Happy Wednesday!

Bitcoin has been going through a rough patch, but a full-scale meltdown to $10,000? Yes, it’s possible, says a Bloomberg expert — here’s why.

BlackRock’s Bitcoin ETF IBIT saw record outflows yesterday as ETF buyers are throwing in the towel — what is going on?

Plus, check out Benzinga Edge for the tools and insights serious investors rely on with early Black Friday savings, now 65% off.

TOP STORY

Can Bitcoin Crash To $10,000? Yes, If It Follows This 2018 Pattern, Expert Says

Bitcoin is back under pressure as Bloomberg’s Mike McGlone warns the market could unwind all the way to $10,000.

McGlone said during a segment on Bloomberg TV on Tuesday that Bitcoin’s current structure resembles the major unwinds seen in 2018, when the price collapsed from $10,000 to nearly $3,000. 

He said he believes the market could return to $10,000 if pressure continues across risk assets.

Read the full scoop here.

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QUICK N DIRTY

Bitcoin, Ethereum, Dogecoin, XRP are treading water and looking for direction after a volatile Tuesday: here’s what’s driving markets today.

Cardano’s Charles Hoskinson is not impressed by Donald Trump’s crypto involvement: here’s why he thinks it was a net negative for the space.

Bitcoin is worth every bit of the $2 trillion market cap it commands, according to Bitwise — because it provides a valuable service.

FINTECH FOCUS

BlackRock's Bitcoin ETF Sheds Record $520 Million: What's Up With IBIT?

A record $520 million exited BlackRock’s iShares Bitcoin Trust on Wednesday, signaling institutional confidence has flipped sharply defensive.

Spot Bitcoin ETF flows have deteriorated sharply in November, according to Coinglass.

Redemptions have been accelerating throughout the month and culminated in roughly $520 million leaving IBIT on Nov. 18, its largest single-day outflow on record.

Earlier this year, large inflows supported every breakout attempt.

That relationship has reversed. ETF holders are now using redemptions to reduce exposure during weakness instead of buying dips.

Read the full scoop here.

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