Bitcoin Sinks to Seven-Month Low as ETF Outflows Accelerate

ETFs lead the selling as price breaks below $90,000

Bitcoin dropped under $90,000, its weakest level in seven months, after a new wave of redemptions from U.S.-listed spot ETFs intensified pressure on prices. Yahoo Finance reported net outflows across the cohort in recent sessions, with November withdrawals accumulating to several billions and some of the largest products posting heavy single-day redemptions. The break below a round number coincided with thin liquidity in Asia–Europe handoff hours, which amplified slippage.

How today’s move fits the wider slide

The latest leg extends a multi-week drawdown from October’s record area near $126,000, leaving bitcoin down roughly a quarter from the peak and erasing its year-to-date gains at the lows. Reuters framed Tuesday’s print as the lowest since spring, noting that macro nerves and a broader risk-off across equities have reinforced the selloff. The tandem declines in bitcoin and high-beta tech underline how funding and sentiment have tightened into mid-November.

What the ETF tape is signaling

Flows have turned negative on a weekly basis, with cumulative November outflows nearing prior monthly records. When spot ETF shares are redeemed, market makers unwind hedges, shifting coin back to venues at inopportune times, which widens spreads and can accelerate moves through stop levels. The sequence has repeated this month: outflow prints, weaker tape, forced liquidations, then a brief stabilization when flows pause.

Drivers behind the de-risking

Several narratives overlap. First, rate expectations have chopped, complicating cross-asset positioning; second, risk budgets in multi-asset funds have tightened after equity volatility rose; third, some long-term wallets have been net sellers on the margin, an unusual pattern that reduces the market’s shock absorbers. Media tallies also highlight a trillion-plus drawdown in total crypto market value over six weeks, evidence that pressure is broad, not isolated.

Technical context and levels that matter

Breaking below $100,000 earlier this month weakened the structure, and Tuesday’s slide under $90,000 puts the focus on the $85,000–$88,000 zone identified by technicians as near-term support. Resistance now clusters around the prior breakdown area near $95,000–$98,000. Traders are also watching moving averages lost in October, a reminder that rallies may fade unless ETF flows flip and depth improves during U.S. hours.

Cross-asset read-through

Risk-off days in equities have mapped onto weaker crypto sessions, especially when dollar strength lifts real yields. That linkage matters for allocators who treat bitcoin as a high-volatility expression of liquidity conditions. On desks, the short-term playbook has shifted toward defined-risk structures rather than linear exposure, given how often post-open liquidity gaps through tightly packed strikes.

Microstructure: why liquidity felt thinner

Intraday, selling pressure bunched around periodic ETF prints and derivative funding resets. With order books shallow into the European morning, relatively modest notional can push price through round-number stops. Liquidations then cascade, which is why 24-hour tallies for forced unwinds spiked on several down days this month. When depth rebuilds, mean reversion is possible, but without inflow support, rebounds have struggled for follow-through.

What could stabilize the tape

Three markers would help. One, a clear inflow day for the largest spot ETFs, which would break the narrative loop. Two, calmer equity markets that reduce headline volatility and let depth return around U.S. cash hours. Three, confirmation that long-term holder distribution is easing, which would restore the market’s natural buffer against momentum selling. Conversely, another near-record outflow day, or a risk-off shock in equities, would likely keep pressure on bids.

Investor lens for the next sessions

Positioning discipline is central. Funds that add exposure here are leaning on staged entries and options overlays, not all-in wagers. Watch whether any bounce carries above the $95,000–$98,000 band on rising spot volumes, and whether spreads narrow as U.S. ETF flows normalize. If those tells appear, the market can begin rebuilding a base; if not, tests of deeper supports remain on the table.

Bottom line

Bitcoin’s slide under $90,000 reflects a simple loop, outflows from spot ETFs met thin books and risk-off sentiment, pushing price to a seven-month low. Stabilization requires a break in the outflow streak, steadier cross-asset conditions, and better depth around key levels.