Overview
- U.S. spot bitcoin ETFs have recorded about $3.55 billion of November redemptions, putting the month near the largest outflow since launch, according to SoSoValue data cited by NYDIG.
- Trailing five‑day ETF flows have turned negative, with roughly $1.22 billion in net outflows during the week of Nov. 17–21, reinforcing pressure on market liquidity.
- Stablecoin supply has contracted for the first time in months, and algorithmic USDE has shed nearly half its float since Oct. 10 after briefly trading down to $0.65 on Binance.
- Premiums on direct allocation trust shares flipped to discounts, prompting corporate sellers and buybacks, including Sequans’ bitcoin sale to reduce debt, though NYDIG sees no DAT financial distress.
- Large dip buys, including purchases by Strategy and El Salvador, did not halt bitcoin’s slide toward $84,000, underscoring mechanics‑driven weakness rather than sentiment.