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.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/bitcoin-and-ethereum-etfs-bleed-while-solana-stands-firm-with-positive-flows/