Bitcoin ETFs are facing $3 billion in net outflows for November, with BlackRock’s ETF recording its largest day of redemptions at $523 million. Despite historical data suggesting a positive month for Bitcoin in November, outflows continue to mount, even as other crypto funds like Ether and Solana see inflows.
The US spot Bitcoin ETFs have seen $2.96 billion in total outflows, making it the second-worst month on record. Despite November typically being a strong period for Bitcoin, ETF redemptions could exceed the $3.56 billion seen in February. Meanwhile, Ether ETFs recorded $74.2 million in outflows, while Solana ETFs attracted $26.2 million in inflows.
Bitcoin recently experienced the fourth “death cross” of this cycle, which is considered a bearish technical signal. However, it can also indicate a macro bottom and strong reversal depending on wider economic factors. Market risks remain unresolved, with falling rate-cut odds impacting sentiment and smart money traders positioning for short-term downside.
Markets are now pricing in a 46% chance of a 25 basis point rate cut during the upcoming Federal Reserve meeting, down from 93.7% a month ago. Smart money traders have added $5.7 million in short positions in the past 24 hours, signaling expectations of downside. Despite the challenges, Bitcoin is expected to make one more big move to $150K, according to experts.
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