Bitcoin Falls Below $77,000 as ETF Outflows and Liquidations Mount
Bitcoin traded near $76,500 on November 3, down about 2% on the day, as spot ETF outflows and leveraged liquidations added pressure. Sources differ on the day's exact price and the scale of the drop, and both link the selloff to the October 29 Binance security breach and broader weakness in technology stocks.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Price and Market Moves
Bitcoin fell below $77,000 on Tuesday, November 3. Crypto.news market data put BTC at about $76,460, down 2.19% over 24 hours, with 24-hour trading volume of $26.62 billion and a market capitalization of $1.54 trillion. 99Bitcoins reported a slightly deeper move, with BTC at $76,514 after a 2.4% decline. The gap between the two figures is small but reflects the different timestamps each outlet used.
The decline erased Monday's brief recovery toward $78,000, and Bitcoin has not reclaimed the $80,000 level. The broader crypto market lost 1.92% over the same 24 hours, according to crypto.news. Solana fell about 3%, BNB slipped below $700, Ethereum traded near $2,250, and Hyperliquid's HYPE dropped roughly 5%.
ETF Withdrawals After the Binance Breach
Spot Bitcoin ETFs recorded $398.6 million in net outflows on November 2, according to SoSoValue data cited by crypto.news. BlackRock's IBIT accounted for $405.3 million of withdrawals, more than the net total, as Fidelity's FBTC took in $6.68 million and other funds recorded smaller inflows. Outflows on October 30 were larger, at $643.3 million, the biggest single-day figure since June. Ethereum ETFs also saw $140 million in net outflows on November 2.
Both sources tie the selling to the October 29 Binance security breach, which affected more than $6.3 billion in cryptocurrency assets. Crypto.news reports that blockchain investigators continue tracking the stolen funds, and that the exchange says it has replaced most affected customer assets. 99Bitcoins attributes the Monday outflow figure to the same ETF data without separately quantifying the breach's role.
Leverage and Technicals
CoinGlass liquidation data cited by crypto.news showed nearly $100 million in Bitcoin positions closed over the previous 24 hours, with long positions accounting for most of the losses. Forced closures of leveraged longs can add selling pressure as price falls.
On the daily chart, BTC has printed lower highs and lower lows since early October. The Relative Strength Index stood at 34.26, below its moving average of 41.67, and had not crossed the conventional oversold threshold of 30. MACD readings remained negative, with the MACD line at -1,363.94 against a signal line of -885.06. Analyst That Martini Guy flagged $76,400 as a key level after Bitcoin failed to reclaim support near $79,500, warning that a convincing four-hour close below it could lead to further declines.
Macro Backdrop
Bitcoin's decline coincided with weakness in Asian equities and in U.S. technology stocks, particularly companies tied to artificial intelligence and semiconductors. Investors were positioning ahead of the November 3 U.S. midterm elections, with results not expected until voting closed. 99Bitcoins also reported that the United States conducted a strike on Iran overnight, with its effect on the chart described as minimal.
Why It Matters
For Traders
A close below $76,400 on the four-hour chart, the level analysts are watching, could extend the downtrend while leveraged long liquidations continue.
For Investors
Sustained ETF outflows following the Binance breach suggest institutional demand has weakened, a signal to track over the coming months.
For Builders
Exchange security incidents at this scale are pushing counterparty risk back to the center of product design for custody and withdrawal systems.
This article is for information only and is not financial advice. Read the full disclaimer.
