Key Takeaways
- • US spot Bitcoin ETFs recorded net outflows through Thursday, turning year-to-date flows negative, according to Invezz.
- • Spot Bitcoin vs US Dollar (BTCUSD) saw five-session net outflows through November 11 totaling about $1.44 billion, per TradingView, with withdrawals occurring before Friday's price break.
- • BTCUSD sat 41% below its record after more than 400 days, compared with 74%-81% declines at similar points in past downturns, according to Beincrypto.
- • BlackRock's Bitcoin fund recorded nine straight days of outflows as ETFs sold.
- • Stronger US inflation and rising December rate-hike expectations supported the dollar and pressured Bitcoin.
Summary
Bitcoin came under pressure as US spot Bitcoin ETFs posted net outflows through Thursday, turning year-to-date flows negative, according to Invezz. The selling coincided with stronger-than-expected US inflation and rising expectations for a rate hike at the December Federal Reserve meeting, which supported the dollar and weighed on BTCUSD.
TradingView reported that Bitcoin versus the US dollar (BTCUSD, spot CFD) recorded five consecutive sessions of net outflows through November 11, totaling about $1.44 billion, with fund withdrawals occurring before a Friday price break. Beincrypto noted that BTCUSD was 41% below its record after more than 400 days, a smaller drawdown than the 74%-81% declines seen at similar points in past downturns. BlackRock's Bitcoin fund saw nine straight days of outflows as ETFs sold.
MarketWatch attributed the selling to several factors, including a possible shift of capital toward Anthropic's pending IPO, risk aversion, rising Treasury yields, a stronger dollar, crypto leverage and ETF outflows. Benzinga reported that analyst Benjamin Cowen expects the decline could last several weeks, potentially through the December Fed meeting, and identified the realized price near $54,000 as a key level for gauging a possible low.
On the demand side, Brave New Coin reported that miner-to-exchange flows rose about 16-fold to 2,077 BTC, with nearly all coming from Antpool on November 10. The spike alone did not indicate broad miner selling. Separately, CryptoProwl reported that Strategy bought 1,036 Bitcoin for $81.9 million during the week ended November 6 at an average of $79,012 per token, bringing its total holdings to 850,364 Bitcoin. Dragonfly Capital's Haseeb Qureshi said BTCUSD is unlikely to reach $1 million by 2030 given the capital required, and sees $300,000-$400,000 as possible.
TradingView reported that Bitcoin versus the US dollar (BTCUSD, spot CFD) recorded five consecutive sessions of net outflows through November 11, totaling about $1.44 billion, with fund withdrawals occurring before a Friday price break. Beincrypto noted that BTCUSD was 41% below its record after more than 400 days, a smaller drawdown than the 74%-81% declines seen at similar points in past downturns. BlackRock's Bitcoin fund saw nine straight days of outflows as ETFs sold.
MarketWatch attributed the selling to several factors, including a possible shift of capital toward Anthropic's pending IPO, risk aversion, rising Treasury yields, a stronger dollar, crypto leverage and ETF outflows. Benzinga reported that analyst Benjamin Cowen expects the decline could last several weeks, potentially through the December Fed meeting, and identified the realized price near $54,000 as a key level for gauging a possible low.
On the demand side, Brave New Coin reported that miner-to-exchange flows rose about 16-fold to 2,077 BTC, with nearly all coming from Antpool on November 10. The spike alone did not indicate broad miner selling. Separately, CryptoProwl reported that Strategy bought 1,036 Bitcoin for $81.9 million during the week ended November 6 at an average of $79,012 per token, bringing its total holdings to 850,364 Bitcoin. Dragonfly Capital's Haseeb Qureshi said BTCUSD is unlikely to reach $1 million by 2030 given the capital required, and sees $300,000-$400,000 as possible.
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