Highlights
- Bitcoin price remains below $74,000 as outflows from BTC ETFs hit $1.88 billion so far in November.
- Bloomberg's Eric Balchunas now notes that the weak demand mimics the decade-long gold ETF winter before sentiment towards the commodity improved.
- Bitcoin exchange reserves have also increased by 20,000 BTC in three days raising the chances of high selling pressure.
Bitcoin (BTC) price is down by 8.66% in the last seven days leading to today, November 12. The drop comes amid heightened outflows from BTC ETFs as institutional demand towards the king coin fizzles out.
Bloomberg ETF analyst Eric Balchunas now likens the current poor performance of these ETFs to what happened in the early years of gold ETFs.
BTC value today trades at $73,390 at the time of writing with a 0.43% intraday drop.
Balchunas Compares BTC ETF Slump to Early Years of Gold ETFs
In a recent X post, Balchunas noted that gold ETFs had a very long winter after a “burst” in 2011 that led to them briefly becoming the biggest ETF globally with an AUM of $76 million.
However, after that burst, 40% of investors exited the gold ETF market per Balanchunas, and it took nearly ten years for gold ETFs to reach this AUM again. They have since recorded a strong growth, with the AUM reaching $190 billion, with this being nearly three times what it was in 2011.
He likened this performance with Bitcoin, saying that just like gold, BTC does not have cash flows. This means that its price performance is dependent on sentiment and when that sentiment is weak like it is now, the ETFs will see reduced demand.
Balchunas’ remarks come on the back of a rough year for Bitcoin ETFs. Data from SoSoValue shows that the products have seen six months of net outflows.
The ETFs have also seen five straight days of outflows, with month-to-date flows reaching $1.88 billion so far in November 2026. The BlackRock iShares Bitcoin Trust (IBIT) ETF has also not recorded any inflows since October 30.
Bitcoin Spot Demand Shows Early Signs of Recovery
Data from CryptoQuant shows that Bitcoin’s 30-day Demand Estimate has reached a November low of -348,000 BTC. Per analyst Ruga Research, this drop suggests that demand from the spot market is improving.
The analyst notes that this reading needs to improve towards zero, as Bitcoin price holds its lows to confirm that the current range will hold and a rebound could occur.
However, even if spot demand is improving, it is not enough to offset the selling pressure in the spot market, which is mimicking the bearish trend seen with BTC ETFs.
Data from CoinGlass shows that Bitcoin exchange reserves have increased from 2.59 million BTC on November 9 to 2.61 million BTC at the time of writing. This shows that 20,000 BTC has entered exchanges in just three days.
Rising exchange reserves do not necessarily mean that traders are selling. It just means that more coins were moved to exchanges. However, more coins on exchanges increase the likelihood of selling pressure increasing in the near term.
Bitcoin Price Prediction as Drop Below $70K Looms
Bitcoin price has printed red candles for six straight days as concerns around the Fed hiking interest rates following the recent US inflation data dampen the demand for risk assets.
The selling pressure is now pushing Bitcoin towards the support at the 200-week EMA of $69,000. If it tests this support level and then holds it, it could confirm a strong reversal to the upside.
Dropping below the 200-week EMA could then push Bitcoin price to $65,700.
Bitcoin price is also facing resistance at the level between $76,700 and $82,000. This is where most sell-side orders are present, and if it can break this price, it could move towards $87,000.
Technical indicators also support a bearish future Bitcoin outlook. The Relative Strength Index (RSI) on the hourly, four-hour, daily and weekly timeframes remains below 50 per CoinGlass data. This shows that the momentum around Bitcoin price is bearish.
Bitcoin is also testing the support at the 200-day EMA, and is only 0.46% above it at press time, slipping below it could confirm the beginning of a strong downtrend.
The fear and greed index is also at 29, and this could weaken the buying pressure. However, Bitcoin’s dominance remains high at 60.7%.
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
- Trusted & Verified Exchange Listings
Frequently Asked Questions (FAQs)
1. Why are Bitcoin ETFs recording a surge in outflows?
2. Will BTC ETFs mirror the recovery in gold ETFs in 2020?
3. Will Bitcoin price drop below $70,000 in November 2026?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
24 Hours volume
$45.14B
Market Cap
$1.52T
Max Supply
21M
- Latest
- /
- Trending
Premium Partners
Monthly Readers
Social Media Followers
Newsletter Subscribers
- Insights that move markets
- 100,000 active subscribers
CRYPTO IMPACT AWARDS 2026
