Global cryptocurrency exchange-traded products (ETPs) indeed recorded massive net outflows of approximately $2 billion in the week ending November 14, 2025, marking the largest single-week redemption since February 2025.
This data comes from CoinShares’ Digital Assets Fund Flows Weekly Report, released on November 17, and has been echoed across major crypto news outlets. It’s part of a broader three-week bleed totaling over $3 billion, driven by heightened market volatility, macroeconomic jitters, and risk-off sentiment among investors.
Despite the red ink, year-to-date inflows for crypto ETPs remain robust at around $44 billion, underscoring that this dip is more of a tactical pullback than a full retreat from the asset class.
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Led the pack; U.S. spot BTC ETFs like BlackRock’s IBIT saw $523M in single-day outflows amid a 30% BTC price slide. Hit harder proportionally; U.S. spot ETH ETFs via BlackRock’s ETHA accounted for $500M+ of this.
Smaller but notable; reflects broader altcoin pressure. Modest outflows, though some XRP funds bucked the trend later in the week with inflows. Investors rotated into diversified products for hedging.
Bearish bets gained traction as prices dipped. Regionally, the U.S. bore the brunt at 97% of total outflows ~$1.97B, with Europe (e.g., Switzerland: $39.9M out) and Asia (Hong Kong: $12.3M out) following suit.
Interestingly, Germany was a lone bright spot, adding $13.2M as locals scooped up the dip. Several factors converged to fuel the exodus. Crypto-native “whale” selling—over $20B in BTC dumps in the prior month—amplified the downward spiral.
BTC and ETH cratered 8.3% and 9.4% respectively last week, dragging total ETP AUM down 27% from an October peak of $264B to $191B. Retail and institutional “weak hands” de-risked, but “strong hands” quietly accumulated on-chain, per on-chain analytics. This pattern has historically preceded sharp rebounds.
By November 24, signs of stabilization emerged: Friday’s flows flipped positive with $258M in net inflows, the first green day after seven reds. BTC rebounded to ~$86,300, and ETH to ~$2,803.
A more recent CoinShares update for the week ending November 21 pegged outflows at $1.9B—still steep, but slightly tapered—bringing the four-week total to $4.9B 2.9% of AUM.
This isn’t 2018-level panic; it’s the third-worst outflow run since then, but inflows are still up massively YTD. Analysts like CoinShares’ James Butterfill see it as “shifting positioning” rather than outright capitulation—diversified and short products gained ground, hinting at tactical plays.
Metrics across Bitcoin (BTC) and Ethereum (ETH) show bullish undertones, with BTC consolidating around $84K–$86K and ETH at ~$2,865. Data from Glassnode, CryptoQuant, Santiment proxies via reports, and real-time X chatter confirm this trend, aligning with historical patterns where such accumulation precedes 20–50% rallies within 4–8 weeks.
Despite the $2B ETP exodus, LTHs and whales added 186K BTC ~$15B at current prices in the past two weeks, per aggregated analytics. Exchange reserves are down 1.2% MoM, signaling reduced sell pressure, while UTXO unspent transaction outputs in the 1–10 BTC range hit a monthly high—retail quietly joining the party.
Profit-taking contained; 97% supply in profit but SOPR ~1.0 no mass distribution. This offsets whale outflows in one tier only, with net positive. On-chain activity active addresses +8% WoW and transaction volume +12% point to organic demand, not just speculation.
Leverage is creeping up funding rates +15 bps, and if BTC breaks $82K, it could test $74K–$76K 200-EMA. But with permanent holders up from 159K to 345K BTC since Oct, the base is solid. ETH’s metrics echo BTC’s resilience, with LTH accumulation hitting all-time highs amid the 42% drawdown from $4,946 ATH.
Exchange outflows surged $4.11M net in the last 24h, and whale concentration top 1% hold 49.5% adds volatility—but Gini coefficient at 0.86 signals balanced distribution, not dump risk. Post-Dencun upgrade, DeFi liquidity ~$22.7B volume is primed for a spark.
Correlation with BTC at 0.86 means it rides the coattails, but ETH-specific metrics reduce single-point failure risks. High concentration could amplify dumps, and a BTC washout to $74K drags ETH to $2,200. But with exchange reserves stable and Dencun efficiencies incoming, the setup favors upside.
These metrics substantiate the “strong hands loading” thesis—ETP outflows ~$4.9B over 4 weeks are being mopped up on-chain, reducing float and capping downside. Historically, LTH net position change flips positive post-capitulation, leading to ATH breaks BTC eyes $126K, ETH $5K+.
Bitcoin’s Recent Price Action, CME Gap Fill and Emerging Bounce
Bitcoin (BTC) has experienced a turbulent phase in recent weeks, erasing much of its 2025 gains amid broader market pressures like stock market volatility, reduced ETF inflows, and whale selling.
However, the completion of a key CME futures gap around $92,000—formed back in April 2025—has removed a major technical overhang, paving the way for the observed bounce. BTC is trading around $87,070 up approximately 0.5% in the last 24 hours after stabilizing from a dip below $90,000.
This recovery aligns with historical patterns where gap fills often act as pivot points for short-term reversals. CME gaps occur because Bitcoin futures on the Chicago Mercantile Exchange (CME) trade limited hours closing weekends, while spot markets operate 24/7.
This creates “blank spaces” on the futures chart that prices tend to revisit—historically, about 98% of such gaps get filled, often signaling equilibrium after sharp moves.
The $91,900–$92,500 gap had loomed as a downside magnet since April, drawing BTC lower during the November sell-off triggered by factors like Nvidia earnings anticipation and Fed rate cut uncertainty. BTC peaks near $124,000 amid post-halving optimism.
Early November: Sharp drop to $91,545 six-month low, a 27% pullback, coinciding with stock market tumbles (e.g., Dow Jones down 550+ points on Nov. 17). Gap fully filled as price wicks into the $92,000 zone, eliminating the technical risk.
November 19–22: Brief consolidation around $80,000–$82,000, with whale accumulation via Binance-linked whales pausing dumps providing subtle support. This fill wasn’t immediate—unlike quicker resolutions in March or July 2025—but it mirrors longer-term examples, like the November 2024 gap that took months to close before sparking a rally.
Post-gap fill, BTC entered “extreme oversold” territory RSI below 30, a level that preceded short recoveries in 2023 and March 2025. Analysts note this as a classic setup for a rebound, especially with.
Glassnode data shows BTC hitting oversold extremes earlier on November 23, triggering $218 million in liquidations mostly shorts, which fueled the uptick.
Selling pressure eased after a $240 million dump on November 11; recent order-flow data indicates whales accumulating near lows, with ETF inflows ticking up to $250 million for the week ending November 16.
The gap fill has shifted focus to a descending channel on the daily chart. A bounce from $90,000 support targets $99,600–$103,800, aligning with the 50-day moving average. However, a new small 1-hour CME gap formed around $93,000, which could see a minor dip before further upside.
The Fear & Greed Index hit a 2025 low of 10/100 during the dip but has rebounded to 25, reflecting cautious optimism. Broader crypto recovery (e.g., XRP up 7%, ETH holding $3,000) supports BTC’s lead.
Time for a bounce?” with charts showing the wick, garnering agreement on potential upside. Recent posts highlight the oversold bounce, though some warn of a “dead cat” scenario if $88,000–$90,000 breaks.
Whale dumps resume, stock correlation strengthens S&P 500 downtrend, low ~10%—gap removal reduces downside bias. BTC’s correlation to tech stocks 0.68 with S&P 500 means U.S. market opens could sway it. Watch $90,000 as pivotal support—if held, the path to $100,000+ clears.
For longer-term bulls like MicroStrategy’s Michael Saylor, this dip is “noise” in Bitcoin’s upward trajectory toward $200,000+ by year-end. This setup underscores why CME gaps remain a trader favorite: They blend technical reliability with real-market psychology. If you’re positioning, consider waiting for confirmation above $94,000 to avoid whipsaws.