Bitcoin has staged a recovery above $78,000 after falling to its lowest level in six weeks, despite US spot Bitcoin ETFs registering approximately $1.16 billion in withdrawals over three consecutive sessions. The rebound comes as daily outflows have slowed considerably, allowing buyers to return following the recent election-driven market selloff.
BTC climbed toward $78,500, recovering from its overnight decline as cryptocurrency markets gained alongside US stock futures. The latest advance follows several days of pressure on digital assets, with the Binance hack and uncertainty surrounding US political developments contributing to investor caution.
Fresh ETF figures suggest that institutional selling is gradually losing momentum, although a meaningful return of capital has yet to materialize. Daily 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 Withdrawals Reach $1.16 Billion in Three Trading Days
US spot Bitcoin ETFs have experienced three consecutive sessions of net outflows, with total withdrawals reaching approximately $1.16 billion.
The funds recorded $643.2 million in redemptions on October 30. Another $398.6 million left the products on November 2, followed by $115.6 million on November 3.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the largest share of Tuesday’s withdrawals, recording $95 million in outflows. Grayscale’s Bitcoin Mini Trust also saw investors withdraw $52.6 million.
However, not every Bitcoin ETF experienced selling pressure. Bitwise’s BITB attracted $21.9 million in fresh investments, while Fidelity’s FBTC received $6.8 million. Morgan Stanley’s MSBT also reported positive flows of $3.3 million.
Daily ETF withdrawals have now declined by more than 80% from their October 30 peak. October ended with approximately $515 million in net outflows, while the first three reported trading sessions of November added another $1.16 billion in withdrawals.
This moderation in selling activity could offer some relief to Bitcoin bulls. However, the continued negative flow figures indicate that institutional investors are still reducing their holdings rather than returning with substantial buying demand.
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Bitcoin Price Recovery Puts $80,000 Resistance Back in Focus
Bitcoin’s latest advance follows a steep correction that dragged its price to a six-week low. The downturn was influenced by multiple developments, including the Binance security breach and uncertainty over the future of cryptocurrency legislation in the United States.
The expected Democratic gains in both chambers of Congress also created concerns about potential changes to the regulatory environment. Nevertheless, BTC regained upward momentum as US stock futures strengthened and investors began buying back into the market.
Traders are now closely watching the $80,000 threshold. Bitcoin faces immediate resistance between $79,500 and $80,000. A convincing move above this range could shift attention toward $82,000, especially if ETF withdrawals continue to decline.
The slowdown in fund redemptions suggests that institutional selling pressure is becoming less intense. If spot-market demand improves alongside this trend, Bitcoin could have an opportunity to extend its recovery.
However, reclaiming $80,000 is an important requirement for confirming a stronger bullish shift. Another rejection near this level could encourage sellers to regain control, particularly as ETF investors continue withdrawing money.
If BTC loses the $77,000 support area, the recent low near $75,600 could become the next downside target. Buyers previously entered the market around this level during the latest decline.
For now, Bitcoin’s near-term outlook depends on whether buyers can defend $78,000 and generate enough momentum to overcome resistance near $80,000. The slowdown in ETF outflows provides a constructive signal, but a sustained rally will likely require stronger spot buying and renewed institutional participation.
