Bitcoin climbed back above $78,000 on November 4, recovering from a six-week low as selling pressure from U.S. spot Bitcoin exchange-traded funds showed signs of easing. The rebound came after a steep selloff tied to political uncertainty following Democrats’ expected control of both congressional chambers and lingering security concerns from the recent Binance breach.
According to data compiled by Coinglass, spot Bitcoin ETFs posted three consecutive sessions of net outflows totaling approximately $1.16 billion. The funds lost $643.2 million on October 30, $398.6 million on November 2, and $115.6 million on November 3, with daily withdrawals slowing by more than 80% from the recent peak.
BlackRock’s iShares Bitcoin Trust (IBIT) led Tuesday’s outflows with $95 million, while Grayscale’s Bitcoin Mini Trust lost $52.6 million. Some products still attracted fresh capital: Bitwise’s BITB recorded $21.9 million in inflows, Fidelity’s FBTC added $6.8 million, and Morgan Stanley’s MSBT attracted $3.3 million. October ended with roughly $515 million in net outflows, while November’s first three reported sessions added another $1.16 billion in withdrawals.
Bitcoin’s recovery put the $80,000 resistance back in focus. The immediate resistance zone sits between $79,500 and $80,000, and a break above that range could open the door toward $82,000 if ETF outflows continue shrinking. However, failure to clear $80,000 could leave BTC vulnerable to another rejection, with a return below $77,000 exposing the recent $75,600 low.
The path higher remains tied to whether institutional investors return to spot Bitcoin ETFs and whether BTC can establish $78,000 as support with stronger buying volume.
