What’s Happening
Price Action
Bitcoin has had another red day today, with much of last week's bounce retracing over the past 24 hours. For now, the support level at $85,000 (green zone on the chart) continues to hold.
That level marks the start of the expansive move BTC had back in April. That entire move has now been retraced, and the starting level is currently holding as support.
Figure 1: Bitcoin Technical Chart.
Bitcoin needs to climb above the 1-year Moving Average to return to bullish macro conditions.
A potential watchout zone should the market turn more bearish is the 200-week moving average, currently at $55,000 and climbing. That level has always served as a broad floor in deep bear markets.
Despite all the volatility, BTC is actually flat on the week, trading at the same price as a week ago.
Figure 2: BTC price movement over the past week.
The Big Story: BlackRock’s IBIT Seeks to Reassure Investors
BlackRock’s IBIT ETF closed November with $2.34 billion in withdrawals, but the firm is urging investors to view the turbulence in context.
According to BlackRock’s Cristiano Castro, the sharp swings, including two mid-month redemptions of $523 million and $463 million, are typical for ETFs with large retail participation. These investors often use spot Bitcoin funds as flexible liquidity tools rather than long-term allocations.
Outflows from the BlackRock IBIT ETF have been accelerating as many investors have panicked and looked to sell their bitcoin holdings.
Figure 3: Accelerated outflows (red bars) in recent weeks.
This is due to the poor couple of months of price action seen in Q4, with Bitcoin closing out the past two months in the red. This is shown on the far right column of the Monthly returns Heatmap below, which shows the monthly performance of Bitcoin over the past 12 years.
Figure 4: Red months for BTC in October and November this year.
Despite the pullback and the recent major outflows, IBIT’s scale remains striking. By late 2025, IBIT had already generated around $245 million in annual fees, turning it into a major revenue engine for BlackRock.
Its relative scale is also impressive, and highlighted by the yellow bar on the chart below, which shows cumulative flows over time of all the major spot Bitcoin ETFs. It is the clear market leader.
Figure 5: Bitcoin ETF cumulative flows.
As BlackRock IBIT team members seek to reassure market participants, the reality is that their inflows and outflows are heavily dependent on the price of BTC. The ETF inflows/outflows tend to lag price. So whether major inflows return over the coming weeks will most likely depend on whether BTC can climb higher.
The Bitcoin Magazine Pro Team.