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The iShares Bitcoin Trust ETF has recorded $2.2 billion in outflows this month, as of Monday, FactSet data shows.
That’s nearly eight times the $291 million in losses suffered by the investment vehicle last October, or its second-worst month on record since its debut in early 2024.
The outflows come as bitcoin is down more than 20% over the past month.
traders are now pricing in more than 80% odds that the Federal Reserve will slash rates at its December meeting, such a cut remains far from sure bet.
Amid all the uncertainty, bitcoin is bleeding. And, investors in spot bitcoin ETFs, particularly newer holders, are feeling pressure to sell their shares — a reality that could extend the asset’s downside in the near term, Frank Chaparro, head of content and special projects at crypto-focused trading firm GSR, told CNBC.
“With the macro environment becoming less certain, investors tend to de-risk across assets, which often means trimming exposure to crypto and other risk-sensitive stocks,” Chaparro said. “And for newer entrants who came in through the funds, any downturn can be unsettling – they can sell just as quickly as they bought.”
But while it’s true that spot bitcoin ETFs have brought in hoards of new retail investors who may be flighty during volatile times, the funds have also attracted a range of long-term investors such as institutions who can hold through the downturn, according to Joshua Levine, chairman at bitcoin treasury firm OranjeBTC, told CNBC.
That institutional base could “dampen some of the extreme downside, but also smooth upside, reducing bitcoin’s volatility as the asset class matures,” Levine said.

Pi Network’s Chart Resembles Ethereum’s Early Days — Is History Repeating?
In the cryptocurrency market, history doesn’t always repeat—but it often rhymes. Pi Network (PI), after six years of development, officially launched its mainnet on February 20, 2024. Since then, the project has been closely watched by the crypto community, not just for its unique mobile-first mining model, but also for its intriguing price movement.
Following its debut, PI saw a strong surge, briefly touching $3 before facing a correction that brought it back to the current trading range of around $1. While price volatility is common in early-stage listings, what’s capturing attention now is something far more interesting—a possible repetition of a historical pattern seen in Ethereum’s (ETH) early days.
PI Mirrors Ethereum’s Early Listing Phase
Our recent comparative chart analysis between Ethereum’s early listing period and Pi Network’s current listing period price behavior shows striking similarities. Both assets display a falling wedge pattern, a well-known bullish reversal formation in technical analysis.
ETH-PI Chart Comparison/Coinsprobe (Source: Tradingview)
Looking back at Ethereum in 2015–2016, the coin entered exchanges at a price close to $1 and moved into a low-volatility phase, clearly marked by a falling wedge structure. After several weeks of consolidation, ETH broke out of this wedge, and a move above its 15-day moving average (15D MA) triggered a sharp bullish rally. This breakout didn’t just signal momentum—it delivered results. ETH surged over 1,400%, climbing from around $0.85 to over $14 within a couple of months.
Fast forward to 2025, Pi Network appears to be painting a similar picture. On the right side of the chart, PI is consolidating in a falling wedge pattern, with its current price hovering around $1—the same level ETH was trading before its breakout. The 15D MA is also hovering just above the price, much like ETH’s setup before its surge.
If Pi follows the same path as Ethereum, it doesn’t take a technical analyst to imagine what could come next.
Is History Repeating?
Of course, it’s important to approach chart similarities with caution. Ethereum’s rise was powered by groundbreaking smart contract technology and early developer adoption. Pi Network, while growing rapidly in user numbers, is still in the process of defining its core utilities and building tangible use cases in the ecosystem.
However, markets often move in patterns, reflecting collective psychology more than just fundamentals. And if the current chart structure is any indication, Pi Network could be quietly preparing for a similar breakout phase.
The momentum may depend on several factors—market sentiment, utility rollout, exchange integrations, and broader crypto trends. But from a pure technical perspective, all eyes are now on whether Pi can break above the wedge and its 15D MA, just as Ethereum once did.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.