Bitcoin ETF OUTFLOWS
YEREVAN (CoinChapter.com) — On Nov. 14, eleven US Spot exchange-traded funds (ETFs) recorded combined withdrawals worth $400.7 million, ending the streak of steady inflows that began with Donald Trump’s reelection as the US president over a week ago.
Significant Outflows for Bitcoin ETFs Impact Market Sentiment
Fidelity’s ETF registered the largest outflow, losing $179.2 million. That followed $161.7 million in outflows from the ARK and 21Shares joint ETF and $113.9 million from Bitwise’s ETF.
In contrast, BlackRock’s iShares Bitcoin Trust ETF (IBIT) gained $126.5 million in net inflows, indicating that some funds continue to attract investor interest. VanEck’s Bitcoin ETF (HODL) also recorded a modest inflow of $2.50 million, showing varied investor strategies across different funds. This is the first outflow since Trump’s reelection, a period previously marked by steady inflows into crypto ETFs.
ETF Outflows Reach $400.7 Million on November 14. Source: Farside Investors Bitcoin Overbought Status Signals Crash Toward $75,000 Next
A closer look at technical indicators suggests a correction towards the $73,000-$75,000 range could occur by December 2024.
Several factors are driving this bearish case. First, Bitcoin’s Relative Strength Index (RSI) on the daily timeframe shows signs of significant overbought conditions after crossing above 74. Historically, readings above 70 have often preceded corrective moves as buying momentum wanes and profit-taking intensifies.
BTC/USD daily price chart. Source: TradingView
Additionally, a visible bearish divergence is forming between the RSI highs and the BTC price action, signaling a potential weakening of upward momentum. Such divergences tend to act as precursors to short-term price declines.
Fibonacci retracement levels offer a roadmap for possible downside targets. The $73,000-$75,000 range corresponds closely with a key Fibonacci level of 0.786 on the retracement scale, which Bitcoin previously tested as resistance before breaking to new highs.
Moreover, it aligns with a confluence of technical support, including the long-term ascending trendline (marked on the chart) that has guided BTC’s bullish momentum since earlier lows.
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