Bitcoin regained the $78,000 level after dropping to a six-week low, despite continued withdrawals from U.S. spot Bitcoin ETFs, which shed approximately $1.16 billion over three trading sessions. The price recovery followed a notable decline in daily outflows, allowing buyers to regain momentum after the sharp selloff linked to expectations of Democrats gaining control of Congress.
BTC reached $78,500 after recovering from its overnight decline, tracking gains in U.S. stock futures. The move offered some relief following a period of market weakness driven by the Binance security breach and uncertainty surrounding the U.S. political landscape.
Although ETF withdrawals remain substantial, the latest figures suggest institutional selling is slowing. Outflows dropped from $643.2 million on October 30 to $115.6 million on November 3, while Bitcoin moved higher from its recent six-week low.
Bitcoin ETF Investors Withdraw $1.16 Billion in Three Sessions
U.S. spot Bitcoin ETFs recorded another round of net withdrawals, extending their outflow streak to three trading sessions. Combined redemptions reached roughly $1.16 billion, including $643.2 million on October 30, $398.6 million on November 2 and $115.6 million on November 3.
BlackRock’s iShares Bitcoin Trust (IBIT) experienced $95 million in outflows on Tuesday, making it the largest contributor to that day’s withdrawals. Grayscale’s Bitcoin Mini Trust followed with $52.6 million in net outflows.
Meanwhile, several funds continued to attract investment. Bitwise’s BITB brought in $21.9 million, Fidelity’s FBTC recorded $6.8 million in inflows, and Morgan Stanley’s MSBT added $3.3 million.
The pace of withdrawals has weakened considerably, with daily outflows falling more than 80% from the October 30 peak. Nevertheless, the broader trend remains challenging. Bitcoin ETFs finished October with approximately $515 million in net outflows, followed by another $1.16 billion in withdrawals during the first three reported sessions of November.
The decline in daily redemptions could ease pressure on Bitcoin, but it does not yet indicate a return of institutional demand. Investors are still withdrawing more capital than they are committing to these products, leaving ETF flows in negative territory.
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Bitcoin Targets $80,000 as Buyers Attempt a Recovery
Bitcoin’s latest gains follow a steep correction that pushed its price to a six-week low. The downturn reflected a combination of concerns, including the Binance security breach and questions about the future of cryptocurrency regulation in the United States.
The prospect of Democrats controlling both chambers of Congress also created uncertainty around the industry’s legislative outlook. However, sentiment improved as Bitcoin recovered alongside U.S. stock futures, suggesting some investors were willing to return to riskier assets.
Market attention has now shifted toward the $79,500–$80,000 resistance range. Clearing this area could give BTC an opportunity to advance toward $82,000, with further improvement in ETF flows potentially supporting the move.
A sustained recovery, however, depends on Bitcoin reclaiming $80,000 rather than briefly trading above it. If buyers fail to overcome this resistance, the market could face another wave of selling. A drop below $77,000 would put the recent $75,600 low back in focus.
For now, Bitcoin needs to maintain support around $78,000 and attract stronger spot-market buying to challenge the next resistance zone. The slowdown in ETF withdrawals is an encouraging development, but a lasting upward move will depend on whether fresh demand returns to the market.
