Bitcoin held its ground on Wednesday, supported by a tentative rebound in spot ETF inflows that helped stabilise the world’s largest cryptocurrency after weeks of persistent selling pressure.
According to data from The Block, US-listed spot Bitcoin ETFs recorded $129 million in net inflows on November 25, reversing a trend of continuous outflows that had pushed BTC to multi-month lows. Ethereum and Solana ETFs also posted $79 million and $58 million in inflows, indicating a selective rotation into liquid altcoins.
Analysts say the renewed ETF demand is encouraging but not yet strong enough to mark a decisive trend shift.
Timothy Misir, head of research at BRN, said the inflows offered the market “its first meaningful bid in days,” helping Bitcoin defend the $84,000–$90,000 accumulation band.
“Flows have become supportive but not yet decisive,” Misir noted, adding that on-chain stress remains elevated, with almost one-third of Bitcoin supply still underwater. He highlighted that long-term holders and institutions continue to accumulate, while most sellers are short-term participants reacting to recent volatility.
Misir also said mixed macro indicators — including a US Producer Price Index reading that met expectations — kept uncertainty around the Federal Reserve’s next move.
“Inflation data neither obliges the Fed to rush cuts nor stay rigid. Markets must price two-way outcomes this week,” he added.
Gabe Selby, head of research at Kraken-owned CF Benchmarks, said the market is witnessing Bitcoin’s “first real institutional stress test,” as ETF infrastructure amplifies both access and price discovery during downturns.
“November 2025 is tracking as the worst month ever for ETF flows,” Selby said. “But we see this as more profit-taking than panic selling. Bitcoin jumped from about $60,000 last November to nearly $126,000 earlier this year. Some investors are exiting — others, including major institutions, are doing the opposite.”
With ETF flows stabilising and long-term holders signalling confidence, analysts say Bitcoin may be forming a base — but upward momentum will depend on whether inflows can sustain in the days ahead.
