Bitcoin ETF outflows reach $1.44 billion as dollar gains ground

what happened

According to TradingView, US spot Bitcoin ETFs recorded net outflows through Thursday, pushing year-to-date flows into negative territory. Over the five sessions to November 11, withdrawals totaled roughly $1.44 billion, and BlackRock's Bitcoin fund saw nine straight days of redemptions.

BTCUSD has traded 41% below its record for more than 400 days, a smaller drawdown than the 74% to 81% declines seen at similar points in past downturns. Analyst Benjamin Cowen expects the slide could last weeks, possibly through the December Fed meeting, and points to the realized price near $54,000 as a key level to watch.

The dollar was supported by firmer US inflation and rising expectations of a December rate hike. Miner-to-exchange flows jumped about 16-fold to 2,077 BTC, but nearly all of it came from Antpool on November 10, so the spike does not by itself show broad miner selling.

why it matters

Three forces are weighing on the market at once: ETF withdrawals, rising Treasury yields and a stronger dollar, all of which reduce demand for crypto assets. The source suggests some money may be moving toward Anthropic's pending IPO, but it presents this only as a possibility.

market impact

Bitcoin: ETF outflows and a stronger dollar pressure BTCUSD; dollar supported by rate-hike expectations

• ▼BTCUSD pressure down — ETF withdrawals and rising yields weaken demand
• ▲US dollar pressure up — firmer inflation and rate-hike expectations support the currency

tags

instruments