Bitcoin ETFs Suffer $860M in Outflows, Second Largest on Record

Bitcoin's decline intensified, falling below $97,000 amid widespread weakness in the digital asset market. The pullback coincided with large withdrawals from U.S. spot bitcoin ETFs, which saw more than $860 million leave on Thursday. This represents the second largest daily outflow ever recorded for these funds and reflects increased investor caution, increasing downward pressure on prices.

Investor outflows and market sentiment weigh on BTC

Data from SoSoValue shows that Grayscale's Bitcoin Mini Trust suffered the largest single-day outflow with approximately $318.2 million redeemed. It is followed by BlackRock's IBIT at $256.6 million and Fidelity's FBTC at $119.9 million.

How do other recorded releases compare?

• Grayscale's GBTC recorded an additional withdrawal of $64.5 million.
• Bitwise's BITB and Invesco's product suffered outflows of approximately $47.03 million and $30.80 million.
• Other discounts come from Ark and 21Shares' ARKB, Valkyrie's BRRR and Franklin Templeton's EZBC.
• Collectively, these withdrawals constitute the second largest one-day outflow in the history of U.S. spot Bitcoin ETFs. Only the session of February 25, 2025 was more important, with around 1.14 billion dollars released.

Kronos Research Chief Investment Officer Vincent Liu interpreted the wave of withdrawals as a sign that investors were embracing a more cautious posture in the face of risk in a context of growing macroeconomic uncertainty. According to him, this repositioning could slow down the dynamics of bitcoin in the short term, without calling into question the long-term interest in this asset. Liu also believes that the scale of sales remains characteristic of a market likely to enter the oversold zone, a phase which often attracts buyers with a longer investment horizon.

Negative sentiment has extended beyond ETFs. The crypto market as a whole has declined on the main tokens. Critics have pointed to bitcoin's relative stability. Commentator Peter Schiff recalled that, despite peaking above $100,000 in December 2024, bitcoin had fallen below this threshold by mid-November 2025. He compared it to gold, up around 60% over the same periodbelieving that bitcoin is struggling to maintain its gains.

Technical levels and macroeconomic factors shape bitcoin's fall

Bitcoin continued its decline below $97,000, a level it had not reached since early May. Liu attributes the decline to a lack of liquidity, where a wave of liquidations was met with a decrease in buy orders. He does, however, observe growing interest between $92,000 and $95,000, where buyers appear to be gradually reestablishing support. He emphasizes that volatility is likely to persist as long as new flows do not stabilize market depth.

For a broader view, trader Michaël van de Poppe believes that a trend reversal requires bitcoin to regain a former support level. As long as it is trading below $100,000, he considers that recovering the area around $101,000 would be the first step before a recovery. He adds that the persistent sales, despite the good performance of the stock markets, reflect the idea among some investors that bitcoin has already reached a peak in the usual four-year cycle. According to him, this state of mind will have to ease in the current zone for the market to move forward.

On the macroeconomic front, Min Jung, research associate at Presto Research, said the decline also reflects increased caution in an unpredictable economic environment and a decline in risk appetite. She cites recent data from the ADP and NFIB signaling a slowdown in the labor market. She said the Federal Reserve should be cautious on rates ahead of the December FOMC meeting. The CME Group's FedWatch also shows that expectations for a rate cut in December have fallen to around 50%.