$4B Bitcoin ETF Outflows in Oct-Nov Reflect Basis Trade Unwind, Not Capitulation: Research Analyst

According to a research analyst, the significant outflows of $4 billion from Bitcoin exchange-traded funds (ETFs) during the months of October and November should be interpreted as a result of the unwinding of basis trades rather than as an indication of market capitulation. This suggests that the movement of funds is primarily driven by strategic financial adjustments, rather than a widespread loss of confidence among investors in the cryptocurrency market. source: https://www.coindesk.com/markets/2025/12/04/usd4b-bitcoin-etf-outflows-in-oct-nov-reflect-basis-trade-unwind-not-capitulation-research-analyst