Spot Bitcoin ETFs just proved they are the new price-setters. November’s sell pressure didn’t weaken their influence; it confirmed it. U.S. spot Bitcoin ETFs posted $3.48B in net outflows for the month, their weakest since February. ➣ Cumulative Bitcoin ETF net inflows: $57.7B ➣ Bitcoin ETF AUM: $119.4B (6.6% of BTC mcap) ➣ November Bitcoin ETF outflows: $3.48B ➣ November Ethereum ETF outflows: $1.42B (record) ➣ IBIT November outflows: $2.34B ($523M in a single day) ➣ New altcoin ETFs ($XRP, $SOL, $LTC): steady weekly inflows The outflows triggered the $BTC dip, and that’s the point. ETFs now drive the marginal price in both directions. When they buy, $BTC rallies. When they sell, $BTC corrects. Dominance is not about always pumping the market. It is about being the flow that the market must follow. That is how a mature ETF regime asserts itself.