The United States Bitcoin exchange-traded fund (ETF) market is approaching a significant $3 billion net outflow milestone for November, driven by a convergence of technical and macroeconomic headwinds. Leading the capital flight, BlackRock’s iShares Bitcoin Trust (IBIT) registered a record single-day withdrawal of $523 million, underscoring a broader trend of institutional repositioning. Market analysts attribute the sustained outflows to a combination of factors, including the emergence of a ‘death cross’ technical pattern on Bitcoin charts—a bearish signal where the 50-day moving average crosses below the 200-day average. Simultaneously, shifting expectations regarding Federal Reserve monetary policy have dampened investor enthusiasm, as market participants increasingly price in a delayed timeline for interest rate reductions. This has created an environment where sophisticated institutional investors are implementing short positions, further pressuring Bitcoin’s valuation. The collective withdrawal activity across all U.S. spot Bitcoin ETFs highlights a period of pronounced risk-off sentiment within the digital asset sector, marking one of the most substantial monthly capital reallocations since these investment vehicles launched.
