BlackRock Bitcoin ETF Sees $2 Billion in Outflows Over Nine Trading Days

The BlackRock Bitcoin ETF has recorded $2 billion in outflows over nine trading days, as bitcoin slipped below $70,000 on Friday amid weakening investor sentiment, institutional outflows, thinning liquidity, and broader macroeconomic pressure. Bitcoin traded at $68,607.23 as of press time, down 9.2% over the past week, according to CoinGecko. The Crypto Fear & Greed Index fell to 20 on Friday—its lowest in more than four months—entering extreme fear territory; it last hit that level on July 8. Vikram Subburaj, CEO of crypto exchange Giottus, attributed the weakness to institutional fund outflows, tighter liquidity in crypto markets, and expectations that the Federal Reserve will raise rates in December. He advised investors not to chase short-term pullbacks or use excessive leverage. 10x Research said in a Friday report that bitcoin diverged from U.S. stocks from Nov. 5 to Nov. 12: bitcoin fell 5.9% while the Nasdaq 100 rose 6.4%. The firm said crypto is responding more to rising U.S. Treasury yields and a stronger dollar than to tech-stock moves. With the 10-year Treasury yield above 5%, bitcoin has increasingly traded in tandem with gold, which fell 5.5% over the same period. Institutional trading platform Talos warned that thin liquidity and high leverage could amplify volatility. Its weekly report showed bitcoin order book depth on major exchanges fell to $72 million on Nov. 9, about 33% below normal. Tanay Ved, senior research associate at Talos, said liquidity remains thin and leverage high, leaving the market vulnerable to sharp swings in both directions. He said a recovery in order book depth and funding flows would provide a firmer foundation for a rebound. Preliminary Farside Investors data showed another $47.7 million in net outflows on Thursday, with data from BlackRock and Fidelity still pending.