Bitcoin ETFs recorded a net inflow of $21.13 million, mostly into BlackRock’s IBIT, after a week of $681 million in outflows, the biggest weekly exodus in over three months. Derivatives positioning remains skewed bearish, with whales unwinding longs and accumulating shorts, creating a divergence between spot and derivatives flows. Historically, Q4 is bullish for Bitcoin with average returns exceeding 71%, but the current setup threatens this seasonal scenario. Key macro data this week, particularly CPI on Wednesday and PPI on Thursday, will determine whether Bitcoin recovers or targets a decline toward $60,000.
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