Bitcoin News Today: Bitcoin ETFs Lose $558M as Solana ETFs Soar, Miners Reel from AI Cooling

Bitcoin (BTC) fell below $104,000 on November 11, extending its recent slump amid profit-taking and macroeconomic uncertainties, while crypto miners tumbled as the red-hot AI infrastructure trade showed signs of cooling, according to a Coindesk report. The cryptocurrency, which briefly topped $107,000 overnight, retreated to $103,200 by U.S. morning hours, erasing gains fueled by optimism over a potential end to the government shutdown and Donald Trump's "tariff dividend" plan.

Cathie Wood, CEO of ARK Invest, remained bullish, reiterating her $1 million price target for Bitcoin despite the pullback, citing the growth of stablecoins—now exceeding $300 billion in market value—as a sign of digital ecosystem maturation, even if it temporarily diluted Bitcoin's dominance. She also adjusted her long-term forecast, trimming her 2030 projection to $650,000 from $1.5 million, noting stablecoins' encroachment on Bitcoin's role in emerging markets.

Meanwhile, Bitcoin ETFs faced outflows totaling $558.44 million on November 7, the second-largest single-day withdrawal since their launch, according to a CoinDesk report. Fidelity's FBTC and BlackRock's IBIT led the exodus, losing $256.66 million and $131.43 million, respectively. Conversely, Solana (SOL) ETFs extended their inflow streak to nine days, drawing $12.69 million on November 7 and $575.93 million in net assets under management, as noted in a Yahoo Finance article. The Bitwise Solana Staking ETF (BSOL) attracted $545 million in net inflows since its October 28 debut, outperforming Bitcoin and Ethereum funds that shed $2.1 billion and $579 million, respectively.

The crypto mining sector faced renewed pressure as AI infrastructure enthusiasm waned. Stocks like CleanSpark (CLSK), Hut 8 (HUT), and Core Scientific (CORZ) fell 8% to 11.5%, hit by weak earnings and delayed data center projects, as Coindesk reported. The sector's struggles underscored a broader shift: Bitcoin miners, once seen as critical to AI's power-hungry demands, are now competing with companies like IREN and HIVE Digital, which pivot to AI hosting with pre-established grid infrastructure.

Adding to the turbulence, Japanese conglomerate SoftBank sold its entire $5.83 billion stake in Nvidia (NVDA), a move that sent the chipmaker's stock down 3.5% in pre-market trading, as The Guardian reported. The exit, part of SoftBank's broader AI push, included a $30 billion annual investment in OpenAI's ChatGPT and its Stargate data center project. "We sold Nvidia so that the capital can be utilized for our financing," CFO Yoshimitsu Goto stated, dismissing concerns of an AI "bubble."

Market watchers noted Bitcoin's pullback to the $100,000 level as a potential "speed bump" toward a $56,000 support level, according to Bloomberg analyst Mike McGlone, as noted in a Hodler's Digest article. On-chain analytics suggested the decline reflected normal cyclical behavior rather than panic, with bulls eyeing a rebound above $101,200 to trigger a short squeeze.

As the week progressed, Bitcoin's price hovered near $100,950, with volume delta turning slightly positive and the MACD histogram signaling easing bearish momentum, according to a CoinDesk analysis. A successful rebound could test $105,700, while a breakdown below $100,255 risks a retest of $98,400.