Bitcoin ETFs See $1.34B Outflows as BTC Slides to $104K
Spot Bitcoin ETFs reversed a two-week $6 billion inflow streak and have suffered four consecutive days of redemptions, including a $186.5 million outflow on Nov. 3, bringing total withdrawals since late October to $1.34 billion. Bitcoin ETF investors dumped shares amid an 8% weekly BTC price drop to $104,500, triggering forced liquidations of over 336,000 leveraged positions worth $1.36 billion in 24 hours. On-chain data show short-term holders (1–3 months) selling after prices fell below their $107,160 cost basis, while 3–6 month “smart money” begins accumulating. Technically, BTC has broken below its 50-day moving average, formed a double-top near $124,355 and may test its 50-week MA around $102,000; a drop below these levels could drive price toward $93,561, the average cost for 6–12 month holders. Rising macro risks—from U.S.-China trade tensions to U.S. government shutdown fears and banking strains—are also shifting traders into safe havens like gold.
Bearish
The sharp outflows from Bitcoin ETFs, coupled with an 8% price drop to $104K and over $1.36 billion in leveraged liquidations, signal rising bearish momentum in both the ETF and spot markets. Technical breakdowns below key moving averages and double-top patterns suggest further downside toward $93,500, intensifying short-term selling pressure. Macro uncertainties—trade tensions, government shutdown risks and banking strains—are driving capital into safer assets, reducing Bitcoin ETF demand. In the long term, if BTC finds support around the 50-week MA near $102K or the cost basis of mid-term holders, a stable accumulation phase could emerge, but near-term outlook remains negative for BTC price.