U.S. spot Bitcoin ETFs are experiencing heavy outflows in November, with cumulative net outflows of $1.6 billion since the beginning of the month, while investors are flocking to equity funds to buy the dip. According to SoSoValue data, Bitcoin ETFs saw net outflows of $95 million on November 11 (UTC). Although the scale of daily net outflows has narrowed for three consecutive days, the overall market sentiment remains extremely pessimistic.
Equity Funds Dominate Capital Flows
Over the past five trading days, U.S.-listed ETFs have attracted an average of approximately $1.2 billion in daily inflows, with the top 17 funds by net inflows all being equity-based products. Vanguard’s S&P 500 ETF (VOO), Invesco’s Nasdaq 100 ETF (QQQ), and BlackRock’s iShares Core S&P 500 ETF (IVV) emerged as the biggest winners. In contrast, Bitcoin ETFs performed poorly—BlackRock’s iShares Bitcoin Trust (IBIT) saw net outflows for eight consecutive trading days, totaling $173 million, with a net outflow of $78 million on November 11 alone. Although Morgan Stanley’s Bitcoin Trust ETF (MSBT) attracted $20 million in net inflows that day, it was not enough to reverse the overall trend.
The Bitcoin market is mired in extreme pessimism
Technical data indicates that the Bitcoin market has entered a deep bear market. The Bitcoin Bull Score Index plummeted from 90 on October 13 to 20 on November 10, falling into the “extremely bearish” range. Demand has also been weak—over the past 30 days, net Bitcoin demand has contracted by 284,000 coins, marking the fastest rate of decline since March 2025. Analysts noted that similar extreme conditions have preceded local market bottoms in the past, but they also warned that the risk of a deeper correction remains, identifying $73,200 as a key support level.
As of the time of publication on November 11 (UTC), Bitcoin was trading at $73,998, down 1% over the past 24 hours, with a weekly decline of 5.2%. Daily net outflows have gradually narrowed from $430 million on October 10 and $412 million on October 11, reaching $201 million on October 13 and $95 million on November 11.
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