ETF Outflows, Stablecoin Dip, DAT Reversals Signal Crypto Capital Flight
Bitcoin’s slide to $84,000 is being driven less by mood and more by mechanics, according to Greg Cipolaro, Global Head of Research at NYDIG. In a report, Cipolaro said the core engines of the 2024–25 rally have shifted into reverse.
Spot bitcoin ETFs, once the primary source of demand for the cycle, now exhibit persistent redemptions. Those vehicles funneled billions into bitcoin during the first half of the year, the report points out, but trailing five-day flows have turned negative.
Data from SoSoValue shows that these ETFs are on track to register their highest monthly outflow since launch, having bled out $3.55 billion so far in November, just shy of the $3.56 billion record outflow seen in February.
Read more: Bitcoin ETFs Have…
