Bitcoin ETFs Logged Outflows on Four of Five Days During Price Retreat

Bitcoin (BTC) retreated after a midweek move above $80,000 reversed, alongside persistent exchange-traded fund outflows and selling in derivatives markets. On-chain activity also increased, while short-term holders moved close to break-even.

Bitcoin traded around $75,000 on Monday, Nov. 9, after briefly topping $80,000 midweek and giving back the advance the following day. The week ended at its weakest level since August. Bitcoin had also traded just above $75,000 during a broader market pullback Friday, Nov. 6, as its earlier test of that level showed.

Spot Bitcoin ETFs recorded withdrawals during four of five trading sessions. The weekly outflow total was the largest since early July. ETF MVRV, a measure of the funds’ holders’ unrealized gains or losses, fell below its lower band, indicating a thinner profit cushion. Spot buying did not increase meaningfully as trading volume rose, and cumulative volume delta turned negative.

Derivatives activity showed continued selling pressure. Perpetual futures traders sold during Thursday’s decline and again Sunday as liquidations of long positions increased. Open interest remained in the upper part of its range, and long positions continued to pay elevated funding rates.

Options traders continued paying for protection, with the 25-delta skew above its high band. The volatility spread returned to its normal range as realized price moves caught up.

On-chain transfer volumes and active addresses rose above their upper bands, while fees also increased. The ratio of short-term to long-term holder supply and the share of hot capital remained elevated, reflecting a shift toward newer holders. Short-term holders were near break-even, and realized losses outweighed profits.

The market picture included both continued ETF selling and fragile short-term holder positions. Some leverage had been cleared, and recent momentum no longer strongly supported further downside. Traders were watching for signs of stabilization or another move lower.