Bitcoin ETFs Record $3.5B November Outflows; Citi Links $1B Exit to 3.4% Price Drop

U.S.-listed bitcoin exchange-traded funds recorded $3.5 billion in net outflows during November, nearing the $3.6 billion record set in February, Bloomberg-compiled data show. BlackRock's IBIT, accounting for roughly 60% of total bitcoin ETF assets, saw $2.2 billion in redemptions this month. Citi Research noted each $1 billion in net outflows corresponds to approximately a 3.4% decline in bitcoin price, with analyst Alex Saunders setting a year-end bearish target of $82,000 assuming zero inflows. Rebecca Sin, senior ETF analyst at Bloomberg Intelligence, attributed part of the outflows to hedge funds unwinding basis trades—a strategy capturing spreads between spot and futures markets—while noting continued exits may persist amid market volatility and gold's current trajectory.