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Bitcoin drops below $86k, traders remain cautious
Bitcoin fell as much as 2.3% on November 24, briefly dropping below US$86,000 before recovering to US$88,000 as of 10:24 a.m. in Singapore.
The cryptocurrency is on track for its worst month since 2022, after a sustained selloff that has impacted the broader cryptocurrency market.
Despite some weekend gains, traders remain cautious, citing continued market weakness and uncertainty over the US Federal Reserve’s upcoming rate decision.
Caroline Mauron, co-founder of Orbit Markets, said Bitcoin may trade between US$80,000 and US$90,000 this week.
Rachael Lucas, analyst at BTC Markets, said traders are watching the US$85,200 level as key support after last week’s declines.
November’s downturn comes despite increased institutional interest and policy wins for cryptocurrency pushed by US President Donald Trump.
Rachael Lucas said technical factors and broader economic conditions are dominating over fundamentals right now.
🔗 Source: Bloomberg
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Record ETF outflows as traders bank gains and shift to safety
- November brought a record $3.79 billion of outflows from U.S. spot Bitcoin exchange-traded funds (ETFs that hold Bitcoin directly), with many withdrawals tied to year-end profit taking and risk off 12.
- IBIT, BlackRock’s iShares Bitcoin Trust, saw over $2 billion in redemptions 1.
- Rotation showed up as Solana products pulled in about $300 million while XRP took in roughly $410 million in November 1.
- Holdings remain large, as Bitcoin ETFs own over 1.05 million Bitcoin (BTC) with Assets Under Management (AUM) near $110 billion 3.
Rising demand for real-time ETF flow APIs opens room for fintech builders
- Flows flipped from a $903 million net outflow on Nov. 20 to a $238 million net inflow on Nov. 21, which lifts demand for granular tracking tools 23.
- Coin Metrics (a blockchain analytics firm) rolled out ETF On-Chain Insights to track Bitcoin ETF flows and holdings with precision for institutions 4.
- Builders can ship embeddable flow widgets and Application Programming Interfaces (APIs) for brokers, trading apps, or financial media to capture users during volatile windows.
- Flow data can drive subscriptions, and EPFR (Emerging Portfolio Fund Research, a fund-flow data provider) has tracked $55 trillion across 151,000 share classes since 1995, which backs that up 5.
- One analysis pegs correlation near 80% between ETF flows and Bitcoin price direction, so real-time feeds help derivatives trading desks (teams that trade options and futures) plus risk managers 3.
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