After recording over $3 billion in cash inflows last week, U.S. spot Bitcoin exchange-traded funds (ETFs) performed poorly at the opening of the last week of November. According to the latest market data, U.S. spot BTC ETFs recorded approximately $438.38 million in net cash outflow on Monday, November 25.
Bitwise's BITB saw the largest cash outflow of approximately $280 million, followed by Grayscale's GBTC, Fidelity's FBTC, and Ark & 21Shares Bitcoin ETF (ARKB), with net outflows of approximately $158 million, $134 million, and $110 million respectively.
However, BlackRock's IBIT continued to increase its Bitcoin holdings after achieving over $267 million in net cash inflow on Monday, currently managing assets (AUM) of $47 billion.
Recently, the total supply of Bitcoin on centralized exchanges has continued to decline, consistent with the current bullish trend. According to the latest market data, the supply of Bitcoin on centralized exchanges has fallen below 2.3 million, setting a new low in years.
On Monday, MicroStrategy announced the acquisition of 555,000 Bitcoins, valued at approximately $5.4 billion, bringing their total holdings to 386,700 BTC.
On the same day, Semler Scientific announced the acquisition of 297 BTC, valued at $29.1 million, bringing their total holdings to 1,570 BTC.
Impact on Bitcoin price trends
Last week, the price of Bitcoin failed to reach the anticipated $100,000 target, declining by 0.5%, leading to significant liquidations among bullish traders. In the past two days, the leveraged cryptocurrency market has lost nearly $1 billion, with most of it involving bullish traders.
As a result, the likelihood of a short squeeze has sharply increased, leading to continuous bearish corrections. From a technical analysis perspective, the price of Bitcoin may soon fall below $90,000 and could find solid support above $85,000 before rebounding to a new all-time high (ATH).
