Bitcoin ETFs recorded significant capital outflows while, according to a Nansen analyst, the underlying demand for Bitcoin remains intact. The market has been moving in waves —alternating between heavy withdrawals and unexpected bursts of institutional inflows— creating a confusing but telling picture of short-term fear versus long-term conviction.

Bitcoin ETF flows show tension between panic selling and quiet accumulation

In November, spot Bitcoin ETFs saw around $2.8 billion in net outflows, including weeks with more than $2 billion leaving and single-day withdrawals hitting $577 million. Spot ETFs directly hold Bitcoin, so their flows often reveal the real sentiment behind market moves, not just speculative noise.

Nicolai Søndergaard, Research Analyst at Nansen, described the recent behavior as “classic bearish psychology — people with short time horizons panicking while long-term holders stay calm.” Analysts following ETF flows have even flagged the possibility of a technical test toward the $92,000–$93,000 range, tied to emotional selling and lower retail participation.

Yet behind the anxiety, long-term investors have quietly stepped in to accumulate, taking advantage of the weakness. On-chain data shows that seasoned holders have been absorbing the supply dumped by nervous traders, reinforcing the idea that conviction hasn’t disappeared. This shift culminated in an important moment: a $524 million net inflow that broke a six-day streak of withdrawals, with BlackRock’s IBIT leading the bounce alongside Fidelity and Ark Invest.

Since their launch in January 2024, spot Bitcoin ETFs have accumulated about $61 billion in flows and nearly $1.5 trillion in total volume, with BlackRock alone drawing more than 35% of all inflows. These figures highlight a deep, structural demand for regulated Bitcoin exposure, even if the daily flows can feel chaotic. Meanwhile, institutional appetite continues to diversify — notably with steady inflows into Solana ETFs, as managers look for returns and exposure to high-growth ecosystems.

In the end, the mix of large outflows and strong moments of re-entry reveals a market that is recalibrating rather than collapsing, with Nansen’s reading pointing to tactical moves by short-term players while patient capital keeps accumulating in the background. The next major driver will be macro data and policy decisions, which tend to dictate when institutions decide to step back in — or step away.