Analysis: Persistent ETF outflows coupled with weak US spot demand may extend Bitcoin's correction

November 11, CryptoQuant verified author Axel Adler Jr. posted that U.S. spot Bitcoin ETFs have seen cumulative net outflows of $969 million over the past 5 trading days, with related fund flow indicators down $766 million over the past week. This indicator has only been at or below the current level on 15% of trading days over the past year, reflecting a clear weakening in fund demand.

Meanwhile, the Coinbase Premium Index has been negative for 70 consecutive days, currently at -0.14%, one of the lower levels over the past year, reflecting weak demand in the U.S. spot market. ETF outflows and weak U.S. spot demand are together putting pressure on the Bitcoin market, with both indicators suggesting the market may continue to adjust. If ETF fund flows turn back to net inflows and the Coinbase Premium Index recovers above zero, it would signal some improvement in demand.