Bitcoin News Today: Bitcoin ETFs Bleed $2.96B, Hashprice Hits Record Low

Bitcoin Hashprice Hits Record Low as Miners Grapple With Shrinking Margins

Bitcoin's hashprice, a critical metric reflecting the cost of mining the cryptocurrency, has fallen to a record low, intensifying pressure on miners already contending with dwindling profit margins. The decline follows a sharp selloff in Bitcoin prices, which have dropped nearly 30% from their October peak, and record outflows from major Bitcoin exchange-traded funds (ETFs). According to data from Farside Investors, BlackRock's iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF, saw $523 million in outflows on November 19—the fund's largest single-day withdrawal since its January 2024 launch.

The selloff has pushed Bitcoin below $90,000, its lowest level in seven months, exacerbating challenges for miners who rely on stable pricing to offset rising operational costs. Bitcoin ETFs, which had been a key driver of the asset's momentum in 2025, have now recorded over $2.96 billion in net outflows this November, with BlackRock alone accounting for $2.1 billion of that total. Analysts attribute the exodus to a combination of profit-taking by long-term holders and macroeconomic anxieties, including uncertainty around U.S. Federal Reserve policy and the broader economic climate.

"An ongoing lack of speculative spirits is weighing on Bitcoin," said José Torres, senior economist at Interactive Brokers according to Reuters reporting. The outflows underscore a broader shift in investor sentiment, with some analysts noting a reallocation of capital toward gold, which has maintained resilience amid the crypto market's turbulence. Bitcoin's correlation with equities has also spiked, with CME Group research highlighting a 0.75 correlation with tech stocks—a stark contrast to its historical "digital gold" narrative.

The sell-off has further strained liquidity in the crypto market, particularly for institutional players. Bitcoin treasury companies, which had purchased nearly $50 billion in Bitcoin over the past year, have recently begun trading at discounts to net asset value, according to Brian Vieten of Siebert Financial according to Reuters reporting. This trend has dampened expectations for new Bitcoin purchases, compounding downward pressure on prices. Meanwhile, Bitcoin miners are facing a dual challenge: lower asset prices and higher energy and hardware costs.

Hive Digital Technologies, a publicly traded Bitcoin miner, reported record Q2 revenue of $87.3 million, driven by a 285% year-over-year increase in Bitcoin mining output. However, the company's stock, like many in the sector, has fallen sharply in recent weeks as Bitcoin prices declined . Hive's CEO, Frank Holmes, acknowledged the sector's struggles but emphasized the company's pivot to high-performance computing (HPC) for AI to diversify revenue streams. The firm's Buzz subsidiary recently secured a $140 million annualized revenue opportunity through a GPU deal with Dell Technologies .

Despite the near-term challenges, some analysts remain cautiously optimistic. Vincent Liu of Kronos Research noted that the outflows from IBIT reflect institutional portfolio rebalancing rather than a complete abandonment of Bitcoin. "Big allocators are trimming risk, tightening exposure, and testing entry points until macro signals turn clear," he said. The market's focus now turns to the Federal Reserve's December rate decision, with a 48.9% probability of a 25-basis-point cut according to the CME FedWatch tool.

The broader crypto market, however, shows mixed signals. While Bitcoin ETFs continue to bleed assets, spot Solana ETFs have extended their inflow streak to 16 days, accumulating $420 million in total according to The Block reporting. This divergence highlights a potential shift in investor interest toward alternative cryptocurrencies, particularly those offering staking rewards or AI-related applications.