The crypto markets arrive at midweek under extreme tension. The macro driver is no longer regulation or rates but capital exhaustion. Institutional buyers have slowed, and spot ETF flows now show five consecutive red sessions. Bitcoin has dipped below the “Black Friday” price point, briefly losing the psychological $100,000 zone.
TL;DR
- Bitcoin and Ethereum ETFs lose $797 million in a day after five straight outflow sessions.
- Bitwise CIO Matt Hougan calls for $125,000-$150,000 BTC before year’s end.
- 3% XRP ETF from Amplify officially listed on DTCC under ticker XRPM.
- Institutional demand cooling sparks warnings from Charles Edwards.
$150,000 for Bitcoin in 2025? Bitwise says yes
With everyone panicking on social media about a new “crypto winter,” Bitwise CIO Matt Hougan gave a totally different message, saying that retail investors are “in maximum despair mode,” selling into every dip and leaving the market entirely.
According to Bitwise’s internal flow data, this is exactly how the final capitulation before trend reversals typically looks. Forced liquidations and profit exits are the name of the game in retail, but institutional desks are holding their own. Hougan pointed out that major advisory firms, funds and ETF desks are still buying into Bitcoin instead of selling.
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He mentioned that money keeps flowing into IBIT, FBTC and GBTC, even during market corrections. Meanwhile, the Solana Spot ETF (BSOL) raised over $400 million in its first week, even though there has been a general move away from risk — a sign that capital rotation is happening, not capital flight.
Bitwise thinks the worst of the selling is about to end. Hougan reaffirmed two target ranges:
- Realistic: $125,000-$130,000 BTC before the end of the year.
- Optimistic (Saylor-level): $150,000 BTC if institutional confidence stabilizes before December.
For him, it all looks like a repeat of 2020’s consolidation before the breakout, when sentiment collapsed right before the next leg higher.
Unique 3% XRP ETF achieves key DTCC listing
The Amplify XRP 3% Monthly Option Income ETF (XRPM) has officially been listed on the DTCC. For those who are unfamiliar with it, registration is the final step before trading begins. Without it, brokers and market makers cannot process fund transactions.
Listing under the XRPM ticker confirms that the ETF is cleared for integration into brokerage systems. This is expected to trigger the first XRP-based income-generating product on U.S. markets.
The ETF is designed to deliver a yield of about 3% per month through covered call strategies on XRP positions. Its structure mimics that of popular equity income ETFs, bringing a passive-income instrument to digital assets like XRP for the first time.
According to the preliminary prospectus, the new XRP fund will trade on Cboe BZX and redeem shares only in institutional “creation units.”
If everything goes according to plan, XRP will become one of the few assets, alongside Bitcoin and Ethereum, with both direct and derivative ETF infrastructure in the U.S. pipeline.
Bitcoin and Ethereum lose $800 million in one day
The ETF data for Nov. 4, 2025, is pure pain.
- Spot Bitcoin ETFs: $577.7 million in net outflows.
- Spot Ethereum ETFs: – $219.3 million in net outflows.
That is a combined $797 million withdrawn in 24 hours — the largest synchronized red print since mid-September.
Over the last five trading sessions, both BTC and ETH funds have seen consecutive net withdrawals, cutting Bitcoin’s cumulative net inflows down to $60.42 billion and Ethereum’s to $14.01 billion. The previous week had already shown stress, with BTC down $798.95 million and ETH barely positive.
Market reaction has been immediate. Bitcoin traded below $100,000 overnight before recovering to $101,800 by Wednesday morning. Ethereum held around $2,900, down from recent $3,200 tests.
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Analyst Charles Edwards from Capriole Investments summarized the concern in his newest thread, highlighting that for the first time in seven months, net institutional buying has fallen below the daily mined supply — a sign of distribution overpowering accumulation. His warning: “When institutions stop buying, run.”
The pattern at SoSoValue data backs this up. Bitcoin’s weekly net inflow fell $764.25 million, while Ethereum lost $355.13 million, marking the most severe combined decline in Q4.
Evening outlook
For now, the crypto market looks fragile, but the next few sessions may decide whether this correction matures into a full reversal or deepens into a real crypto winter.
- Bitcoin (BTC): Bulls must defend the $100,000 point to prevent cascade selling into $93,000. Holding that range could set up a rebound to $112,000, where major resistance now sits.
- Ethereum (ETH): Pressure builds under $3,300. If it holds, a short-term recovery to $3,700 is still in play. But failure there shifts focus to the $2,500 support and a colder Q4 outlook.
- XRP: Trades in a fragile consolidation near $2.2, but support above $2 keeps ETF-driven optimism alive. A close over $2.50 would confirm trend revival, while a drop under $1.90 would cancel it.
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