Bitcoin News Today: ETF Exodus and Whale Sales Drive Bitcoin's $94K Slide Amid Macro Uncertainty

Bitcoin's price slid below $94,000 in November 2025, sparking speculation among crypto executives about the forces behind the decline. The drop followed a week of volatile ETF flows, macroeconomic uncertainty, and sustained selling by long-term holders, all of which highlight the fragile balance between institutional demand and market sentiment.

The U.S. spot Bitcoin ETF complex saw a $278.1 million net outflow on Nov. 12, ending a brief two-day inflow streak. Fidelity's FBTC led the exodus with $132.9 million in withdrawals, followed by Ark Invest's ARKB at $85.2 million. These outflows reflect broader hesitancy among institutional investors, who have been recalibrating exposure amid rising Treasury yields and an uncertain inflation outlook. The pattern mirrors earlier 2025 trends, where ETF flows acted as a barometer for risk appetite, tightening or loosening Bitcoin's liquidity cushion depending on macro signals.

The price action itself underscored this tension. Bitcoin fluctuated within a $100,000 to $105,000 range, struggling to break above key resistance levels as traders awaited critical data releases, including the November CPI report. Analysts noted that ETF flows often align with shifts in real yields-when borrowing costs stabilize, institutional demand for Bitcoin tends to rebound, compressing ETF premium spreads and stabilizing prices. However, when long-term Treasury supply concerns resurface, as they did ahead of a 30-year bond auction, ETF desks retreat, amplifying downward pressure.

Compounding the sell-off was a $43 billion LTH (long-term holder) distribution over the same period, driven by OG whales offloading over 414,000 BTC. Prominent trader Owen Gunden, for instance, liquidated 1,800 BTC worth $200 million in late October and November, reducing his holdings by nearly half. These sales, combined with ETF outflows, created a perfect storm of supply-side pressure, dragging Bitcoin from a $126,000 peak to its current $105,000 range.

Despite the short-term turmoil, some analysts remain cautiously optimistic. A $524 million inflow on Nov. 11 had briefly stabilized the market, demonstrating that institutional demand remains intact when macro conditions improve. Binance's spot trading volume for Bitcoin surged past $1.53 trillion in 2025, suggesting retail and corporate investors are rotating capital away from ETFs into direct holdings. Analysts argue this could signal a shift in market dynamics, with on-chain activity-rather than ETF flows-becoming a more reliable indicator of Bitcoin's trajectory.

The path forward hinges on renewed institutional inflows and a resolution to macroeconomic headwinds. Options market data shows traders hedging against declines to $96,000 or lower, while others bet on a rebound to $112,000 if ETF demand rebounds. For now, Bitcoin's price remains tethered to the same forces that have defined its 2025 journey: the interplay between institutional positioning, macroeconomic signals, and the liquidity provided by its growing ETF ecosystem as reported.