Bitcoin Spot ETFs Report $438 Million Outflow Amid $573 Million Liquidations
The cryptocurrency market faced volatility on November 25, with US-listed Bitcoin spot exchange-traded funds (ETFs) experiencing a net outflow of $438 million. Concurrently, sharp price declines across the crypto market led to $573.61 million in liquidations, affecting over 177,000 traders globally.
Data from SoSoValue indicates that seven of the eleven US-traded Bitcoin ETFs reported significant outflows, ending a five-day streak of net inflows. Notable funds such as Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) experienced outflows of $158.24 million and $134.72 million, respectively.
BlackRock's IBIT Bucks the Trend
Other ETFs, including ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB), also recorded withdrawals as Bitcoin dropped to $92,000, nearing the $100,000 mark for the first time. Investors appeared to withdraw in response to market turbulence.
Conversely, BlackRock's iShares Bitcoin Trust (IBIT) attracted $267.79 million in inflows, continuing its growth streak. The Grayscale Bitcoin Mini Trust (BTC) saw a minor inflow of $420.46K. Despite these gains, the overall net flow for the day remained negative.
As of November 25, Bitcoin spot ETFs collectively held $102.23 billion in net assets, with cumulative inflows totaling $30.40 billion.
Widespread Liquidations Hit Crypto Markets
Bitcoin's price decline triggered widespread liquidations in the broader crypto market. According to CoinGlass, $573.61 million was liquidated within 24 hours, impacting over 177,000 traders. Centralized exchanges like Binance, KuCoin, and Kraken were primarily affected.
For Bitcoin specifically, traders incurred losses of $161 million, with $131 million from long positions and $29 million from short positions. Ethereum traders faced combined losses of $94 million, with long positions losing $62 million and short positions losing $32 million.
Despite recent liquidations, market experts maintain a bullish outlook for Bitcoin's long-term trajectory. Analyst Ali Martinez projected BTC could rise to $150,000 during the ongoing cycle, emphasizing key resistance levels and adoption trends. Veteran chartist Peter Brandt also forecasted a peak of $150,000 by August next year, citing historical patterns and institutional inflows as supporting factors for this prediction. These forecasts reflect growing confidence in Bitcoin's potential for recovery and upward momentum.