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Alright, let's dive into this mess. After a brutal five-day outflow streak that saw $2.26 billion vanish from Bitcoin ETFs, we're seeing a return to net inflows on Wednesday, November 20, 2025. The headline number is $75.47 million, but the devil, as always, is in the details.
The ETF Flow Rollercoaster
BlackRock's IBIT is a prime example. It clawed back $60.61 million after a record-setting $523 million outflow the previous day. That's not just a correction; that's a violent whipsaw. Grayscale's Mini Bitcoin Trust saw $53.84 million in inflows, which is a welcome change for them, considering their recent struggles. However, Fidelity's FBTC bled $21.35 million, and VanEck's HODL saw $17.63 million exit. So, it's not exactly a uniform "risk-on" signal across the board. The Bitcoin price itself is up a meager 0.72% to $92,200. I'm not exactly popping champagne over here.
And then there's Ethereum. Spot Ethereum ETFs extended their outflow streak to a seventh day, with $37.35 million heading for the exits. That's not exactly a ringing endorsement for the "ETH is the future" crowd. Solana, on the other hand, is having a moment. Spot Solana ETFs took in $55.6 million. Six spot Solana ETFs now exist in the U.S. (Canary Capital also saw inflows into its XRP and Hedera funds, while Litecoin saw nothing.)
This is the part of the report that I find genuinely puzzling. Why Solana? Is it just the shiny new toy, or is there something fundamentally different about the investor base it's attracting? What's the long-term play here? I haven't seen enough to be convinced yet.
Fear and (Lack of) Greed
The Crypto Fear and Greed Index is sitting at 11, signaling extreme fear. That’s not a surprise, given the recent volatility. Kronos Research CIO Vincent Liu is saying this is just institutional recalibration, not capitulation, and that risk-on appetite will return when macroeconomic signals become clearer. Maybe. But "recalibration" sounds like a fancy way of saying "we panicked and sold."
The elephant in the room is the Fed. Traders' hopes for a rate cut next month have been dashed by Jerome Powell's recent comments. The CME Group's FedWatch Tool puts the odds of a rate cut at 33.8%, down from 48.9% earlier this week. That drop in confidence is significant. Reduced liquidity in the market, thanks to the 43-day U.S. government shutdown, isn't helping either. (Yes, we're still dealing with the fallout from that mess.)
Bitcoin recently dipped below $90,000 after hitting an all-time high of over $126,000 just weeks prior. That’s a roughly 29% drop—to be more exact, 28.57%. That kind of volatility isn't for the faint of heart. It's enough to make even the most seasoned investors question their positions.
A False Dawn?
So, are these ETF inflows a sign of recovery, or just a temporary reprieve? Are we looking at a dead cat bounce (a temporary recovery after a significant fall) or the start of a sustainable uptrend? The data is inconclusive. We're seeing mixed signals across different ETFs and cryptocurrencies. The macro environment remains uncertain, and fear is still the dominant emotion. I'm not ready to call this a turnaround just yet. It feels more like a brief moment of calm in the middle of a storm.