November saw a major institutional shift as the largest bitcoin ETF holder withdrew $2.347 billion from IBIT and another $1.038 billion from ETHA. When the biggest player trims positions after doubling gains, it signals something changed. That's $3.4 billion walking out the door in a single month—not the kind of exodus you just shake off with a relief rally. This creates real structural pressure. The accumulation window looks closed for now. Until fresh capital flows reverse direction sometime in Q1 2026, any bounce will likely hit a ceiling. The math is simple: when that much money leaves, the market needs time to digest it.