Bitcoin Holds Above $80,000 as ETF Inflows Return and Shorts Are Squeezed
Bitcoin traded above $80,000 on November 5 after recovering from a seven-week low, with U.S. spot ETFs posting net inflows that ended a three-day outflow streak. Analysts and traders cited ETF demand, rising U.S. equities and roughly $378 million in short liquidations as the drivers of the rebound.
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Price Recovers Above $80,000
Bitcoin traded around $80,320 on November 5 according to crypto.news market data, up more than 3% over 24 hours. CoinDesk reported the asset slipping 0.2% to about $80,250 from midnight UTC, holding above $80,000 after Wednesday's gains. The two sources describe the same level within a few hundred dollars, though they capture different points in the session.
The rebound followed a sharp drop during the U.S. midterm election count, when BTC briefly fell toward $75,600. Crypto.news reported that the price then moved above $81,000 before settling near $80,000.
ETF Flows Turn Positive, But Not Yet Net Recovered
U.S. spot Bitcoin ETFs recorded $74.6 million in net inflows on November 4, according to Farside Investors, ending three consecutive sessions of withdrawals. Fidelity's FBTC led with $236.7 million, while Bitwise's BITB added $15.2 million and ARK Invest's ARKB received $19.9 million. BlackRock's IBIT recorded $201.2 million in outflows that partly offset gains elsewhere.
The preceding outflows totaled roughly $1.16 billion across October 30, November 2 and November 3, based on the daily figures of $643.2 million, $398.6 million and $115.6 million. Crypto.news noted that the latest inflows have not yet recovered that amount. CoinDesk's report of a three-day outflow streak ending aligns with this sequence.
Macro Backdrop and Liquidations
Crypto.news attributed part of the recovery to U.S. equities. The S&P 500 rose about 1.6% as investors assessed Democrats winning control of both congressional chambers, which had initially unsettled crypto traders over the outlook for digital asset legislation. Oil prices fell and the dollar weakened, and Treasury yields declined, supporting risk assets more broadly.
Liquidation data also played a role. CoinGlass showed roughly $378 million in short liquidations within one hour during the rebound, with total liquidations near $747 million. Crypto.news characterized the move as a combination of improving sentiment and forced buying as leveraged short positions were closed. Neither source quantified how much of the price move was attributable to liquidations versus organic demand, so that split should be treated as unresolved.
Altcoins and Technical Levels
The rally extended beyond Bitcoin. Crypto.news reported Ethereum up almost 6% to about $2,425, XRP up 3% to $1.31, Solana up 4% to $96 and BNB up 2% to around $710. Zcash led major assets with a gain above 7% to nearly $1,320 on $1.2 billion in 24-hour volume. CoinDesk's headline also highlighted a rally in Injective following a staked ETF listing, though the source material provided does not include figures for that move.
On the daily chart, crypto.news placed BTC at about $80,688 at the time of its analysis, above the middle Bollinger Band near $80,274. The Relative Strength Index stood at 51.28, versus a moving average of 41.87, indicating improved momentum but a neutral reading. Crypto.news identified resistance between $81,300 and $82,000, with the upper Bollinger Band near $84,240 as the next reference point.
Why It Matters
For Traders
Price is holding above $80,000 with a resistance band at $81,300 to $82,000, while ETF flows remain below the roughly $1.16 billion withdrawn in the prior three sessions.
For Investors
Renewed ETF inflows after a seven-week low suggest institutional demand is recovering, though the net deficit from recent outflows has not yet been reversed.
For Builders
Heavy short liquidations during the rebound highlight how leveraged positioning can amplify moves in perpetuals and lending protocols that depend on accurate liquidation pricing.
This article is for information only and is not financial advice. Read the full disclaimer.
