U.S. Bitcoin spot ETFs recorded net outflows of $903 million on November 20, 2025, marking the second-largest single-day withdrawal since their January 2024 launch. Ethereum ETFs posted $262 million in outflows the same day, extending their losing streak to eight consecutive sessions. The outflows come as institutional investors take profits and adopt risk-off positioning ahead of year-end, according to market analysts.

Strategy's approximately 650,000 BTC holdings are approaching underwater territory as Bitcoin trades at $84,171.85, down 33% from recent highs. The company's average acquisition cost of $74,433 per coin leaves an 11% buffer before paper losses materialize. MSTR shares have declined 56% over six months, while the company faces $5 billion in convertible bonds due in 2028.

Index provider MSCI is reviewing whether companies holding more than 50% of assets in cryptocurrencies should remain in its flagship equity benchmarks, according to a consultation running through December 31. JPMorgan analysts estimate that MicroStrategy could face up to $2.8 billion in passive fund outflows if excluded from MSCI USA and Nasdaq 100 indexes. MSCI will announce its decision on January 15, 2025, with any changes implemented in February.

U.S. spot bitcoin exchange-traded funds recorded net outflows of $903.11 million on Thursday, the second-highest daily withdrawal since their launch, according to SoSoValue data. BlackRock's IBIT led the exodus with $355.5 million in withdrawals, followed by Grayscale's GBTC at $199.35 million and Fidelity's FBTC at $190.4 million. Eight funds in total contributed to the outflows amid broader risk-off sentiment across equity and cryptocurrency markets.

The UK Serious Fraud Office arrested two individuals in connection with the collapse of Basis Markets, a cryptocurrency fund that allegedly misappropriated $28 million from investors. A man in his 40s and another in his 30s were detained in south London and West Yorkshire on suspicion of fraud and money laundering. The arrests represent the SFO's first major cryptocurrency investigation, according to Director Nick Ephgrave.

Bitcoin declined into the mid-$86,000 range after early holder Owen Gunden completed the sale of his entire 11,000 BTC position worth $1.3 billion, according to Arkham Intelligence. The distribution began in late October and concluded with a final transfer to Kraken 14 hours ago. A TD Sequential "9" sell signal appeared on the two-month chart, a technical indicator that preceded prior corrections of 78% and 32%.

Bitcoin dropped below $86,000 on Thursday after US employment data for September exceeded forecasts, diminishing expectations for a Federal Reserve rate cut in December. The cryptocurrency declined 7.32% to $85,700, its lowest level in nearly seven months. The delayed non-farm payroll report showed 119,000 jobs added in September, significantly above the 50,000 consensus estimate.

FG Nexus Inc. saw its share price drop over 7% following disclosure of a 10,922 ETH sale worth approximately $31 million. The Ethereum treasury company combined sale proceeds with a $10 million loan to repurchase roughly 3.4 million common shares at an average price of $3.45 per share. The buyback represents about 8% of outstanding stock under the firm's $200 million share repurchase program.