After bringing in over $3 billion in cash inflows last week, U.S. spot Bitcoin exchange-traded funds (ETFs) opened the last week of November with a notable decline. On Monday, November 25, the latest market data showed that U.S. spot BTC ETFs experienced a net cash outflow of about $438.38 million.
Bitwise’s BITB led the way with major outflows, losing around $280 million. Other notable ETFs, such as Grayscale’s GBTC, Fidelity’s FBTC, and Ark & 21Shares Bitcoin ETF (ARKB), also saw outflows of $158 million, $134 million, and $110 million, respectively.
On the other hand, BlackRock’s IBIT ETF continued its Bitcoin accumulation, posting a net cash inflow of more than $267 million on Monday. This brings its total assets under management (AUM) to $47 billion, showing that BlackRock remains confident in Bitcoin’s long-term potential.
The overall supply of Bitcoin on centralized exchanges has continued to decline in the recent past, thus coinciding with the ongoing bullish trend. According to the latest market data, the supply of Bitcoin on CEXes has declined to a new multi-year low of below 2.3 million.
Corporates Continue Pumping
In other news, MicroStrategy announced the purchase of 55,500 Bitcoins, worth about $5.4 billion. The company now holds 386,700 BTC in total. Semler Scientific also acquired 297 BTCs, valued at $29.1 million, bringing its total holdings to 1,570 BTC.
Bitcoin price failed to reach the much-anticipated target of $100k by 0.5 percent last week, thus resulting in heavy liquidations of long traders. In the past two days, nearly $1 billion has been wiped out from the leveraged crypto market, mostly involving long traders.
With the market now in correction, the risk of a long squeeze has increased significantly, contributing to the current bearish price action. From a technical perspective, Bitcoin could drop below $90,000 soon, possibly finding support above $85,000 before recovering and pushing toward a new all-time high (ATH).
Bitcoin ETFs saw $3.1 billion in inflows last week, despite the recent $438 million in outflows.
A Bitcoin ETF inflows tracker tracks investments into ETFs, while an outflows tracker monitors withdrawals or redemptions from them.
The coming days will be crucial for Bitcoin. Stay tuned to Coinpedia for fresh updates!
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