shrinking stablecoin supply alongside continued ETF selling as signs that fresh capital is struggling to enter the market.
Market impact
Bitcoin futures open interest remains above $50 billion and funding rates are positive, indicating that leveraged traders are still paying to maintain bullish positions. Open interest has declined, however, and some long-side leverage near current prices has been flushed.
A move back above $75,600 would put Bitcoin above the short-term holder cost basis, while a return toward $80,000 would offer a stronger test of the recovery. The seed identifies $72,000 and $70,000 as downside levels to watch. Accumulation among two large wallet cohorts and weakening selling momentum offer a counterpoint to the bearish signals.
Frequently asked questions
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How much did BlackRock's IBIT contribute to the ETF outflows?
IBIT accounted for roughly three-quarters of the $1.44 billion in net outflows over five sessions. It recorded $269.7 million in withdrawals on the latest day cited.
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Why is $75,600 an important Bitcoin level?
Glassnode identifies $75,600 as the short-term holder cost basis. Bitcoin trading below that level leaves recent buyers with unrealized losses.
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Did any Bitcoin ETF attract money during the selling?
Morgan Stanley's Bitcoin ETF attracted $9 million on the latest day cited, providing a counterpoint to the wider ETF outflows.
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What do Bitcoin futures positions indicate?
Futures open interest remains above $50 billion and funding rates are positive, indicating leveraged traders are paying to maintain bullish positions. Open interest has declined and some long-side leverage has been flushed.
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What signals counter the bearish case for Bitcoin?
The seed cites accumulation among two large wallet cohorts and weakening selling momentum as counterpoints to ETF withdrawals and shrinking stablecoin supply.
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