U.S. spot Bitcoin ETFs snapped a five-day outflow streak with $75.47 million in net inflows on November 19, a tentative sign of stabilization after a period of sustained selling.

The rebound was led by BlackRock’s IBIT, which contributed $60.61 million in inflows, starkly contrasting Tuesday’s record outflow of $523.15 million, per SoSoValue data. BlackRock’s IBIT was followed by inflows of $53.84 million to Grayscale’s BTC.

The inflows mark a potential shift in the bearish sentiment amid macroeconomic uncertainty that has kept flows largely negative since the second week of October. The recent five-day rout highlighted deepening institutional caution as markets shift from momentum to a more cautious phase, pushing market sentiment firmly into fear territory, experts previously told Decrypt.

While the outflow streak was significant, it should be viewed in the context of the massive wave of capital that entered ETFs this year, Wali Makokha, chief product officer at Mansa, told Decrypt.

“We’ve seen a huge wave of money into U.S. spot Bitcoin ETFs this year, over $60 billion in net inflows since launch, so a few days of outflows don’t mean the story is broken,” Makokha said. “What’s really changed is the backdrop: Bitcoin had a big run-up to new highs, then pulled back, and interest rates are still high.”

Doubts about market recovery remain, as reflected in outflows from VanEck’s HODL and Fidelity’s FBTC, which saw $17.63 million and $21.35 million leave their funds, respectively.

Users on prediction market Myriad reflect this uncertainty and bearish sentiment, with the chances of Bitcoin hitting $115,000 and Ethereum revisiting $5,000 sliding from above 60% last week to 35% and 38%, respectively.

(Disclaimer: Myriad is owned by Decrypt’s parent company Dastan)

The scale of the recent ETF redemptions, particularly from major funds like IBIT, suggests that institutional investors are reassessing their exposure, Wenny Cai, COO and Co-Founder of Synfutures, told Decrypt.

“Several forces are driving the move,” Cai explained. “Bitcoin has retreated sharply from its October peak, sliding below $90,000 and testing the conviction of newer ETF entrants who bought near the highs.”

Alongside price declines, broader risk-off sentiment and questions around U.S. interest rates are prompting a rotation out of risk assets, the analyst explained. There are also signs of active hedging, with the cost of put options on IBIT climbing to multi-month highs, suggesting some investors are preparing for additional downside.

“That pattern implies the outflows are not solely profit-taking but a shift toward defensive positioning,” Cai said.

Looking ahead, the current pause looks more like a “reset” than the end of demand for ETFs, Makhoka added. “The main benefit of these ETFs, which is regulated access to Bitcoin through a normal brokerage account, hasn’t changed.”

If expectations shift toward lowering interest rates, “flows can turn positive again very quickly,” according to the analyst.

Despite the break in the outflow streak, market conditions remain tense. With the exception of weekends, the sustained downtrend has kept liquidations elevated, around the $500 million mark.

The coming days will be pivotal for determining the sustainability of the rebound. If macro conditions stabilize, for instance, through clearer signals from the Federal Reserve, institutional inflows could resume, according to Cai. However, if Bitcoin falls through key technical levels such as $90,000, the outflows could accelerate.

Bitcoin is up 0.4% over the past 24 hours and is trading at $91,700, with the total crypto market capitalization hovering around $3.2 trillion, according to CoinGecko data.