Bitcoin Update: Federal Reserve Postponements and $1.2 Billion ETF Withdrawals Trigger 26% Drop in Bitcoin Value

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Bitcoin Update: Federal Reserve Postponements and $1.2 Billion ETF Withdrawals Trigger 26% Drop in Bitcoin Value

Bitget-RWA2025/11/24 05:38

By:Bitget-RWA

- Bitcoin falls 26% to $83,000 amid Fed's delayed rate-cut timeline and $1.2B ETF outflows, marking its longest losing streak since 2024. - Analysts warn of structural risks, with Bloomberg's Mike McGlone projecting a potential $10,000 drop and Cathie Wood revising bullish 2030 forecasts. - Market volatility intensifies as JPMorgan's index exclusion proposal sparks crypto sector backlash and S&P 500 defensive sector shifts highlight interconnected risks. - Fed's December rate-cut speculation and upcoming i

Bitcoin is experiencing its lengthiest downturn of 2024, as shifting signals from the Federal Reserve inspire cautious hope for a possible recovery. The digital asset has dropped 26% since late October and is currently hovering near $83,000,

as reported by CoinDesk

. This drop has surpassed the broader market’s volatility, with the S&P 500 falling 4.3% in November through Thursday,

according to the same source

, while investors weigh the effects of postponed U.S. employment data and a waning appetite for riskier investments.

The main factor behind the sell-off has been the Fed’s decision to push back its rate-cut schedule. After failing to meet its October employment goal, the central bank indicated a more restrained stance on easing,

with Sara Devereux of Vanguard cautioning

that only one or two rate reductions might occur in 2026. This more aggressive tone, together with

$1.2 billion in net withdrawals from U.S. spot bitcoin ETFs

over the past four weeks, has heightened worries about market liquidity.

BlackRock’s IBIT, the largest ETF, experienced $1.09 billion in outflows

last week, marking its second-biggest weekly loss ever.

Bitcoin Update: Federal Reserve Postponements and $1.2 Billion ETF Withdrawals Trigger 26% Drop in Bitcoin Value image 0

The

digital asset

market’s slump has also revived concerns of a crash similar to 2018,

with Mike McGlone of Bloomberg highlighting structural similarities

and predicting a possible fall to $10,000. Meanwhile, optimistic projections from figures like Cathie Wood—recently adjusted from $1.5 million to $1.2 million for 2030—have faced skepticism, including

a subtle critique from CNBC’s Jim Cramer

. Despite the prevailing negative sentiment,

John Williams, President of the New York Fed, has renewed expectations

for a rate cut in December, helping

bitcoin

rebound above $84,000 after briefly slipping below $81,000.

This wave of selling has affected the wider financial landscape.

JPMorgan is facing a boycott from Bitcoin supporters

after suggesting that crypto-heavy treasury firms like MicroStrategy could be left out of major indexes if their crypto assets surpass 50% of total holdings. This has brought increased attention to index inclusion rules,

with Michael Saylor contending

that Strategy’s approach as a “Bitcoin-backed structured finance company” challenges conventional fund categories.

Across the broader market, the S&P 500’s performance in November has signaled a move toward more defensive industries,

with information technology and consumer discretionary sectors suffering the most

. Amazon and Tesla, which together make up 42% of the

XLY

ETF, have weighed heavily on the consumer discretionary index,

highlighting the close ties between technology and crypto markets

Looking forward, investors are set to monitor inflation figures and manufacturing data closely,

with Germany’s November CPI and the U.S. Chicago PMI scheduled for release

in early December. These upcoming reports may further influence the Fed’s decisions and, consequently, the direction of bitcoin’s recovery.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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