Bitcoin Reclaims $76,000 as ETF Outflows and Exchange Selling Weigh on Demand
Bitcoin recovered above $76,000 on Friday, November 6, after a Thursday selloff in US technology stocks and $430.2 million in spot Bitcoin ETF outflows pushed it below that level. Analysts note that exchange-level demand metrics have turned negative since late October, raising questions about the durability of the rebound.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Price Recovery After Thursday's Drop
Bitcoin traded near $76,098 on Friday after recovering above the $76,000 level, according to crypto.news price data, though it remained more than 5% lower over the prior 24 hours. CoinDesk reported the same recovery in its own coverage of the session.
Thursday's decline followed a sharp selloff in US equities, with the Nasdaq Composite falling 5.5% and the S&P 500 down 4.3%. Investors tied the tech-led weakness to concern that Democratic gains in the midterm elections could affect policy support for artificial intelligence infrastructure spending. CoinGlass data showed roughly $1.26 billion in cryptocurrency liquidations over 24 hours, about $1.12 billion of which were long positions.
Bitcoin had briefly climbed above $80,000 after the election results, so the Thursday move erased that post-election gain. Traders are now watching the $75,000 level as near-term support.
ETF Withdrawals Accelerate
US spot Bitcoin ETFs recorded $430.2 million in net outflows on November 5, according to Farside Investors data, reversing $74.6 million in inflows the prior day. Total net outflows for the first four trading sessions of November reached approximately $869.8 million.
Fidelity's Wise Origin Bitcoin Fund (FBTC) accounted for the largest single withdrawal at $199.9 million, reversing a $236.7 million inflow on Wednesday. BlackRock's iShares Bitcoin Trust (IBIT) recorded $105 million in outflows, bringing its cumulative withdrawals since October 30 above $1 billion. Grayscale's GBTC lost $49.9 million, Franklin Templeton's EZBC shed $32.9 million, and VanEck's HODL lost $23.6 million.
Exchange Demand Signals Turn Negative
Exchange-level data points to weaker direct buying. In a November 6 CryptoQuant analysis, analyst Darkfost reported that selling volume has overtaken buying volume on Binance and Coinbase. The 30-day average spot net volume delta was positive $64.8 million on Binance and $64.3 million on Coinbase at the end of August, a period when Bitcoin rose from about $63,000 toward $85,000. By November 5, those readings had fallen to negative $28 million on Binance and negative $9.4 million on Coinbase.
Darkfost said the deterioration began in October on Coinbase, while Binance kept positive readings for longer. A separate observer, Rain, pointed to CryptoQuant's 30-day apparent demand indicator, which has been negative for much of the period since late August, with its latest reading near negative 160,000 BTC.
Where the Sources Diverge
The two reports agree on the headline price level and the broad ETF outflow picture, but they describe the recovery's scope differently. crypto.news framed the rebound as reaching $76,098 and placed it within a wider pattern of lost momentum since the post-election spike. CoinDesk's summary cited the $76,000 level without the same intraday detail. The sources also frame the demand question with different emphasis: the CryptoQuant-based figures come from analysts' interpretations of exchange data rather than from a single audited dataset, and the cited readings are not independently confirmed by the sources themselves. Readers should treat the exchange-demand reading as analyst-driven signal rather than settled fact.
Why It Matters
For Traders
The $75,000 support level is in focus after consecutive ETF outflows and negative exchange demand readings, so near-term price action will test whether the recovery holds.
For Investors
Sustained ETF outflows and a turn negative in exchange demand suggest that institutional and direct-buyer appetite has cooled since the post-election rally.
For Builders
Protocols and products that depend on Bitcoin ETF liquidity or exchange flow data should monitor the widening gap between ETF and spot demand signals.
This article is for information only and is not financial advice. Read the full disclaimer.
