Bitcoin attempted a recovery to $94,000; however, it has since dipped below $90,000 for the second time within a few days.

Market corrections and the negative performance of BlackRock’s large Bitcoin-focused ETF have contributed to this downturn.

BTCUSD. Source: TradingView

Recent reports from FarSide indicate alarming trends, with BlackRock’s IBIT experiencing net outflows for 11 of the last 15 trading days, totaling around $2.650 billion in losses during this period.

On November 18, a record $523.2 million was withdrawn in a single day, showcasing a trend of substantial outflows.

In total, nearly $5 billion has been withdrawn from spot Bitcoin ETFs in the U.S. since October 29, negatively impacting Bitcoin’s price, which was above $116,000 at the month’s end.

Following this dramatic withdrawal pattern, Bitcoin’s value has dropped more than $26,000 as it now hovers below $90,000 after facing rejection at $94,000 earlier today.

Similarly, Ethereum’s ETFs are experiencing comparable declines, with only six of 28 trading days since October 8 registering net inflows.

You may also like:

• Bitcoin Plunges to $86K as OG Whale Sells Off All $1.3 Billion BTC Holdings
• $180M Liquidated in 1 Hour as BTC, ETH, and XRP Crash Harder
• Short-Term Bitcoin Holders Are Capitulating: Analysts See Possible Final Flush

Ethereum’s price has also taken a hit, falling below $3,000 again amidst the market’s crash, which originated around the $4,800 mark on October 7.