Bitcoin ETF Outflows: $4B Move Signals Basis Trade Unwind, Not Investor Capitulation, Says Analyst

Significant outflows from U.S. spot Bitcoin ETFs in October and November, totaling nearly $4 billion, are primarily a result of sophisticated arbitrage strategies unwinding rather than a sign of investor capitulation, according to a research analyst. The analyst from K33 Research explained that these substantial capital movements are linked to the "basis trade," where institutions profit from the price difference between Bitcoin futures and the spot price. As the futures premium normalized, these positions were closed, leading to ETF selling pressure. This activity contrasts with genuine market panic or long-term holder sell-offs. The underlying Bitcoin market structure remains strong, with on-chain data and exchange reserves not indicating widespread distress. The report suggests this technical unwinding removes a overhang and could set the stage for a healthier market. [news_title_rus=Отток $4 млрд из биткоин-ETF в октябре-ноябре отражает закрытие базисных сделок, а не капитуляцию: аналитик