Bitcoin funds just saw unprecedented outflows: US Bitcoin ETFs have seen -3.55 billion in net outflows so far in November, on track for the largest monthly outflow in history. This is almost in line with the previous monthly record seen in February, at -3.58 billion. This also marks just the 5th monthly outflow since the start of 2024. The largest Bitcoin ETF, IBIT, has led the outflows and experienced a record -2.20 billion in redemptions month-to-date. Is capitulation near in crypto?(The Kobeissi Letter)