Crypto investment products saw their heaviest weekly outflows since February, with $2 billion exiting global exchange-traded products amid falling risk appetite.
CoinShares reported on Monday that crypto ETPs experienced a 71% surge in outflows compared with the prior week, marking the third consecutive week of withdrawals and bringing the three-week total to $3.2 billion.
Monetary Uncertainty and Whale Selling Pressure the Market
James Butterfill, head of research at CoinShares, attributed the outflows to shifting expectations around monetary policy and selling activity from large crypto-native investors.
These factors pushed total assets under management in crypto ETPs down to $191 billion, a notable decline from the October peak of $264 billion.
United States Leads the Outflow Trend
The U.S. accounted for the overwhelming majority of withdrawals, totaling $1.97 billion.
Germany, however, was one of the few markets to see inflows, accumulating $13.2 million, diverging from the broader global pattern.
Outflows Spread Across Multiple Regions
Several other jurisdictions also recorded significant capital flight.
Switzerland saw $39.9 million in outflows, while Sweden lost $21.3 million.
Hong Kong, Australia and Canada posted combined redemptions of $23.9 million.
Bitcoin and Ether ETPs Hit the Hardest
Bitcoin investment products faced nearly $1.4 billion in outflows last week, representing around 2% of total Bitcoin ETP assets.
Ether funds experienced close to $700 million in redemptions, equating to roughly 4% of their total assets.
Smaller Altcoin ETPs Not Spared
Solana ETPs lost $8.3 million, and XRP products saw $15.5 million in outflows, highlighting broad-based weakening across single-asset offerings.
Investors Shift to Diversified and Short-Bias Products
While single-asset funds experienced selling pressure, multi-asset ETPs attracted $69 million in new inflows over the past three weeks.
The trend suggests investors are seeking broader market exposure and lower volatility as macro uncertainty rises.
Short-bitcoin products also gained traction, posting $18.1 million in inflows over the same period, reflecting a modest increase in hedging behavior.
Michael Saylor, executive chair of Strategy, has dismissed reports that the company reduced its Bitcoin holdings during the latest flash crash, calling the claims inaccurate and reaffirming the firm’s long-term accumulation strategy.
His comments arrived after a steep 24-hour price drop that pushed Bitcoin from above $100,000 to below $95,000.
Saylor Says Reports of Bitcoin Selling Are False
In a Friday post on X, Saylor said there was “no truth” to suggestions that Strategy had cut its Bitcoin reserves by about 47,000 BTC — a reduction worth $4.6 billion at current prices.
He emphasized that the company was continuing to purchase Bitcoin, even as volatility intensified and the price fell more than 4% in a single day.
“I think the volatility comes with the territory,” Saylor said in a CNBC interview on Friday.
“If you’re going to be a Bitcoin investor, you need a four-year time horizon and you need to be prepared to handle the volatility in this market.”
Strategy remains the world’s largest corporate Bitcoin holder with a treasury of roughly 640,000 BTC.
However, its dominance has tapered as other institutions increased their accumulation.
Companies including Coinbase and Metaplanet acquired more Bitcoin in October than Strategy, reducing the firm’s lead.
Strategy Stock Declines Amid Market Uncertainty
Shares of Strategy (MSTR) have mirrored some of the weakness seen in the crypto market.
According to Nasdaq data, the stock fell to $205.38 at the time of publication — a drop of more than 17% over the previous five days.
Market analysts noted that declining Bitcoin prices, combined with increased competition in corporate BTC accumulation, have added pressure to the stock.
Government Shutdown Ends, Bitcoin Reaction Mixed
The end of a 43-day U.S. government shutdown brought a temporary boost to financial markets earlier in the week, though it remains unclear whether the resolution will have a lasting influence on Bitcoin’s trajectory.
BTC surged above $106,000 on Sunday amid optimism that lawmakers were nearing a funding deal.
A second rally occurred on Wednesday after the House passed a continuing resolution followed by President Donald Trump signing it into law.
However, data from Nansen showed the rally faded once government operations officially restarted on Thursday.
Bitcoin’s price fell below $100,000 shortly afterward, suggesting that macro relief alone is insufficient to sustain upward momentum in current market conditions.
Bitcoin’s latest price action continues to test investor confidence as the cryptocurrency struggles to recover from its recent drop.
After briefly dipping to around $100,700 on Wednesday, BTC remains down roughly 3.5% on the weekly candle.
The move is part of a wider trend that has seen long-term holders unload more than 815,000 BTC over the past month.
That level of selling has raised alarms among analysts who warn that lower liquidity pockets could drive Bitcoin toward the June 2025 lows near $98,000 if volatility accelerates.
The broader market is now watching how Bitcoin behaves around the critical $100,000 region, which has repeatedly been tested throughout the year.
Liquidity Mapping Shows Market Vulnerability
Crypto analysts following liquidity flow patterns say that Bitcoin’s current range is showing clear pockets of weakness.
Trader Daan Crypto noted that a “large cluster of liquidity sits below the local lows at $98,000–$100,000,” suggesting that if selling pressure increases, the market may gravitate toward that zone.
He also pointed to upside liquidity targets near $108,000 and $112,000 but stressed that only the first target is currently within realistic reach.
According to his assessment, whichever liquidity band breaks first could determine whether Bitcoin enters a sharp short squeeze or a capitulation-style flush.
This view is backed by several futures traders who say BTC is increasingly likely to revisit the lower end of its range.
Futures trader Byzantine General stated that Bitcoin “is likely to sweep the lows around $98,000,” citing repeated failures to break higher.
Data from CoinGlass supports this bearish tilt, showing nearly $1.3 billion in cumulative long leveraged liquidity concentrated around $98,000.
That figure has risen sharply since the beginning of the week, indicating that traders have layered bids just below current levels.
Repeated Support Retests Signal Structural Weakness
One of the more worrying indicators for market analysts is the consistent retesting of support between $102,000 and $100,000.
Bitcoin has now returned to that region four separate times since May 2025.
Each retest weakens buyers’ conviction and reduces the number of resting bids available to defend the support line.
Analyst UBCrypto said the latest bounce resembled a failed breakout attempt and added that the region is “not a level worth buying into” until Bitcoin shows a confirmed shift in momentum.
He argued that entering positions slightly higher is preferable if it means avoiding a potential breakdown.
Despite this caution, long-heavy positioning remains dominant among retail traders.
Hyblock Capital data shows that 68.9% of BTC orders on Binance still lean long, suggesting many believe the $100,000 level will hold.
However, the daily and weekly charts both show softening structure at higher time frames.
This has increased expectations that Bitcoin may eventually test the liquidity pool near $98,000 before the market finds a stronger footing.
Deeper order book support appears to sit just above Bitcoin’s current price, but analysts warn that the market could still be pulled into lower liquidity areas if sentiment deteriorates.
If selling from long-term holders continues and short-term traders remain overleveraged, Bitcoin may still face additional downside pressure before recovery attempts strengthen.
U.S. stock markets rallied on Wednesday as optimism grew over a potential resolution to the government shutdown, while Bitcoin retreated from recent highs.
The Dow Jones Industrial Average rose by 423 points, or 0.9%, reaching a new intraday high as investors awaited a House vote on a bill to end the 40-day government closure.
Stocks Surge as Confidence Returns
Strong performances from banking giants such as Goldman Sachs, JPMorgan Chase, and American Express fueled the rally.
The S&P 500 inched up 0.1%, while the Nasdaq Composite slipped 0.3%, showing slight weakness in tech shares.
Meanwhile, gold climbed to around $4,180 and silver rose above $53, boosted by safe-haven demand and expectations of resumed government data releases once the shutdown ends.
Investors seemed to rotate back into equities and commodities with clearer ties to fiscal policy and credit conditions.
Bitcoin Pulls Back
Bitcoin dropped 3.4%, falling from an intraday high of $105,300 to a weekly low near $101,200.
The decline came as investors shifted capital toward traditional assets, signaling a temporary cooling of crypto enthusiasm following a strong rally earlier in the week.
The move reflects a broader recalibration in risk appetite.
As the threat of a prolonged shutdown fades, market participants appear more comfortable positioning around traditional investments rather than digital assets.
ETF Inflows Suggest Long-Term Optimism
Despite short-term weakness, Bitcoin’s long-term outlook remains supported by institutional interest.
Spot Bitcoin exchange-traded funds recorded $524 million in cumulative net inflows on Tuesday — the highest daily total since early October.
The renewed ETF activity suggests that investors are gradually rebuilding exposure to Bitcoin after the volatility seen earlier this month.
With the Federal Reserve expected to provide new policy guidance later this month, any hint of a dovish stance could reignite demand for risk assets, including cryptocurrencies.
If market volatility stabilizes and government operations resume smoothly, Bitcoin may regain upward momentum as investors seek diversification beyond equities.
Trump Media and Technology Group reported a net loss of $54.8 million in the third quarter, up from $19.3 million the same time last year.
The company operates the Truth Social social media platform and saw revenues decline to $972,900 from over $1 million a year ago.
Shares ended trading down 1.73% at $13.10 and rose slightly after hours to $13.20.
Crypto Holdings and Strategy
Trump Media held 11,542 Bitcoin as of September 30.
The company first began buying Bitcoin in late July and has indicated plans to acquire more, alongside exploring other cryptocurrencies.
Bitcoin holdings generated $15.3 million of realised income from options investments.
Additionally, the company posted $33 million in unrealised gains from holding Cronos tokens.
The company said it acquired Bitcoin as part of an investment strategy launched in May after raising $1.5 billion from stock sales and $1 billion from bonds.
Expansion and Treasury Moves
CEO Devin Nunes stated the quarter was crucial to Trump Media’s expansion plans.
He said the company has “secured our financial future with a massive Bitcoin treasury, and expanded our existing platforms.”
The company also formed Trump Media Group CRO Strategy, a digital asset treasury company aimed at buying up to $1 billion in Cronos tokens, representing over 6.3 trillion units.
“With these financial assets now earning income, alongside our second consecutive quarter of positive operating cash flow, we’re well-poised to act on our mergers and acquisitions strategy,” Nunes said.
Financial Assets and Stock Challenges
Trump Media’s financial assets grew from $274 million in March 2024 to $3.1 billion as of September 30.
Despite this, the company’s stock has struggled, losing 61% year-to-date.
The large cryptocurrency holdings have provided income, but the operating business continues to face pressure.
Binance co-founder Changpeng “CZ” Zhao has denied claims that his presidential pardon from Donald Trump was influenced by financial or political ties, saying he was as surprised as anyone when the news broke.
Speaking to Fox News on Friday, CZ revealed that he had never personally met Trump before or after the pardon was issued in October.
“I never physically met or spoke with Trump,” he said, adding that the only interaction with the Trump family was a single encounter with Eric Trump during the Bitcoin Middle East and North Africa conference in Abu Dhabi.
“There is no business relationship between me, Binance, and World Liberty Finance,” Zhao stated.
He explained that he was unaware of the pardon’s progress throughout the process, saying: “I did not know when or if it was going to happen. I believe my lawyers submitted the petition in April, and it took a few months. I didn’t know the progress. There was no indication of how far it went along, etc. Then, it happened one day.”
Mixed Reactions and Political Backlash
The pardon drew polarized reactions.
Supporters within the crypto community hailed it as a positive signal for digital assets and a break from what they described as the Biden administration’s anti-crypto stance.
However, Democratic lawmakers quickly criticized the decision, accusing Trump of corruption and self-interest.
During a press briefing following the pardon, Trump said he didn’t know CZ personally but was informed that the case against him was politically motivated.
“He had a lot of support, and they said that what he did is not even a crime, it wasn’t a crime. He was persecuted by the Biden administration,” Trump remarked.
Democrats Question Pardon Motives
Representative Maxine Waters led accusations that Trump’s decision may have been linked to financial contributions from the crypto sector.
Waters claimed Trump engaged in a “pay-to-play” arrangement, suggesting the pardon was in exchange for potential investments in ventures tied to the Trump family, such as World Liberty Financial (WLFI).
Several Democratic senators, including Elizabeth Warren and Bernie Sanders, signed a letter addressed to Attorney General Pam Bondi, calling for an investigation into the circumstances surrounding the pardon.
The lawmakers demanded transparency about communications between Trump’s campaign, Binance, and associated financial entities.
While speculation continues, CZ maintains that his pardon was handled legally through his attorneys and that no financial arrangements were made or discussed.
Bitcoin hovered around $102,000 on Thursday, as traders struggled to push the price beyond the $105,000 resistance level amid rising sell pressure.
Selling Pressure Builds Around $105,000
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s rebound losing steam following the daily open.
Analyst Skew noted that Bitcoin’s price appeared capped by a cluster of sell orders just above $105,000, adding that this was “not surprising.”
He warned that the increase in sell-side liquidity could be a deliberate attempt to suppress prices during Asian trading hours.
Trading analytics platform Material Indicators highlighted that the significant ask liquidity had not yet caused a price correction, suggesting the seller could be trying to drive Bitcoin down toward the $98,000 to $93,000 range.
“If price hits $105k, I’d expect part if not all of those asks to get pulled,” the group said, noting that Bitcoin’s bounce from its 50-week simple moving average still carries “macro bullish implications.”
Traders Eye Potential Dip
Market commentator Exitpump described the $105,000 sell wall as “insane,” while other analysts suggested the liquidity might not be genuine.
Meanwhile, veteran investor Kyle Chasse cautioned that another short-term price drop could occur, pointing to a buildup of bid liquidity below current levels.
“Confidence could get wiped in a heartbeat,” he said, referencing CoinGlass data showing clusters of liquidations awaiting lower price zones.
External Market Factors at Play
Bitcoin’s latest movements also coincided with cooling momentum in U.S. equities, which have been retreating from all-time highs.
Speculation around the Supreme Court possibly overturning international trade tariffs added uncertainty to broader markets.
Analysts believe that if the Court strikes down the tariffs, it could trigger a rally in equities — but potentially divert short-term liquidity away from Bitcoin.
As of Thursday afternoon, Bitcoin remained volatile, trading narrowly between $101,500 and $103,500, with traders keeping a close watch on the critical $105,000 resistance zone.
Spot Bitcoin and Ether exchange-traded funds (ETFs) extended their losing streak on Tuesday, posting their fifth straight day of outflows amid broader market uncertainty.
Data from Farside Investors showed that spot Bitcoin ETFs recorded $578 million in net outflows — the steepest daily withdrawal since mid-October.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC led the exodus, signaling a pause in institutional accumulation.
Ether ETFs saw similar pressure, with $219 million in redemptions. Fidelity’s FETH and BlackRock’s ETHA were hit hardest, pushing total Ether ETF outflows close to $1 billion since late October.
Solana Defies Trend With Six Days of Inflows
While Bitcoin and Ether funds struggled, Solana-based ETFs continued to attract capital.
Spot Solana ETFs logged $14.83 million in net inflows on Tuesday — their sixth consecutive day of gains.
Bitwise’s BSOL and Grayscale’s GSOL led the charge, suggesting that investors are rotating toward newer, yield-generating assets despite the risk-off environment.
Institutions Reduce Exposure Amid Macro Uncertainty
Vincent Liu, chief investment officer at Kronos Research, told Cointelegraph the outflows are more about macroeconomic stress than fading belief in crypto.
“Straight days of redemptions show institutions are trimming risk as leverage unwinds and macro jitters rise,” Liu said. “Until liquidity conditions stabilize, capital rotation will keep the ETF bleed alive.”
He added that a stronger U.S. dollar and tightening liquidity have triggered broad risk aversion.
Solana’s Story Gains Momentum
Liu noted that Solana’s continued inflows represent a mix of curiosity and opportunity.
“Solana’s strength is partly fresh flow meets fresh story, a new ETF with yield appeal pulling in curious capital,” he explained. “Its speed, staking, and story keep momentum tilted upward.”
However, Liu warned that Solana’s growth remains niche. “It’s a narrative-driven move by early adopters chasing yield and growth. The broader market is still in risk-off mode,” he cautioned.
Bitcoin’s onchain data is signaling renewed investor demand, with both institutional buyers and miners increasing their holdings despite a sluggish market backdrop following October’s $19 billion crypto crash.
Over the past week, Bitcoin’s realized capitalization — which measures the aggregate value of all coins based on their last moved price — rose by more than $8 billion to surpass $1.1 trillion.
BTC’s realized price also climbed above $110,000, indicating growing accumulation across the network.
The uptick is being driven primarily by Bitcoin exchange-traded funds (ETFs) and corporate holders such as MicroStrategy, according to Ki Young Ju, CEO of analytics platform CryptoQuant.
ETF and Institutional Momentum Slows, But Could Rebound
Ju noted on X (formerly Twitter) that “demand is now driven mostly by ETFs and MicroStrategy, both slowing buys recently. If these two channels recover, market momentum likely returns.”
He added that the slowdown in ETF inflows and corporate purchases has temporarily capped Bitcoin’s price recovery, even as onchain metrics show consistent inflows.
Miners Expand Operations Amid Hashrate Growth
Bitcoin’s rising hashrate — the measure of total computational power securing the network — also points to optimism among miners.
Ju described this trend as a “clear long-term bullish signal,” emphasizing that miner expansion indicates confidence in the cryptocurrency’s future profitability.
Major mining companies, including American Bitcoin, which has ties to the Trump family, have recently announced large-scale hardware purchases.
In August, the firm acquired 17,280 application-specific integrated circuit (ASIC) mining units worth approximately $314 million.
Analysts See Potential for $140K Bitcoin
Despite the positive onchain data, broader market sentiment remains cautious, with the crypto fear index still in “fear” territory since the early October sell-off.
However, analysts from Bitfinex believe the next catalyst could come from macroeconomic factors, including potential monetary easing by the U.S. Federal Reserve.
“Our base case sees Bitcoin rising towards $140,000, with total ETF inflows between $10 and $15 billion not being surprising,” Bitfinex analysts said.
They added that possible Fed rate cuts, combined with renewed ETF demand and typical Q4 seasonal strength, could help Bitcoin reach new all-time highs by November.
Still, risks remain tied to global trade tensions and the lingering effects of Trump’s tariff policies, they warned.
Cathie Wood’s ARK Invest has expanded its investment in Bullish, the digital asset exchange that recently made its public debut on the New York Stock Exchange under the ticker BLSH.
According to trade disclosures filed Friday, ARK Innovation ETF (ARKK) purchased 72,537 Bullish shares, ARK Next Generation Internet ETF (ARKW) acquired 21,354 shares, and ARK Fintech Innovation ETF (ARKF) bought an additional 11,122 shares.
The combined purchases amount to over $5 million in new exposure to Bullish, further strengthening ARK’s position in the exchange. This move follows an earlier $8.27 million investment made in mid-October across ARK’s funds.
Since Bullish’s $1.1 billion listing, ARK has accumulated roughly $172 million worth of shares across multiple ETFs, underscoring its growing confidence in the platform’s long-term potential.
Bullish Shares Rebound After Market Volatility
Bullish stock closed at $50.57 on Friday, marking a 1.24% increase and a recovery from recent market turbulence.
The exchange, founded by Block.one and led by CEO Tom Farley, has quickly become one of the most watched digital asset platforms following its NYSE debut.
Farley, the former president of the New York Stock Exchange, has been steering Bullish’s expansion strategy to position it as a leader in regulated crypto trading.
Celebrating the U.S. Expansion
The timing of ARK’s latest purchase coincides with Bullish’s U.S. launch celebration in New York, where the firm hosted an event featuring leading figures in the digital asset industry.
“The energy in the room said it all — the future is Bullish,” the company posted on X following the event.
Earlier in October, Bullish officially began operations in 20 U.S. states after securing both a BitLicense and a money transmission license from New York regulators.
Its first U.S. clients include BitGo and Nonco, which began spot trading on the platform as part of Bullish’s initial market rollout.
Global Growth and Trading Volume
Since its international launch in 2021, Bullish has processed more than $1.5 trillion in trading volume and now ranks among the top 10 exchanges globally for Bitcoin and Ether transactions.
The exchange’s rapid growth and its regulatory approval in the U.S. suggest that it could become a major player in bridging traditional finance with the digital asset ecosystem.