মার্কিন বিটকয়েন স্পট ইটিএফগুলির বছরের শুরু থেকে নেট আউটফ্লোয় পরিণত হয়েছে। মার্কিন ক্রিপ্টোকারেন্সি ইটিএফ বাজারে প্রতিষ্ঠিত বিনিয়োগকারীদের মুদ্রা প্রবাহে স্পষ্ট পরিবর্তন দেখা যাচ্ছে। ১২টি মার্কিন লিস্টযুক্ত বিটকয়েন স্পট ইটিএফ ১১ই নভেম্বরের প্রথম সপ্তাহে মোট ১.২৮ বিলিয়ন ডলারের নেট আউটফ্লো রেকর্ড করে, যা ৬ই জুনের পর থেকে সবচেয়ে বড় সাপ্তাহিক আউটফ্লো। এর ফলে, বছরের শুরু থেকে মোট ফান্ডিং প্রবাহ ৯১৪.১ মিলিয়ন ডলারের নেট আউটফ্লোতে পরিণত হয়। বছরজুড়ে জমা হওয়া নেট ইনফ্লোয়ের সমস্ত অর্জন এখন মুছে ফেলা হয়েছে, যা স্পট ইটিএফের মাধ্যমে বিটকয়েনের 수চ্ছতা-এর উপর জোর দিয়েছিল—এইসব বাজারের অংশগ্রহণকারীদের জন্য উপেক্ষা করা যায়না। দৈনিকভাবে, ১১ই নভেম্বরের ১ম সপ্তাহে, Wednesday-এর বাইরে, ১০টি-এরওবেশি-দিনেই (Monday, Tuesday, Thursday, Friday) 398.6, 115.6, 430.2, 411.9 million USD respectively, while only $74.6 million inflow on Wednesday couldn't offset it. In particular, on Friday, $400 million flowed out from BlackRock’s IBIT, accounting for the majority of that day’s outflows. Meanwhile, Fidelity’s FBTC saw a $42.8 million inflow on the same day, suggesting investors may be rebalancing their holdings across funds rather than selling off all ETFs uniformly. স্পট ETFs-এরা, stock accounts-এর through cryptocurrency access-এর through institutional investors and advisors-এর fund flows-এর window-এর as attention-এর। US-এ Bitcoin spot ETFs-এর introduction-এর after, ETF balances-এর changes-এর market sentiment-এর indicator-এর as important as price itself. This time, the total assets held by the 12 Bitcoin ETFs have declined to $95.9 billion, equivalent to approximately 6.3% of Bitcoin’s market cap. As ETF-held exposure has grown larger, the psychological impact of fund outflows on price movements has become more pronounced than before. The deterioration is not limited to Bitcoin alone. Ethereum spot ETFs also recorded a net outflow of $365.3 million in the same week, marking the sixth consecutive week of net outflows. Since late September, cumulative outflows have reached approximately $2.02 billion. Selling pressure continued across multiple days during the week: $139.8 million on Monday, $1 billion on Thursday, and $932 million on Friday. BlackRock’s ETHA alone saw a $90.8 million outflow on Friday—a move emblematic of the broader weakness in Ethereum ETFs. Solana spot ETFs and Hyperliquid-related ETFs also recorded five consecutive weeks of net outflows. Although their scale is smaller than Bitcoin or Ethereum, this indicates that among risk assets, less liquid tokens are seeing investors reduce exposure first. Solana ETFs recorded a net outflow of $26.3 million in the same week; Hyperliquid ETFs recorded $15.6 million. This fund outflow is not confined to the crypto market alone. Multiple macroeconomic factors are simultaneously being considered: declines in U.S. equities and tech stocks, policy outlooks following the U.S. midterm elections, and overheating sentiment around AI-related investments. Bitcoin and Ethereum were trading at around $75,000 and $2,200 respectively by weekend end, with concerns mounting that ETF outflows are weighing on upside price potential. However, ETF outflows do not necessarily imply a permanent disappearance of long-term demand. Multiple factors could be at play—short-term profit-taking, risk management, tax-related adjustments, or fund switching. The key point is that Bitcoin ETFs’ net inflows—which had been positive since the start of the year—have now turned negative. The critical question moving forward is whether this outflow represents a temporary correction or whether institutional investors are fundamentally reassessing their crypto allocations.