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BlackRock’s IBIT followed with $256.6 million withdrawn.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.”
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.
Akindele T. Francis is a versatile content writer with extensive experience spanning various sectors. Specializing in blog posts, website content, service pages, compelling sales copy, etc., Akindele has collaborated with numerous agencies to deliver engaging and effective written material. With a keen eye for detail and a passion for crafting impactful narratives, Akindele consistently exceeds client expectations, driving results and enhancing brand messaging across diverse platforms.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.
