Izzy Zhang
@izzyzhang
· 2d
Why are Bitcoin ETFs seeing big outflows?BlackRock's IBIT just posted its heaviest redemption day since June, and November is starting with a thud for spot Bitcoin funds. The outflows line up with BTC losing a key on-chain support level tied to recent buyers.What happened: BlackRock's iShares Bitcoin Trust shed $405.3 million on Monday, the fund's biggest outflow since June. US spot Bitcoin ETFs collectively opened November with nearly $399 million in net outflows. Meanwhile, Bitcoin slipped below the realized price of the one-to-three-month buyer cohort, putting $77.7K support in play.Key numbers: $405.3M left IBIT in a single Monday session~$399M in net outflows across US spot Bitcoin ETFs to start NovemberBTC testing $77.7K support after losing the 1-3 month realized priceWhy it matters: When the newest buyers go underwater, their cost basis flips into overhead resistance, and ETF redemptions add sell pressure right where the market is thinnest. That combo makes any bounce harder to trust.Bottom line: Fresh capital is leaving the ETF wrapper at the same time short-term holders turn sellers, and that's a recipe for a support test, not a rally.
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