Bitcoin retreated toward $75,000 on November 6 as another wave of institutional withdrawals weighed on cryptocurrency markets, erasing the recovery seen after the election when prices briefly reclaimed the $80,000 mark.
ETF redemptions accelerate
Fresh data from Farside Investors showed that US spot Bitcoin exchange-traded funds experienced $430.2 million in net outflows on November 5. This marked a dramatic shift after a $74.6 million net inflow in the previous trading session, stoking renewed doubts about the resilience of recent demand for institutional Bitcoin exposure.
The latest exodus followed a previous period of substantial inflows, particularly for Fidelity’s FBTC, which on Wednesday recorded $236.7 million in additions and managed to offset significant withdrawals from BlackRock’s IBIT.
However, momentum reversed sharply on Thursday as Fidelity logged approximately $199.9 million in redemptions and BlackRock lost $105 million. Total ETF outflows for the week’s first four sessions climbed to $869.8 million.
Coinpaper reported that institutional selling aligned directly with Bitcoin’s renewed price weakness, intensifying concerns after a brief post-election recovery.
Coinpaper’s latest analysis highlighted that Bitcoin’s drop toward $75,000 paralleled a sharp reversal in ETF flows, as investors continued to pull capital from crypto-linked funds despite the recent rally above $80,000.
This wave of outflows continued a broader trend, as an earlier three-session streak erased $1.16 billion in ETF capital before Wednesday’s temporary inflow.
Technical outlook remains cautious
The immediate future for Bitcoin’s price action now rests on the $75,000 to $75,800 range, a region incorporating both local trading lows and a key weekly support at $75,796.
Should sellers push Bitcoin below $75,000, further declines could test $73,900 or the $72,000 to $71,700 territory, which Coinpaper identified as potential daily pivot levels.
The persistence of heavy ETF redemptions, along with this break of support, heightens the risk of a steeper fall in the near term.
Despite the bearish signals, a stabilization around current levels could lead to a move back toward $77,400 and possibly $79,600, with $80,000 serving as a psychological barrier and previous recovery target.
Recent performance of technology stocks has also contributed to a broader risk-off sentiment, further complicating Bitcoin’s technical path. Concerns about elevated valuations in the AI sector and an S&P 500 selloff have added to market pressure, leaving Bitcoin vulnerable to developments in both crypto and traditional equity markets.
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