Bitcoin continues to feel the pressure from institutional outflows, with fresh market data showing that U.S. spot ETFs recorded another red day — and this time the numbers are hard to overlook.
Key Takeaways:
U.S. spot ETFs saw –$420.8M net outflows.
Bitcoin ETFs were hit hardest with –$372.8M removed.
SOPR signals capitulation, not a trend reversal.
Bitcoin indicators show exhaustion selling near oversold levels.
According to the latest flow update from November 18, a staggering $372.8 million left Bitcoin ETFs in a single session, reflecting the redemption of 4,040 BTC.
The trend wasn’t isolated to Bitcoin. Ethereum ETFs also saw net outflows worth $74.2 million, equivalent to 24,490 ETH removed from fund holdings. The only green spot on the board was Solana: SOL-based ETFs brought in +$26.2 million after 200,152 SOL flowed in, but that wasn’t nearly enough to balance the picture. Altogether, the U.S. ETF market recorded a total net drain of –$420.8 million yesterday.
Panic or exhaustion?
While price action has been brutal, on-chain metrics are hinting that the selloff may not be as bearish as it appears. Short-term holders have started locking in losses below the SOPR 1.0 line, with the indicator sitting around 0.97. Historically, this level signals capitulation rather than the beginning of a new downtrend.
STH-SOPR at ~0.97: Real Capitulation on Tape
Short-term holders are now locking in losses below the 1.0 threshold, a classic late-cycle purge historically seen near correction bottoms.
Weak hands flushed. Volatility elevated.
This looks like exhaustion selling, not trend… pic.twitter.com/Hy7wXJ8ueb
— Crypto Patel (@CryptoPatel) November 19, 2025
Analysts monitoring SOPR levels note that “weak hands” typically exit the market during late-cycle corrections, flushing out leveraged positions before momentum resets. The current activity — characterized by heavy volatility but not an accelerating downtrend in fundamentals — aligns with exhaustion selling rather than a structural trend reversal.
Technical signals remain fragile
Bitcoin’s latest 4-hour chart reflects the same tension. After bouncing off $90,974, the price briefly reclaimed the $91,461 zone, but indicators continue to flash caution.
RSI sits at 37, hovering near oversold territory;
MACD remains negative, showing momentum still favors sellers despite slowing downside velocity.
The crypto market has now been trending downward for more than a week, and ETF redemptions are adding fuel to the fire. The decline below $93,000 — a level institutions have repeatedly defended in previous months — has heightened concern that bulls are losing control of mid-term market structure.
What to watch next
Short-term sentiment is undeniably shaky, but ETF flows are historically one of the first elements to rebound during a recovery once capitulation completes. With SOPR flashing a textbook bottoming pattern and technical readings nearing exhaustion levels, some traders are already preparing for a turnaround — but without a strong revival in ETF inflows, the market has little fuel to spark a sustainable rebound.
For now, Bitcoin is fighting to stabilize near $91,000, and every daily close around this range carries weight. A decisive bounce could flip sentiment rapidly, while continued ETF outflows may push volatility to extremes once again.
