Over a five-day period from November 10 to November 15, 2025, the Bitcoin market underwent a dramatic narrative inversion, shifting from a macro-fueled relief rally to a technically driven breakdown and capitulation. The period began with a decisive price surge to the 106,000−107,500 range, catalyzed by the resolution of the U.S. government shutdown. This rally was characterized as climbing a “wall of worry,” defined by contradictory on-chain data showing profit-taking by experienced holders and massive institutional outflows from spot Bitcoin ETFs.

The market’s turning point was a “sell the news” event following the official end of the shutdown. A one-day record institutional ETF inflow of +$524 million was immediately and overwhelmingly reversed by a two-day combined outflow exceeding $1.36 billion. This institutional “whipsaw” confirmed a narrative of fatigue and capital rotation, breaking key technical support at the psychological $100,000 floor. The subsequent price collapse established new six-month lows near $94,000, driven by a cascade of long liquidations totaling over $1.8 billion across two days.

Despite the severe bearish price action, a significant divergence has emerged. While “fast money” ETF investors divested, strategic capital—including “Shark” wallets, regulated custodians like Anchorage Capital, and a landmark test purchase by the Czech National Bank—engaged in heavy accumulation during the price decline. Concurrently, the structural integration of digital assets into traditional finance (”TradFi-Crypto Convergence”) accelerated with major developments from SoFi Bank, BNY Mellon, JPMorgan, and Fidelity, signaling deep, long-term institutional commitment irrespective of short-term volatility. The market is now defined by a conflict between bearish short-term flows and evidence of strategic long-term accumulation at depressed price levels.

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