US EditionWhy Is Crypto Crashing?: ETF Outflows, Stablecoin Dip, DAT Reversals Signal Crypto Capital Flight
Spot bitcoin ETFs have seen record $3.55 billion outflows this November as market demand drivers reversed following an October liquidation event, data shows.
- This month, spot bitcoin ETFs are on track for near-record outflows, having bled $3.55 billion so far, according to SoSoValue, as ETF flows turn negative.
- Corporate treasury trades built around DAT share premiums flipped to discounts, prompting firms like Sequans earlier this month to unload BTC; analysts argue this feedback loop began with the $19 billion liquidation event on Oct. 10.
- Stablecoin supply shows the algorithmic USDE has lost nearly half its supply since the Oct. 10 liquidation shock, and total stablecoin supply dipped for the first time in months, with USDE falling to $0.65 on Binance, despite large buys by Strategy and El Salvador.
- No DAT has shown financial distress and leverage remains modest, with many DAT structures allowing issuers to suspend dividend or coupon payments if needed, Greg Cipolaro noted.
- Analysts warn the mechanisms that once pushed prices higher now reinforce declines, and Greg Cipolaro said the 2024–25 rally's core engines have shifted into reverse.
29 Articles
29 Articles
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