Bitcoin Updates: ETF Withdrawals Reveal the Unstable Base of Crypto Treasuries

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Bitcoin Updates: ETF Withdrawals Reveal the Unstable Base of Crypto Treasuries

Bitget-RWA2025/11/21 19:22

By:Bitget-RWA

- Bitcoin's 27% price drop since October has triggered massive ETF outflows, with BlackRock's ETHA losing $421.4M in November 2025. - BitMine Immersion Technologies faces $3.7B unrealized ETH losses as crypto treasuries struggle with collapsing valuations and limited capital expansion. - Bitcoin Munari (BTCM) emerges as a Bitcoin-pegged Layer 1 blockchain with EVM compatibility, fixed 21M supply, and 2027 mainnet roadmap. - BlackRock's staked Ether ETF filing aims to disrupt treasury models by offering yie

The recent downturn in Bitcoin's price has brought increased attention to crypto treasuries and institutional investment vehicles, as companies now face significant unrealized losses amid worsening market conditions. With Bitcoin having fallen 27% from its October peak, the broader crypto sector is now under pressure as

leading exchange-traded funds experience notable capital outflows

. BlackRock's

iShares Ethereum Trust

(ETHA) alone recorded $421.4 million in redemptions between November 10-14, 2025, highlighting a shift in investor attitudes as uncertainty about the industry's durability persists

according to reports

This instability is also impacting corporate crypto-treasury operators, who are contending with falling asset values.

BitMine Immersion

Technologies, the largest corporate owner of

Ether

, is facing an unrealized loss of $3.7 billion on its $10.7 billion ETH holdings, with

its net asset value ratios suggesting little capacity for further capital growth

. Experts caution that these companies are in a "Hotel California" predicament,

where investors risk substantial losses if they liquidate their positions

. The situation is further complicated by BlackRock's entry into staked Ether ETFs,

which may challenge current digital-asset treasury frameworks

by providing lower-cost, yield-focused alternatives.

Against this backdrop,

Bitcoin

Munari (BTCM) has emerged as an initiative seeking to combine Bitcoin's scarcity principle with advanced infrastructure. The project,

which introduced its Solana SPL token in January 2026

, intends to transition to its own Layer 1 blockchain by 2027. With a capped supply of 21 million tokens, BTCM emulates Bitcoin's limited issuance while

adding features such as EVM-compatible smart contracts

, delegated proof-of-stake consensus, and customizable privacy options.

Bitcoin Updates: ETF Withdrawals Reveal the Unstable Base of Crypto Treasuries image 0

The project's development plan emphasizes a methodical approach to delivering Bitcoin-inspired utility,

such as fast settlement, programmability

, and interoperability across different blockchains. Technical milestones include security reviews by Solidproof and Spywolf, with

a public testnet expected in 2026 and a mainnet debut planned for mid-2027

. Despite Bitcoin's price swings, BTCM's fixed-supply approach is positioned as a stabilizing force, with a representative stating that its distribution and development timelines are intended to remain "steady throughout market cycles".

Meanwhile, the ETF sector is undergoing rapid changes. Ripple's latest XRP ETF launches, including Canary Capital's XRPC and Franklin Templeton's EZRP,

initially attracted $245 million in investments

but soon saw sharp price drops as large holders sold off. This disconnect between institutional inflows and spot market prices has

resulted in a "tense divergence," with analysts forecasting

that ETF investments may take several weeks to be reflected in on-chain price movements. BlackRock's staked Ether ETF proposal, now registered in Delaware as the iShares Staked

Ethereum

Trust,

seeks to close this gap by providing Ethereum investors with yield-generating exposure

. The company's 0.25% fee for its

ETHA

ETF stands in contrast to

the less transparent fee structures of digital-asset treasuries

, which often diminish returns through hidden charges.

As the industry adapts to these changes, the relationship between institutional innovation and the inherent volatility of crypto assets remains a central issue. While ventures like Bitcoin Munari aim to provide stability through carefully designed tokenomics, the future direction of the sector will likely depend on regulatory developments and the confidence of investors.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Bitget-RWA•2025/11/21 20:16

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