Spot Bitcoin ETFs have seen two consecutive days of outflows as the top cryptocurrency dropped nearly 3%. The sell-off followed signals from the U.S. Federal Reserve that further rate cuts might be off the table. Despite three days of strong inflows totaling $2.43 billion from Nov. 11 to Nov. 13, these gains were offset by notable outflows on Nov. 14 and 15.
Major Bitcoin ETF Outflows Recorded
On Nov. 14, Bitcoin ETFs faced their third-largest outflow since launch, with around $400.7 million pulled out. The following day, outflows eased as Bitcoin rebounded from the $87,500 support level, but another $239.6 million exited, according to Farside Investors’ data.
Notably, BlackRock’s IBIT ETF stood out as the only fund to record inflows on Nov. 15, marking a seven-day streak with $130.4 million added. Here’s a breakdown of the significant outflows:
- Fidelity’s FBTC: $175.1 million
- ARK and 21Shares’ ARKB: $108.6 million
- Grayscale’s Bitcoin Mini Trust: $47 million
- Grayscale’s GBTC: $22.5 million
- VanEck’s HODL: $7.7 million
- Bitwise’s BITB: $7.4 million
- Valkyrie’s BRRR: $1.7 million
The remaining three ETFs reported no significant flows.
Fed’s Stance Triggers Market Reaction
The spike in ETF outflows coincided with Federal Reserve Chair Jerome Powell’s speech on Nov. 14, where he suggested no urgency to cut interest rates. This announcement appears to have contributed to Bitcoin’s dip, hitting a weekly low of $86,572. However, despite the short-term sell-off, broader market sentiment remains bullish.
Bitcoin’s Path to $100,000: Bullish Optimism Persists
The crypto community, including notable figures like Michael Saylor and analyst Matthew Sigel, continues to project a positive outlook for Bitcoin. Many believe BTC could reach the $100,000 mark by year-end or even surpass it. Michael Saylor recently stated that Donald Trump’s potential re-election could be a significant catalyst for Bitcoin’s rise, calling it the “biggest event for Bitcoin in four years.”
A poll from Polymarket bettors also shows strong bullish sentiment, with a 65% chance of Bitcoin hitting $100,000 before New Year’s Eve.
Chart Analysis: Bitcoin Breaks Bullish Pattern
Popular trader Crypto Eagles shared with his 99,000+ followers on X that Bitcoin has broken out of a multi-year inverse head and shoulders pattern, often seen as a bullish indicator. This setup suggests that BTC could be primed for a rally to six-figure levels.
Moreover, analyst Rekt Capital noted in a recent post that Bitcoin has just entered its parabolic phase, which typically lasts around 300 days. With this cycle only 11 days in, there could be substantial room for further growth.
Current Market Outlook
At the time of writing, Bitcoin (BTC) is trading above $90,900, up 1.3% in the past 24 hours. IntoTheBlock’s market sentiment indicator shows a mostly bullish outlook, indicating continued optimism for Bitcoin’s price trajectory.
