• Bitcoin ETFs record their sharpest outflows of the year as market pressure rises.
• Long liquidations climb to levels last seen during the FTX collapse.
• Whales accumulate Bitcoin while new ETF investors face their first major stress test.

Bitcoin’s latest downturn is now creating visible pressure across ETF flows, leveraged positions, and investor sentiment. 

Fresh data from Santiment shows that Bitcoin ETFs have recorded deep outflows for nearly two weeks, signalling rising caution among short-term holders.

The figures show a total drop of $2.80 billion in ETF holdings since November 12, marking one of the longest continuous periods of exits since these products launched.

Last Thursday alone saw $891.5 million leave the group, the largest one-day withdrawal of the year and a clear sign that the recent price slump forced many investors to pull back.

The outflow wave has pushed many new ETF buyers below their cost basis for the first time.

These holders had previously spent most of the year in profit as prices climbed, supported by steady demand and broad media attention. With Bitcoin now slipping, that trend has reversed sharply.

Also Read: Bitcoin Enters Bear Territory With Price Falling Over 20% From ATH

New ETF Investors Face First Real Test

CryptosRus observed that this particular downturn marks the first real test of the new group of investors in the spot ETF market who entered the market early this year.

 Most of them have never experienced a proper bear market move in Bitcoin and are accustomed to easy money.

The difference when the gains turn into losses has presented them with a moment of truth. They own Bitcoin at levels above the market price.

However, deeper market behavior paints a different picture. Institutional buyers and long-term investors are buying and not selling.

These two groups of people are the ones who often start buying when the crowds are frightened and often usher in the beginning of the recovery phase.

Bitcoin Long Liquidations Return to FTX-Era Levels

Darkfost also highlighted the next problem emerging from the downturn: the large number of long liquidations.

Traders attempted to jumpstart the market through large leverage-longing investments because the price dropped and created a chain reaction of the same type as the November 2022 FTX collapse.

During this event, the number of long positions of 10,600 BTC was liquidated in a day. This trend has also been found in recent data. On the 10th of October, there were long liquidations of 9,307 BTC, while the amounts recorded on the 14th and 21st of November were 10,430 BTC and 9,450 BTC, respectively.

This helps understand the level of dependence of the market on leverage levels and the speed at which momentum declines when liquidations start adding up.

Also Read: Bitcoin Price Outlook: $125K Target Unlikely for 2025 Rally