Bitcoin News Update: Bitcoin ETFs See $558M Outflows While Solana ETFs Surge, Miners Struggle with AI Cooling Challenges

On November 11, Bitcoin (BTC) dropped below $104,000, deepening its recent decline as investors took profits and macroeconomic concerns lingered. Meanwhile, crypto mining stocks slumped as the previously booming AI infrastructure sector began to lose steam, according to a

. After briefly surpassing $107,000 overnight, Bitcoin slid to $103,200 by the start of the U.S. trading day, wiping out earlier gains that had been driven by hopes for a resolution to the government shutdown and optimism around Donald Trump’s proposed “tariff dividend.”

Despite the downturn, ARK Invest CEO Cathie Wood maintained her optimistic stance, reaffirming her $1 million target for

. She pointed to the expansion of stablecoins—which now have a combined market value above $300 billion— , even though this trend has temporarily reduced Bitcoin’s market share. Wood also revised her long-term outlook, lowering her 2030 forecast from $1.5 million to $650,000, citing the growing role of stablecoins in emerging economies at Bitcoin’s expense.

Elsewhere, Bitcoin ETFs experienced $558.44 million in net outflows on November 7, marking the second-largest single-day withdrawal since their introduction, according to a

. Fidelity’s FBTC and BlackRock’s IBIT led the outflows, losing $256.66 million and $131.43 million, respectively. In contrast, (SOL) ETFs continued to attract capital for a ninth consecutive day, bringing in $12.69 million on November 7 and reaching $575.93 million in assets under management, as highlighted in a . Since launching on October 28, the Bitwise Solana Staking ETF (BSOL) has seen $545 million in net inflows, outperforming both Bitcoin and funds, which have lost $2.1 billion and $579 million, respectively.

The crypto mining industry came under renewed strain as enthusiasm for AI infrastructure cooled. Shares of companies like

(CLSK), (HUT), and Core Scientific (CORZ) dropped between 8% and 11.5%, hurt by disappointing earnings and postponed data center projects, as . This sector-wide weakness reflects a broader transition: Bitcoin miners, once considered essential for meeting AI’s high energy needs, now face competition from firms such as and , which are shifting to AI hosting using their existing grid infrastructure.

Further adding to market volatility, Japanese conglomerate SoftBank sold its entire $5.83 billion holding in Nvidia (NVDA), causing the chipmaker’s shares to fall 3.5% in pre-market trading, as reported by

. The sale is part of SoftBank’s larger AI strategy, which includes a $30 billion annual investment in OpenAI’s ChatGPT and the Stargate data center initiative. “We sold Nvidia so that the capital can be utilized for our financing,” CFO Yoshimitsu Goto explained, downplaying fears of an AI market “bubble.”

Analysts observed that Bitcoin’s dip to the $100,000 range could act as a “speed bump” before testing support at $56,000, according to Bloomberg’s Mike McGlone, as referenced in a

. On-chain data indicated that the drop was part of typical market cycles rather than panic selling, with bullish traders watching for a move above $101,200 to spark a short squeeze.

Later in the week, Bitcoin hovered near $100,950, with volume delta turning modestly positive and the MACD histogram suggesting that bearish momentum was easing, according to a

. A successful rally could push prices to $105,700, while a fall below $100,255 might lead to a retest of $98,400.