{"id":17294,"date":"2025-11-17T15:30:41","date_gmt":"2025-11-17T15:30:41","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=17294"},"modified":"2025-11-17T14:18:42","modified_gmt":"2025-11-17T14:18:42","slug":"mini-bear-market-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/mini-bear-market-bitcoin-etf\/","title":{"rendered":"Vers un bear market ? Les ETFs Bitcoin perdent plus de 1,1 Md$"},"content":{"rendered":"<h2>Des sorties massives qui cassent le narratif ETF<\/h2>\n<p>Depuis le d\u00e9but de l&rsquo;ann\u00e9e, les ETFs au comptant \u00e9taient devenus le pilier du narratif haussier sur Bitcoin. Chaque journ\u00e9e de flux positifs confortait l&rsquo;id\u00e9e que les institutionnels \u00ab\u00a0rachetaient la baisse\u00a0\u00bb et absorbaient l&rsquo;offre sans difficult\u00e9.<\/p>\n<p>Les trois derni\u00e8res semaines ont cass\u00e9 cette impression de m\u00e9canique \u00e0 sens unique.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">About $2.7b has come out of the bitcoin ETFs in the past month, new chart from <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/JSeyff?ref_src=twsrc%5Etfw\">@JSeyff<\/a> puts it into context, and shows the two steps fwd one step back pattern, it represents just 1.5% of total assets = 98.5% of aum hanging tough. <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/pNlhD6pMcZ\">pic.twitter.com\/pNlhD6pMcZ<\/a><\/p>\n<p>&mdash; Eric Balchunas (@EricBalchunas) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1988259423823802440?ref_src=twsrc%5Etfw\">November 11, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Pour la premi\u00e8re fois depuis longtemps, il n&rsquo;est plus \u00e9vident de dire que \u00ab\u00a0les ETFs ach\u00e8tent tout ce que le march\u00e9 vend\u00a0\u00bb. Les gros acheteurs sont moins agressifs, certains r\u00e9duisent simplement leur exposition dans un contexte macro plus flou.<\/p>\n<h2>Un march\u00e9 pris en \u00e9tau entre macro et technique<\/h2>\n<p>La correction actuelle n&rsquo;arrive pas dans le vide. Le contexte macro reste tendu, avec une banque centrale am\u00e9ricaine qui entretient l&rsquo;incertitude sur le calendrier de d\u00e9tente mon\u00e9taire.<\/p>\n<p>Tant que les march\u00e9s n&rsquo;ont pas de visibilit\u00e9 claire sur les prochaines d\u00e9cisions, l&rsquo;app\u00e9tit pour le risque reste <strong>fragile<\/strong>.<\/p>\n<p>Le support psychologique des 95 000$ est devenu une zone charni\u00e8re. En dessous, les regards se tournent rapidement vers 90 000$, voire la zone 85 000$ si la pression vendeuse s&rsquo;acc\u00e9l\u00e8re.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"zxx\" dir=\"ltr\"><a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/v5bbyrCppE\">https:\/\/t.co\/v5bbyrCppE<\/a><\/p>\n<p>&mdash; Bybit (@Bybit_Official) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/Bybit_Official\/status\/1989409119917482386?ref_src=twsrc%5Etfw\">November 14, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Autre point surveill\u00e9 par les desks de trading : la corr\u00e9lation n\u00e9gative avec les grandes valeurs tech. Quand le Nasdaq recule, Bitcoin amplifie souvent le mouvement \u00e0 la baisse.<\/p>\n<p>En revanche, lorsque les actions repartent \u00e0 la hausse, la crypto ne profite pas pleinement du rebond. Ce comportement nourrit l&rsquo;id\u00e9e d&rsquo;un march\u00e9 en phase de <a href=\"https:\/\/www.coinspeaker.com\/fr\/morgan-stanley-analyse-bitcoin\/\">digestion<\/a> plus que d&rsquo;un bull run pleinement lanc\u00e9.<\/p>\n<h2>Les signaux \u00e0 surveiller pour \u00e9viter un vrai bear market<\/h2>\n<p>Parler de \u00ab\u00a0mini bear market\u00a0\u00bb revient \u00e0 reconna\u00eetre que la tendance de fond n&rsquo;est pas encore cass\u00e9e, mais que le march\u00e9 manque de carburant. Les prochaines semaines se joueront sur quelques signaux assez concrets.<\/p>\n<p>Le premier, ce sont justement les <a href=\"https:\/\/www.coinspeaker.com\/fr\/etf-bitcoin-sorties-2-milliards\/\">flux ETF<\/a>. Tant que les sorties se poursuivent \u00e0 ce rythme, difficile d&rsquo;imaginer un rebond durable. Un retour \u00e0 des journ\u00e9es neutres, voire l\u00e9g\u00e8rement positives, serait d\u00e9j\u00e0 un changement de ton.<\/p>\n<p>\u00c0 l&rsquo;inverse, une nouvelle acc\u00e9l\u00e9ration des outflows rapprocherait clairement le march\u00e9 d&rsquo;un sc\u00e9nario de bear plus classique.<\/p>\n<p>Le deuxi\u00e8me signal sera la r\u00e9action du prix autour de cette zone actuelle.<\/p>\n<p>Si Bitcoin parvient \u00e0 stabiliser entre 90 000$ et 100 000$, en absorbant progressivement la pression vendeuse, la structure de march\u00e9 restera compatible avec un simple mouvement de consolidation dans un cycle haussier plus long.<\/p>\n<p>Enfin, il faut regarder ce qui se passe sur le reste du march\u00e9. Les ETFs Solana continuent, par exemple, d&rsquo;enregistrer des entr\u00e9es nettes alors m\u00eame que SOL recule.<\/p>\n<p>Cela montre qu&rsquo;il reste des poches d&rsquo;app\u00e9tit pour le risque, mais que cet int\u00e9r\u00eat ne suffit plus \u00e0 tirer l&rsquo;ensemble du march\u00e9 vers le haut.<\/p>\n<h2>Sc\u00e9narios possibles pour la suite du cycle<\/h2>\n<p>\u00c0 ce stade, trois trajectoires se dessinent. La premi\u00e8re, la plus \u00ab\u00a0douce\u00a0\u00bb, serait celle d&rsquo;une consolidation prolong\u00e9e. Bitcoin oscille quelques semaines dans une large fourchette, le temps que les flux ETF se stabilisent et que la macro offre un peu plus de visibilit\u00e9.<\/p>\n<p>La deuxi\u00e8me, plus brutale, serait un vrai flush de liquidit\u00e9. Une cassure rapide sous les supports actuels pourrait d\u00e9clencher une vague de liquidations et forcer les mains les plus fragiles \u00e0 sortir.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u26a1\ufe0fWe called the Bitcoin bottom in April.<br \/>Long before belief returned. <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/kni1sm9Lym\">https:\/\/t.co\/kni1sm9Lym<\/a><\/p>\n<p>&mdash; SightBringer (@_The_Prophet__) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/_The_Prophet__\/status\/1989861582294454590?ref_src=twsrc%5Etfw\">November 16, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>La troisi\u00e8me, enfin, serait un sc\u00e9nario de stagnation plus inconfortable. Le prix ne s&rsquo;effondre pas, mais reste coinc\u00e9 dans une zone moyenne, suffisamment basse pour d\u00e9courager les nouveaux entrants et suffisamment haute pour que les anciens n&rsquo;aient pas envie de renforcer massivement.<\/p>\n<p>C&rsquo;est souvent le contexte le plus difficile <strong>psychologiquement<\/strong>, car il \u00e9rode la conviction sans offrir de signal clair.<\/p>\n<p>Pour ceux qui regardent ce cycle avec un horizon de plusieurs ann\u00e9es, la vraie question devient peut-\u00eatre moins \u00ab\u00a0sommes-nous en mini bear market ?\u00a0\u00bb que \u00ab\u00a0qui sera encore l\u00e0 quand la prochaine vague de liquidit\u00e9 reviendra vraiment\u00a0\u00bb. Pour suivre l&rsquo;\u00e9volution des flux institutionnels, consultez <a rel=\"noopener noreferrer\" href=\"https:\/\/www.sec.gov\/cgi-bin\/browse-edgar?action=getcompany&amp;CIK=0001980994&amp;type=13F&amp;dateb=&amp;owner=exclude&amp;count=40\" target=\"_blank\">les d\u00e9clarations 13F de la SEC sur les ETF Bitcoin<\/a>.<\/p>\n<hr \/>\n<p><strong>\u00c0 lire aussi :<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/sortie-massive-etf-bitcoin-ethereum-signal-dalerte-pour-marche-crypto\/\">Sortie massive des ETF Bitcoin et Ethereum : un signal d&rsquo;alerte pour le march\u00e9 crypto<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/pourquoi-blackrock-influence-marche-crypto\/\">Pourquoi BlackRock a-t-il autant d&rsquo;influence sur le march\u00e9 crypto ?<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/morgan-stanley-analyse-bitcoin\/\">Morgan Stanley alerte : Bitcoin entre en \u00ab\u00a0fall season\u00a0\u00bb, prenez vos profits<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/ethereum-supercycle-tom-lee\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Les ETFs Bitcoin au comptant viennent d&rsquo;encha\u00eener une troisi\u00e8me semaine de sorties nettes, avec plus de 1,1 Md$ qui ont quitt\u00e9 les produits depuis lundi.<\/p>\n","protected":false},"author":200,"featured_media":17297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vers un bear market ? 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Les ETFs Bitcoin perdent plus de 1,1 Md$"}]},{"@type":"WebSite","@id":"https:\/\/www.coinspeaker.com\/fr\/#website","url":"https:\/\/www.coinspeaker.com\/fr\/","name":"Coinspeaker France","description":"Bitcoin, Ethereum, Altcoins et actualit\u00e9s crypto avec analyses, cours en direct, graphiques de donn\u00e9es et guides","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.coinspeaker.com\/fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/d793ce3fffd1844b1bf840021a85dd43","name":"Emmanuel Roux","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/image\/","url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","contentUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","caption":"Emmanuel Roux"},"description":"Issu de la finance traditionnelle, j\u2019ai naturellement bascul\u00e9 vers l\u2019univers crypto, attir\u00e9 par son potentiel. Je souhaite y apporter mon approche analytique et rationnelle, tout en conservant ma curiosit\u00e9. En dehors de l\u2019\u00e9cran, je lis beaucoup (\u00e9conomie, essais, un peu de science-fiction) et je prends plaisir \u00e0 bricoler. Le DIY, pour moi, c\u2019est comme la crypto : comprendre, tester, construire soi-m\u00eame.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/emmanuel\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/17294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=17294"}],"version-history":[{"count":3,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/17294\/revisions"}],"predecessor-version":[{"id":17316,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/17294\/revisions\/17316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/17297"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=17294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=17294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=17294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}