BlackRock leads near $3B Bitcoin November ETF exodus with record $523M outflows
Bitcoin exchange-traded funds (ETFs) are experiencing nearly $3 billion in net outflows for November, placing them on track for their worst month on record. BlackRock’s iShares Bitcoin Trust (IBIT) ETF recorded $523 million in outflows in a single day, marking the most significant redemptions since its inception in January 2024. Total November outflows now amount to $2.96 billion, with BlackRock alone representing $2.1 billion of the withdrawals. A persistent selling trend has emerged despite historical expectations of upward movement for Bitcoin in November, traditionally its strongest month. The sector is also impacted by a recent technical indicator known as a 'death cross', suggesting bearish sentiment that is compounded by diminishing odds of a Federal Reserve rate cut. Furthermore, traders classified as 'smart money' have increased short positions on Bitcoin, signaling further downside expectations in the market.
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