Bitcoin ETF and stablecoins are experiencing massive outflows. In November, the net outflow of BTC Spot ETF reached $3.55 billion, close to historical highs; the supply of USD has slumped by 50%, transforming from a liquidity star in October to a bleeding wound.

The logic behind it is brutal: institutions hoarded coins when issuing DAT at a premium at high positions, and now the premium has disappeared or even turned into a discount, leading to a sell-off to reduce debt. Last Thursday alone, there was an outflow of 900 million USD, and BTC fell to 81,000 USD.

Even large players like Strategy and El Salvador buying in at low levels could not stop the decline—indicating insufficient support. NYDIG analysis points out that the $1.9 billion liquidation event on October 19 triggered a series of negative feedback loops, reversing the capital flows that had previously driven up the market.

Short-term fluctuations are inevitable, but the power of this round of escape is greater than a simple emotional shock; it is a structural shift in capital flow. Long-term holders should not panic, while short-term participants need to be prepared.