Bitcoin Price Faces Headwinds as ETFs See $2.8 Billion Outflow, But Analysts Dismiss Panic
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Despite a recent surge to $107,000, the Bitcoin price has experienced a significant pullback, currently trading below $102,000 (~€87,800). While spot Bitcoin ETFs saw outflows of $2.8 billion last month, analysts are largely dismissing fears of a broader market collapse, characterizing the movement as a predictable pattern within the cryptocurrency’s volatile landscape.
Asset managers, including BlackRock, previously cautioned investors about the inherent risks associated with Bitcoin’s volatility, and those risks are now being realized. The forces that propelled the cryptocurrency’s price increase in recent months are demonstrably weakening.
On November 12, 2025, Bitcoin briefly touched $107,000 before quickly retreating below the $105,000 mark, as reported by Bloomberg. This decline coincides with a broader outflow of funds from the cryptocurrency market, resulting in a loss of approximately $330 to $340 billion in overall market value since mid-October. A contributing factor to this downturn is a customs dispute initiated by US President Donald Trump.
Institutional Investors Show Caution
Throughout much of 2025, institutional investment played a key role in driving up the Bitcoin price. However, the recent $2.8 billion outflow from spot Bitcoin ETFs signals a shift in sentiment. Despite accumulating over $25 billion in inflows and reaching $169 billion in total assets throughout the year, new investment appears to be slowing. “My impression is that new money is cautious and there is no great urgency or rush to invest,” one analyst from Citigroup Research told Bloomberg.
Whale Activity and Retail Investor Shift
Data from Citi reveals a changing dynamic in wallet behavior. Bitcoin whales – defined as wallets holding more than 1,000 Bitcoin – are gradually reducing their holdings, while the number of retail investors holding less than one token is increasing.
One trader described the current situation as a “dead cat bounce,” suggesting that early Bitcoin adopters are selling off significant portions of their holdings. However, analysts at Bitfinex disagree with the interpretation of widespread panic. Their data indicates that wallets holding over 10,000 Bitcoin only reduced their holdings by 1.5 percent in October. They posit that whales are not selling out of fear, but rather taking profits in response to decreased ETF demand – a pattern observed in previous market cycles.
Key Technical Levels to Watch
From a technical analysis perspective, the Bitcoin price is currently trading below its 200-day moving average of around $110,000. Analysts consider this level a critical threshold for a sustained upward trend. According to one expert at IG Australia, a decisive move above $110,000 would reinforce the belief that the recent correction, from a high of $126,272 to a low of $98,898, is complete.
Rachael Lucas of BTC Markets anticipates the Bitcoin price will test resistance at $110,400 after rebounding from the 50-week average at $103,000. A breakout could lead to further gains, potentially reaching $115,600-$118,000. Conversely, a drop below $103,000 could open the door to $86,000, with stronger support at $82,000. Another potential risk level is identified at $93,000, where further selling pressure could be triggered. .
Bitcoin Underperforms Gold and Tech Stocks
Despite year-to-date gains, Bitcoin’s performance has lagged behind both gold and technology stocks. This relative underperformance makes the cryptocurrency vulnerable to shifts in investment strategies driven by momentum. One analyst at 10X Research noted that professional investors may be losing patience with Bitcoin’s modest 10 percent gain this year.
Outlook: A Cautious Approach is Advised
Citi’s models suggest that weekly inflows of $1 billion typically correlate with a roughly 4 percent price increase. The current slowdown in inflows is therefore limiting potential gains. The same analyst warns that continued weakness could lead to billions more in withdrawals before the Federal Reserve meeting in December.
For retail investors, the Bitcoin price remains at a critical juncture. The $110,000 and $103,000 levels will be decisive in determining whether the current recovery can hold or if further declines are inevitable.
