Bitcoin Demand Falls Below Mining Supply $1.67B ETF Outflows
Bitcoin institutional demand has fallen below daily mining supply for the first time in seven months. Data from Capriole Investments shows combined spot BTC ETF and corporate treasury purchases dipped under 6,000 BTC of daily mining issuance on November 3. Since the October 11 market setback, spot Bitcoin ETFs recorded net outflows of $1.67 billion, including $191 million on October 31. Treasury firms holding Bitcoin now trade below net asset value, reflecting waning confidence. Bitcoin’s price has pulled back from a $126,000 peak on October 6 to around $107,000 and remains range-bound above $105,000 since July. Analysts warn that without fresh institutional buying through ETFs and Digital Asset Treasuries, Bitcoin’s upside could be limited and bearish pressure may intensify.
Bearish
Bitcoin’s institutional demand dipping below daily mining supply, coupled with $1.67 billion in spot ETF net outflows, signals growing selling pressure. The pullback from highs and below-NAV trading by treasury firms reflect weakening confidence. In the short term, ongoing ETF redemptions and treasury sales may push prices lower. Over the long term, without renewed institutional inflows through ETFs and Digital Asset Treasuries, Bitcoin’s upside remains limited, reinforcing a bearish outlook until institutional buyers re-enter the market.