Bitcoin ETFs Bleed $1B+ as BTC Stalls at $100K Retest – Is the Bull Run Cooling Off?
Wall Street's crypto darling takes a hit as institutional investors pull back.
Bitcoin ETFs just saw their worst week since launch, with net outflows smashing through the $1 billion mark. The bleeding comes as BTC struggles to hold ground above the psychological $100,000 level – a price point that's become the market's new obsession.
The Great Unwind
After months of record inflows, the ETF gold rush shows signs of fatigue. Traders are locking in profits rather than chasing the 'number go up' narrative. Some analysts see this as healthy consolidation; others whisper about fading institutional conviction.
$100K: New Support or Resistance?
The king crypto's repeated failure to close decisively above six figures has traders nervous. Each rejection paints a clearer picture: this isn't March 2024's euphoric breakout. Market makers are now questioning whether 'fair value' sits closer to $85K or if this is just another fakeout before the real climb.
Meanwhile, traditional finance pundits – who six months ago called BTC a 'pet rock' – now solemnly nod about 'necessary corrections.' Funny how price action upgrades asset class credibility.
One thing's certain: the casino stays open 24/7. Whether this dip gets bought or turns into something uglier depends on who blinks first – the diamond hands or the weak-handed ETF tourists.
Bitcoin ETF Sees $1.28 Billion In Net Withdrawals As Price Struggles Persist
According to data from SoSovalue, capital outflows of 12 bitcoin ETFs reached $558.4 million on Friday, taking total net outflows in the first week of November to $1.28 billion. This development indicates significant caution among institutional investors as Bitcoin strives to find price stability.
Predictably, the largest outflows of the week came from BlackRock’s IBIT, which suffered net withdrawals of $580.98 million. The investment fund now holds net assets of $82.28 billion, accounting for 3.97% of the total Bitcoin market cap. Fidelity’s FBTC also suffered the heavy brunt of investors’ fear as net outflows climbed to $438.30 million. However, with cumulative net inflows of $12 billion, FBTC still remains the second-best performing Bitcoin spot ETF.
Other market players with significant performances include Ark Invest’s ARKB and Grayscale’s GBTC, which recorded net capital drain of $128.92 million and $64.33 million, respectively. Meanwhile, VanEck’s HODL, Valkyrie’s BRRR, and Franklin Templeton’s EZBC suffered negative cash FLOW losses ranging $8 million – $13 million.
Interestingly, Bitwise’s BITB and Grayscale’s BTC produced the net inflows of the week valued at $4.69 million and $21.61 million, respectively. However, Invesco’s BTCO, WisdomTree’s BTCW, and Hashdex’s DEFI all recorded zero netflow, despite heavy market activity.
At press time, the Bitcoin spot ETFs now report a net outflow of $1.22 billion for November. Nevertheless, the cumulative total net inflow for the 12 investment funds is valued at $59.97 billion, as aggregated net assets drop to $138.08 billion by 6.5% from last week in October.
BTC Price Overview
At press time, Bitcoin trades at $101,901 after a 0.98% decline in the past 24 hours. Meanwhile, daily trading volume is down by 42.62% and valued at $53.58 billion. Following the intense price correction of the last week, the premier cryptocurrency is now 18.93% away from its all-time high of $126,198.
Coincodex analysts predict an audacious market recovery in the next five days, tipping BTC to hit a price point of $129,442. However, they project some retracement after forcing the premier cryptocurrency to stabilize around $111,963 in a month.
