Bitcoin Bounces Back From 6-Week Low Despite $1B ETF Exodus
Bitcoin (BTC)
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Ahmed Barakat
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Part of the Team Since
Mar 2024
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Ahmed Barakat is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.
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Bitcoin bounced back above $78,000 just now after hitting a six-week low, even as U.S. spot Bitcoin ETF sheds $1.16 billion across three trading sessions. The recovery came as daily withdrawals slowed sharply, giving BTC buyers room to push back after a steep selloff following the expected Democrats’ congressional win.
BTC climbed to $78,500, recovering from its overnight plunge as crypto markets rallied alongside U.S. stock futures. The rebound followed a difficult stretch for Bitcoin, with security concerns and political uncertainty weighing on investor sentiment.
The latest Bitcoin ETF figures show selling pressure easing, but institutional investors have yet to return in force. Withdrawals dropped from $643.2 million on October 30 to $115.6 million on November 3, while Bitcoin recovered from its six-week low.
Bitcoin ETF Outflows Top $1.15 Billion in Three Sessions
U.S. spot Bitcoin ETF recorded three consecutive sessions of net withdrawals, totaling approximately $1.16 billion. The fund lost $643.2 million on October 30, followed by $398.6 million on November 2 and another $115.6 million on November 3.
BlackRock’s iShares Bitcoin Trust (IBIT) led Tuesday’s withdrawals with $95 million in outflows. Grayscale’s Bitcoin Mini Trust lost another $52.6 million, adding to the pressure on the funds.
Several products still attracted fresh capital. Bitwise’s BITB recorded $21.9 million in inflows, while Fidelity’s FBTC added $6.8 million. Morgan Stanley’s MSBT also attracted $3.3 million.
The latest Bitcoin ETF data shows daily withdrawals falling by more than 80% from Friday’s peak. October also ended with roughly $515 million in net outflows, while November’s first three reported sessions added another $1.16 billion in withdrawals.
The slowdown offers a more encouraging signal for Bitcoin bulls, although the funds remain firmly in net-outflow territory. Institutional investors are still reducing exposure rather than rebuilding positions.
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Bitcoin Rebounds and Puts $80,000 Back in Focus
Bitcoin’s recovery comes after a sharp selloff that pushed it to its lowest level in six weeks. The market has faced several pressures simultaneously, including the recent Binance security breach and uncertainty surrounding U.S. crypto legislation.
Democrats winning control of both congressional chambers raised questions about the industry’s legislative agenda. However, Bitcoin recovered alongside stock markets just now as the initial reaction gave way to renewed buying.
$80,000 is now the focus, with the next resistance zone sitting between $79,500 and $80,000. A break above that range could open the door toward $82,000, particularly if ETF outflows continue shrinking. The sharp decline in daily withdrawals shows institutional selling is losing some momentum, giving BTC a chance to extend its recovery.
However, Bitcoin needs to reclaim $80,000 to turn the bounce into a stronger bullish move. Failure to clear that level could leave BTC vulnerable to another rejection, especially with ETF investors still pulling capital. A return below $77,000 would expose the recent $75,600 low, where buyers previously stepped in.
The immediate outlook hinges on whether Bitcoin can turn $78,000 into support and challenge $80,000 with stronger buying volume. Slowing ETF withdrawals offer an encouraging backdrop, but a sustained move higher would require renewed spot demand rather than another short-lived relief rally.
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