Spot Bitcoin ETFs See $438M Outflows Amid Mixed Performance in November

After registering more than $3 billion in cash inflows in the last week, the United States spot Bitcoin exchange-traded funds (ETFs) opened the last week of November in an overall poor performance. According to the latest market data, the US spot BTC ETFs registered a net cash outflow of about $438.38 million on Monday, November 25.

Bitwise’s BITB led in notable cash outflows of about $280 million, followed by Grayscale’s GBTC, Fidelity’s FBTC, and Ark & 21Shares Bitcoin ETF (ARKB) with a net outflow of about $158 million, $134 million, and $110 million respectively.

However, BlackRock’s IBIT continued with its Bitcoin accumulation after registering a net cash inflow of over $267 million on Monday, thus currently holding $47 billion in assets under management (AUM).

Bitcoin Whales Unwavering 

The overall supply of Bitcoin on centralized exchanges has continued to decline in the recent past, thus coinciding with the ongoing bullish trend. According to the latest market data, the supply of Bitcoin on CEXes has declined to a new multi-year low of below 2.3 million.

On Monday, MicroStrategy announced the acquisition of 55.5k Bitcoins, worth about $5.4 billion, thus currently holding 386,700 BTCs.

On the same day, Semler Scientific announced the acquisition of 297 BTCs, worth $29.1 million, thus currently holding 1,570 BTCs.

Impact on BTC Price Action 

Bitcoin price failed to reach the much-anticipated target of $100k by 0.5 percent last week, thus resulting in heavy liquidations of long traders. In the past two days, nearly $1 billion has been wiped out from the leveraged crypto market, mostly involving long traders.

Consequently, the potential of a long squeeze has dramatically increased, thus the ongoing bearish corrections. From a technical analysis standpoint, Bitcoin price could drop below $90k soon and potentially find a solid support level above $85k before rebounding towards a new all-time high (ATH).