Bitcoin recovered above $78,000 after touching a six-week low, even as U.S. spot Bitcoin ETFs recorded $1.16 billion in combined outflows over three trading days. The rebound gained traction as daily fund withdrawals slowed considerably, helping buyers recover some losses from the sharp decline that followed expectations of a Democratic victory in congressional elections.
BTC advanced to $78,500 after its overnight drop, moving higher alongside U.S. stock futures as broader financial markets stabilized. The price recovery comes after a period of heightened uncertainty, with the Binance security breach and concerns over U.S. political developments putting pressure on cryptocurrency sentiment.
ETF activity suggests that institutional selling may be losing momentum, although there is little evidence of a full return to accumulation. Daily outflows declined from $643.2 million on October 30 to $115.6 million on November 3, while Bitcoin moved away from its recent six-week bottom.
Bitcoin ETFs See $1.16 Billion in Outflows Over Three Days
U.S. spot Bitcoin ETFs extended their losing streak to three consecutive sessions, recording approximately $1.16 billion in net withdrawals. The funds experienced $643.2 million in outflows on October 30, followed by $398.6 million on November 2 and $115.6 million on November 3.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $95 million in Tuesday’s withdrawals, the largest outflow among the listed funds. Grayscale’s Bitcoin Mini Trust also registered $52.6 million in net redemptions.
Not every fund experienced withdrawals. Bitwise’s BITB attracted $21.9 million in fresh capital, while Fidelity’s FBTC recorded $6.8 million in inflows. Morgan Stanley’s MSBT added another $3.3 million.
Daily ETF outflows have now fallen more than 80% from the October 30 high, indicating that the pace of institutional selling has eased. However, the funds collectively lost around $515 million during October, followed by another $1.16 billion in withdrawals across November’s first three reported sessions.
This moderation could provide some support for Bitcoin’s recovery, but the overall flow picture remains negative. Institutional investors have continued to withdraw funds, suggesting that confidence has yet to recover enough to drive substantial fresh allocations.
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Bitcoin Faces Key Test Near $80,000
Bitcoin’s move higher follows a selloff that pushed the cryptocurrency to its lowest level in six weeks. The decline unfolded amid several market concerns, including the Binance security incident and uncertainty about the future of crypto-related legislation in the United States.
Expectations that Democrats would take control of both congressional chambers added another source of uncertainty for the industry, particularly around its legislative priorities. However, Bitcoin has since joined the recovery in U.S. equity futures as investors returned to risk assets.
The next important hurdle lies between $79,500 and $80,000. A decisive move through this resistance area could strengthen the recovery and bring the $82,000 level into view. Slower ETF withdrawals may help improve market conditions if the trend continues.
For the rebound to develop into a sustained bullish move, Bitcoin must reclaim $80,000 and maintain its position above that threshold. Otherwise, sellers could push the price lower again, especially while ETF flows remain negative. A break below $77,000 could put the recent $75,600 low back at risk.
The immediate challenge is to defend $78,000 and generate enough spot-market demand to test the $80,000 resistance zone. Although easing ETF outflows suggest that selling pressure is moderating, a stronger recovery will require consistent buying rather than a brief rebound.
