New Bitcoin Selloff Leaves the Average ETF Investor Underwater

Net outflows shot up again on Thursday,

Bitcoin can’t catch a break in recent weeks as it fell again to a new seven-month low of $85,000 on most exchanges early this morning.

This means that the value has lost more than $20,000 in just ten days, having peaked above $107,000 on November 11. Amid speculation about the state of the market and analysts wondering if the bears are now in full control, this massive plunge has left the average BTC ETF investor in the red, according to data shared by Jim Bianco of Bianco Research.

The average Spot BTC ETF holder is now in the red. pic.twitter.com/fMb5ln2we7

— Jim Bianco (@biancoresearch) November 20, 2025

The overall ETF landscape has been quite painful. As reported earlier this week, even BlackRock’s IBIT went on a massive withdrawal streak, which resumed yesterday, with $355.5 million leaving the fund.

Overall, the net outflow for the day was a whopping $903.2 million, according to to data from FarSide. Although the negative streak was briefly interrupted on Wednesday with net inflows of $75.4 million, withdrawals have resumed and total net outflows for the week so far have skyrocketed to $1,455.2 trillion.

IBIT has broken its own record for outflows over the past four trading days, with $1.09 billion to leave the fund. So does JPMorgan’s research team attributed the price falls due to the exodus of the ETF.

However, this morning’s decline could be related to macro news from Japan. BTC fell again shortly after the country’s Prime Minister, Sanae Takaichi approved $135 billion in stimulus to help households cope with rising costs of living and stimulate economic growth.

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Separately, on-chain data shared by Arkham Intelligence indicated that a popular OG whale known as Owen Gunden has sold his entire BTC supply worth around $1.3 billion since October. The latest transaction took place yesterday when the entity transferred $230 million worth of bitcoin to Kraken.