Bitcoin Sinks to Six-Month Low amid $1.8B ETF Outflows
Bitcoin plunged to a six-month low after spot ETFs recorded $1.8 billion in net outflows in the first November week. BlackRock’s IBIT led the sell-off, dumping $715 million in four days.
On-chain data show long-term holders offloaded 405,000 BTC, fueling further sell pressure. Liquidations topped $20 billion in 24 hours amid SOFR rate spikes and a U.S. government shutdown draining liquidity.
Confidence was further dented by DeFi hacks at Balancer ($116 million) and Stream Finance ($93 million). Analysts warn Bitcoin must reclaim its $113,000 short-term cost basis or risk testing $88,000 next. Traders should brace for heightened volatility as ETF exits and large-scale selling dominate the market.
Bearish
Heavy ETF outflows worth $1.8 billion, combined with 405,000 BTC sold by long-term holders and $20 billion in liquidations, signal strong downward pressure on Bitcoin prices. Macro factors—SOFR rate spikes and U.S. government shutdown—have drained liquidity, exacerbating volatility. DeFi hacks at Balancer and Stream Finance further dent market confidence. In the short term, Bitcoin faces a clear risk of testing $88,000 if it cannot reclaim the $113,000 cost basis. Longer term, sustained outflows and on-chain selling suggest bearish momentum may persist until market stabilizes.