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📉 $BLK’s iShares ETFs see record outflow BlackRock’s iShares ETFs posted a record $523M single-day outflow, pushing November redemptions toward $3B. Meanwhile, $BTC is trading near $90K, breaking its usual bullish November trend and sparking questions about potential ETF-driven pressure. $ETH $LINEA

Interestingly enough, both $BTC (from '21-'22) and the $SPX from ('00-'08) had mid cycle tops that took the shape of flat corrections (think giant ranges with a lack of blow off top) before beginning the next leg of their respective bull cycles. SPX had a 61% drawdown while BTC had a 76% drawdown before these final legs began. Meanwhile, one of these markets is literally going parabolic, while another one hasn't yet begun it's parabolic ascent. My expectation is that $BTC is basically around the stage that the SPX was in the blue circle. Also want to point out that a break of an ascending trend line does not constitute a break in "market structure". If you sold the break of the trendline on the SPX you would have sold at 2200-2300 before the current parabolic expansion. A true break of HTF market structure on the SPX would have been at $1810, 56% below the prior ATH. Which is again, a great example of why using % drops as the gauge to whether we are in a bull or bear market will more often than not leave you offsides before the biggest rallies even occur. On the SPX, just before we went parabolic, we saw a 37% correction to the downside. Which was immediate followed by new ATH and a 200+% rally off the lows. to where we are today. And yes, for the record, I was bullish at the bottom of that 37% dip on the SPX too, smack dab in the middle of Covid when people were screaming about why the market wouldn't recover because they were out of toilet paper (iykyk).

Whales are accelerating accumulation as $BTC slides into six-week lows. Santiment data shows: ▪️ 102.9K+ transactions > $100K this week ▪️ 29K+ transactions > $1M Flows indicate a rotation from distribution to accumulation, setting up what could become the most aggressive whale week of 2025.

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