Bitcoin News Today: Bitcoin ETFs Sell $2.96B in November, Surpassing Mt. Gox's Debt Repayments

Bitcoin ETFs have sold more Bitcoin in November than Mt. Gox has remaining to return to creditors, signaling a deepening bearish sentiment in the cryptocurrency market. According to data from Farside Investors, U.S. spot Bitcoin exchange-traded funds (ETFs) are on track to record $2.96 billion in net outflows this month, with BlackRock's iShares Bitcoin Trust (IBIT) alone accounting for $2.1 billion of that total. BlackRock's fund logged its largest single-day outflow of $523 million on Tuesday, extending a five-day losing streak for the products. This trend has raised concerns that November could become the worst month for Bitcoin ETFs since their January 2024 debut, potentially surpassing February's $3.56 billion in redemptions.

Meanwhile, Mt. Gox, the insolvent Japanese exchange, has moved $953 million worth of Bitcoin after an eight-month dormancy, fueling speculation about its repayment plans for creditors. On March 25, 2025, the firm transferred 893 BTC ($77.3 million) to exchanges like Kraken and Bitstamp, part of its ongoing efforts to settle debts. A more recent transfer of 10,608 BTC valued at nearly $1 billion -was reported by Decrypt, further intensifying rumors of large-scale repayments. However, these movements pale in comparison to the scale of ETF outflows, which have far exceeded the remaining Bitcoin in Mt. Gox's portfolio.

BlackRock's actions have compounded market jitters. The firm moved 4,880 BTC and 54,730 ETH-worth $642 million-to Coinbase Prime in late November, with analysts interpreting the transfers as potential sell signals. Unlike previous years when ETF inflows drove Bitcoin's price higher, the current outflows have coincided with a 28% drop in BTC's value from its $126,000 peak, pushing it below $90,000 for the first time in seven months. This decline has triggered bearish technical indicators, including a "death cross" and a weekly close below the 50-week moving average.

The ETF exodus contrasts sharply with Bitcoin's historical performance in November, which has averaged a 41.22% rally during the month. Market observers attribute the current weakness to macroeconomic concerns, including U.S. interest rate expectations and AI sector volatility, as well as institutional selling. BlackRock's IBIT ETF has shed $1.26 billion this month alone, according to CoinDesk, while other ETFs like XRP's have also faced outflows, with $15.5 million leaving XRP-linked products in their first week as reported by TradingView.

Industry analysts warn that the ETF sell-off could exacerbate Bitcoin's downward trajectory. "The ETF outflows are a critical driver of Bitcoin's momentum, and the current trend suggests a structural shift in institutional sentiment," said Geoff Kendrick, Standard Chartered's global head of digital assets research. The situation mirrors broader challenges in the Bitcoin mining sector, where firms like American Bitcoin (ABTC) continue to burn cash despite strategic pivots to AI infrastructure according to Seeking Alpha.

As the market grapples with these developments, the interplay between ETF redemptions and Mt. Gox's repayment obligations highlights the fragility of Bitcoin's ecosystem. With November shaping up as one of the most volatile months in recent history, investors remain on edge, watching for signs of stabilization-or further collapse.