Bitcoin Funds Post Outflows for Fifth Day as $299.8 Million Is Withdrawn
Key Facts
U.S. spot Bitcoin funds recorded net outflows of $299.8 million on November 11, extending the withdrawal streak to a fifth consecutive day, according to Farside Investors data. Outflows in the previous session, November 10, were $95.0 million, meaning the pace of daily withdrawals widened in the latest session. A Glassnode report published on November 9 had recorded weekly outflows of $1.6 billion in the week ended November 8, compared with $701.2 million the previous week. The report described the week's total as the heaviest since early July. The continued negative flows put investment funds at the center of current market pressures, without on their own proving a broad shift in institutional positioning.
BlackRock's IBIT led outflows on November 11, recording $269.7 million in net withdrawals, while Grayscale's GBTC posted outflows of $39.1 million. In the opposite direction, Morgan Stanley's MSBT attracted inflows of $9.0 million on the same day. The figures show divergent flows among funds, even as the overall balance remained negative. In an earlier report covering the week ended November 6, Investing.com said weekly net outflows totaled $1.28 billion and that Wednesday was the only session with positive flows that week. These comparisons come as daily flows from spot Bitcoin funds remained negative for five consecutive sessions.
By Sunday, November 8, short-term Bitcoin holders as a group had slipped into a slight unrealized loss, according to Glassnode. The net unrealized profit/loss ratio fell to 1.1% in the week ended that day, from 3.4% seven days earlier. The share of circulating supply in profit also declined to 60.6%, compared with 62.9% a week earlier. By contrast, spot trading volume rose to $6.4 billion from $5.6 billion the previous week, according to the report. Futures open interest fell to $37.0 billion from $37.4 billion over the comparison period, indicating a decline in the volume of open positions in that market.
Bitcoin failed to hold above $80,000 during the week ended November 8, then closed the week at its lowest level since August, according to Glassnode. A November 9 report by The Block said the cryptocurrency closed below its 50-week moving average on Sunday, November 8. In the November 11 session, cryptocurrency futures liquidations rose 288% to $725 million over 24 hours, according to CoinDesk. The report said the wave of liquidations followed higher-than-expected U.S. inflation data. CoinDesk said the Crypto Fear & Greed Index stood at 26 on November 11, in the fear range.
The U.S. Bureau of Labor Statistics said the Consumer Price Index rose 0.4% in October, after increasing 0.6% in September, while the core index, which excludes food and energy, rose 0.3% in October, the same increase recorded in September and August. CoinDesk reported that traders priced in a 90% probability that the Federal Reserve would raise interest rates by a quarter point at its December 8–9 meeting. In trading, Bitcoin posted a daily close of $74,015.19 on November 11, after closing at $73,796.06 the previous day, according to EL7 data. The closes highlight the price move between the two sessions as fund outflows continued. The upcoming December meeting is among the set calendar events markets are tracking after the inflation data.