Bitcoin News Today: Bitcoin ETFs Bleed While Solana Gains Momentum

Yesterday's Bitcoin spot ETFs saw a net inflow of $75.4 million, with BNY Mellon's IBIT attracting $60.6 million, while Ethereum spot ETFs recorded a $37.4 million outflow, led by $24.6 million from BNY Mellon's ETHA. This contrasted with a broader three-week slump for digital asset products, which lost $3.2 billion, including $2.1 billion in outflows from BlackRock's IBIT alone. The Abu Dhabi Investment Council (ADIC) nearly tripled its stake in BlackRock's IBIT during the third quarter, holding $520 million in the fund despite Bitcoin's recent volatility.

Bitcoin's price slid below $100,000 for the first time in six months, exacerbating ETF outflows. BlackRock's IBIT posted a record $523 million in daily outflows on November 19, the largest since its January 2024 launch. Analysts attributed the selling pressure to a "mini bear market" driven by fading ETF inflows, weak macroeconomic catalysts, and reduced exposure from long-term holders. Meanwhile, Solana spot ETFs continued to attract capital, with $48.5 million in inflows on November 20, extending their streak to 16 consecutive days.

The divergence in ETF flows highlighted shifting investor sentiment. While Bitcoin and Ethereum ETFs struggled, Solana's funds, including Bitwise's BSOL, gained traction, drawing $420 million in cumulative inflows since October 28. Canary Capital's XRP ETF also broke records, securing $245 million in net inflows on its debut. However, Bitcoin's price weakness-down 5.79% over seven days-sparked concerns about further declines, with technical indicators suggesting a potential drop to $95.

Institutional demand for crypto remained mixed. ADIC's IBIT purchase signaled growing UAE adoption, while BlackRock's ETF outflows reflected a broader recalibration of risk amid uncertainty over Federal Reserve policy. ETF analyst Eric Balchunas noted that Bitcoin ETFs could face a "3.5% AUM drawdown" if November outflows exceed $3.56 billion. Yet, some analysts remained cautiously optimistic, citing Solana's staking-driven ETFs and potential macroeconomic clarity as catalysts for a rebound.