Bitcoin returned to the $75,000–$76,000 range on Thursday after its recovery above $80,000 faded, with spot buying still too weak to sustain gains. The retreat came as technology stocks sold off and investors pulled money from crypto funds.
ETF Outflows and Weak Spot Demand
US spot Bitcoin and Ethereum ETFs recorded $530.1 million in combined outflows on November 5, according to Farside Investors data. Bitcoin funds accounted for $430.2 million, while Ether products lost $99.9 million.
CryptoQuant data showed that temporary improvements in futures positioning had failed to attract sufficient spot buying. XWIN Japan placed BTC in the $75,000–$76,000 range after the failed rebound and flagged $73,000–$76,000 as the support zone to watch.
Mixed Blockchain Signals
Blockchain readings pointed in different directions. Net exchange withdrawals reached 11,003 BTC on November 5, following outflows of 4,235 BTC a day earlier. The 60-day accumulation measure for wallets exceeding 10,000 BTC turned positive.
Those readings suggest some large holders may be adding exposure, though they do not establish that every exchange withdrawal represents a new purchase, since transfers can reflect custody changes. Meanwhile, retail-sized Bitcoin deposits into Binance increased sharply, according to CryptoQuant commentary. Deposits can make coins available for sale, although a transfer does not confirm that selling occurred.
XWIN Japan also said stablecoin liquidity had yet to recover. The contributor wants spot demand, ETF flows, and stablecoin liquidity to strengthen together before treating the rebound as durable.
ETF Flow Details
Fidelity led ETF outflows among US Bitcoin funds. Its FBTC fund lost $199.9 million Thursday, reversing Wednesday’s $236.7 million inflow.
BlackRock’s IBIT recorded $105 million in withdrawals, its fifth consecutive session of net outflows. Farside’s daily figures put the fund’s combined withdrawals since October 30 at roughly $1.04 billion.
Grayscale GBTC lost another $49.9 million, while Franklin EZBC shed $32.9 million. VanEck HODL and ARK 21Shares ARKB posted withdrawals of $23.6 million and $18.9 million, respectively.
Bitcoin ETFs attracted $74.6 million on Wednesday before Thursday’s redemptions erased that gain. Across the first four November sessions, the category recorded $869.8 million in net outflows.
Ether funds shared the pressure. BlackRock’s ETHA lost $75.2 million, while its ETHB product shed $22 million. These represented most of the category’s $99.9 million withdrawal. Ether ETFs had attracted $53 million a day earlier, before those flows reversed.
Broader Market Selloff
The wider market also deteriorated. The Nasdaq Composite dropped 5.5%. The Nasdaq 100 fell 6.4% and lost approximately $2.5 trillion in value.
Investors worried that Democratic midterm gains could bring tougher scrutiny of AI data center construction. US semiconductor shares fell 12%, with chipmaker Nvidia losing about 9%.
Markets next face the October US employment report, scheduled for Friday, November 6. The Bureau of Labor Statistics lists the release for 8:30 a.m. Eastern time.
