BTC and ETH bleeding while SOL quietly pulls inflows — that’s interesting. The crypto market just witnessed one of its heaviest ETF outflow events of the year, with Bitcoin and Ethereum funds losing over a billion dollars combined in a single trading session.
Yet, in the middle of this broad retreat, Solana once again stood firm, posting positive inflows and reinforcing a trend that continues to surprise even seasoned analysts.
A Brutal Day for Bitcoin ETFs
U.S. spot bitcoin ETFs recorded $869.9 million in net outflows on Nov. 13, marking their second-largest daily exit on record. Only the mass exodus of Feb. 25, 2025, which saw $1.14 billion pour out, was larger.
The bleeding was widespread:
- Grayscale’s Bitcoin Mini Trust led with a staggering $318.2 million in outflows.
- BlackRock’s IBIT followed with $256.6 million withdrawn.
- Fidelity’s FBTC lost $119.9 million.
Additional outflows hit GBTC, ARKB, Bitwise’s BITB, VanEck, Invesco, Valkyrie, and Franklin Templeton products.
Trading was intense, with $6.52 billion moving through bitcoin ETF markets, and total net assets fell to $130.54 billion as redemptions rolled in.
Vincent Liu, CIO at Kronos Research, described the day’s flows as “a risk-off reset,” adding that:
“Large outflows signal a risk-off reset, reflecting institutions pulling back amid macro noise… These bleed-outs align with oversold conditions, opening doors for long-term opportunists.”
Min Jung of Presto Research echoed this, pointing out that the pressure wasn’t isolated to crypto risk:
“Investors are pulling capital from higher-beta assets and rotating into safety, reflecting uncertainty around the Fed’s path and deteriorating macro sentiment.”
Ethereum Follows the Same Path
ETH spot ETFs weren’t spared. They saw $259.72 million in outflows, driven largely by:
- BlackRock’s ETHA: $137.31 million
- Grayscale’s ETHE: $67.91 million
- Grayscale Ether Mini Trust: $35.82 million
- Fidelity’s FETH: $14.25 million
The segment traded $2.54 billion on the day, with net assets slipping to $20.30 billion.
The Market Reaction: Bitcoin Slides Below $97K
As the ETF outflows intensified, Bitcoin dropped 6.4% in 24 hours, falling to $96,956 early Friday.
Kronos Research’s Liu said the decline wasn’t triggered by a single shock, but by a thinning market structure:
“Bitcoin’s drop came from a “liquidity let-down,” where “cascading liquidations met a thinning bid stack.”
Buyers are now concentrated around the $92k–$95k region — an area Liu describes as a “cushion zone.” But it may not hold if momentum stays weak.
Justin d’Anethan of Arctic Digital noted:
“We’re currently sitting at what should be a support zone but, should we go lower, I wouldn’t be surprised to see prices drop to the next key level, in the lower $90Ks.”
Many investors who missed the last rally might view that zone as a second chance.
Macro data isn’t helping either. Jung of Presto pointed out that recent ADP and NFIB numbers show a softening labor market, pushing the Fed into an “easing with caution” stance heading into December’s FOMC. Rate-cut expectations have shifted as well, with odds of a December cut falling to 52.1%
Meanwhile, Solana ETFs Stay Green — Again
Amid all the red ink, Solana was the lone bright spot.
SOL spot ETFs saw $1.49 million in inflows, mainly driven by:
- Bitwise’s BSOL: +$1.49 million
Total trading volume for SOL ETFs hit $52.62 million, and net assets are holding firm at $533.43 million.
This isn’t an isolated occurrence. Solana has consistently attracted inflows even during market-wide pullbacks, and Thursday’s action reinforced that narrative.
While the inflow amount is small compared to BTC and ETH flows, the signal is notable: capital rotation into Solana continues, even as the broader market retreats.
A Market Searching for Direction
Thursday’s flows highlight a clear divide:
- BTC and ETH: Heavy institutional outflows, declining prices, and cautious sentiment.
- SOL: Maintaining inflows in a risk-off environment and building a reputation as the resilient outlier.
The broader takeaway is that the market remains sensitive to macro shifts, liquidity changes, and ETF-driven flows. This week’s data suggests institutions are trimming exposure, waiting for clearer signals from the Fed and the macro economy.
But for long-term investors, analysts like Liu argue that days like these often become opportunities — moments when short-term fear misprices long-term assets.
And in the middle of all that noise, Solana’s steady inflows continue to raise eyebrows.
