Bitcoin (BTC) Price: Drops To $102K Support Despite $524M In ETF Inflows

TLDR

• US spot Bitcoin ETFs recorded $524 million in net inflows on November 11, with BlackRock and Fidelity leading the surge
• Bitcoin price fell 1.8% to $103,344 on November 12, extending recent losses below the $103,000 level
• China’s cybersecurity agency accused the US government of stealing $13 billion worth of Bitcoin from a mining pool in 2020
• JPMorgan began rolling out JPM Coin deposit token to institutional investors through the Base blockchain
• Bitcoin has struggled to recover after falling below $100,000 in early November despite improvements in broader market conditions

Bitcoin fell below $103,000 on November 12, trading at $103,344 after dropping 1.8% during the day. The world’s largest cryptocurrency earlier touched a low of $102,737.

US spot Bitcoin ETFs recorded $524 million in net inflows on November 11. BlackRock and Fidelity led the surge in institutional investment through their spot Bitcoin exchange-traded products.

The inflows represent a sharp reversal after several days of net outflows from Bitcoin ETFs. The prior week saw sustained withdrawals that highlighted ongoing caution among institutional investors.

Spot Bitcoin exchange-traded products provide indirect exposure to crypto prices through traditional stock market exchanges. These products have become a primary avenue for institutional investors to gain Bitcoin exposure.

Bitcoin has struggled to recover since falling below $100,000 in early November. Recent improvements in broader risk appetite have not spilled over into cryptocurrency markets.

Traders have pivoted toward equities rather than digital assets. The shift comes as the US government moved closer to ending its longest shutdown.

Government Shutdown Nears End

The US Senate approved a measure on Monday aimed at unlocking more government funding until January 30. The bill now heads to the House of Representatives for a Wednesday vote.

The Republican majority has signaled it will approve the bill. President Donald Trump will then sign it into law.

The shutdown entered its 42nd day on Tuesday. Optimism over ending the closure helped lift equities but failed to boost cryptocurrency markets.

Sentiment toward crypto was also hurt by growing doubts over Bitcoin treasury companies. These firms hold large amounts of Bitcoin on their balance sheets.

China Accuses US of Bitcoin Theft

China’s cybersecurity agency accused the American government of stealing $13 billion worth of Bitcoin on November 12. The accusation concerns the theft of 127,272 Bitcoins from China’s LuBian Bitcoin mining pool in December 2020.

Chinese authorities called the hack a “state-level hacker operation” led by the United States. The incident represents one of the largest crypto heists in history.

JPMorgan began rolling out a deposit token called JPM Coin to institutional investors this week. The token represents dollar deposits at the bank.

Users can send and receive money through the Base blockchain, which is affiliated with Coinbase. The move expands JPMorgan’s presence in digital asset markets.

World number two cryptocurrency Ether fell 2.8% to $3,448. XRP dropped 3.1% to $2.39.

Other altcoins also retreated following Bitcoin’s decline. BNB fell 2.5% while Cardano lost 3.7%.

Solana shed 5.9% during the trading session. Dogecoin fell 3.4% while $TRUMP dropped 8.8%.

BlackRock and Fidelity are using current market conditions to increase their Bitcoin holdings. The $524 million in ETF inflows on November 11 marked the largest single-day influx in recent weeks.

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