U.S. spot Bitcoin exchange-traded funds recorded five consecutive days of net outflows, totaling $1.44 billion between November 5 and November 11. Their net assets fell to $93.7 billion, roughly 45% below their October 2025 peak of $169.5 billion, while Bitcoin traded at $73,358. HashKey senior researcher Tim Sun said the withdrawals amount to only 2.6% of the funds’ cumulative $55.1 billion in inflows and do not demonstrate a reversal of Bitcoin’s long-term allocation thesis. The main concern is a shortage of new buyers, as the stablecoin supply contracted, the basis trade became less attractive and corporate purchases slowed.
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