Bitcoin Reclaims $76,000 After a $430 Million ETF Outflow Day — What the Flows Are Telling Traders

Intro

Bitcoin fell to about $75,200 on Thursday, its lowest level since mid-September, then clawed its way back above $76,000 on Friday, November 6. The bounce came on one of the ugliest days of the year for crypto funds: US spot Bitcoin ETFs lost $430.2 million in a single session, and more than $1.27 billion in leveraged positions were liquidated in 24 hours. The recovery is real, but the flows behind it tell a more cautious story than the price alone suggests.

A $430 million exit in one day

Thursday's ETF numbers, tracked by Farside Investors, were the worst of a bad week. Fidelity's FBTC led the withdrawals with $199.9 million — a sharp reversal from the $236.7 million it took in just one day earlier, on Wednesday. BlackRock's IBIT lost $105 million, its fifth straight session of outflows, taking its withdrawals since October 30 above $1 billion. Grayscale's GBTC shed $49.9 million, Franklin Templeton's EZBC lost $32.9 million and VanEck's HODL gave up $23.6 million.

Put together, the first four November trading sessions have now seen roughly $869.8 million in net outflows from US spot Bitcoin ETFs. Ethereum funds were not spared either: spot Ether ETFs lost $99.9 million on Thursday, led by BlackRock's ETHA at $75.2 million. Ether itself fell 7.8% to $2,206.

The selling was not only an ETF story. CryptoQuant reported that selling volume overtook buying volume on both Binance and Coinbase, the two largest exchanges, and Bitcoin's open interest still rose to $22.1 billion even as liquidations piled up — a sign that traders were adding leveraged bets into the fall, not just closing them.

What triggered the selloff

The trigger sat outside crypto. The Nasdaq Composite fell 5.5% on Thursday, its worst session since April 2025, after the Democratic sweep of both chambers of Congress in the midterm elections raised fears of new restrictions on AI infrastructure spending. The selling carried into Asia, where South Korea's Kospi dropped as much as 8.8% and triggered a 20-minute trading halt.

Crypto, as it has all year, followed risk assets down — only faster. Bitcoin fell 5.3% over the day, the CoinDesk 20 index dropped 6.17%, and the GMCI 30 index of top cryptocurrencies fell 6.4%. According to CoinGlass, about $1.26 billion in crypto positions were liquidated in 24 hours, hitting nearly 211,000 traders, and roughly $1.1 billion of that was bullish long positions being wiped out. Funding rates briefly turned negative on Bybit, hitting −5% annualised, before settling back between 0% and 5% elsewhere. The Fear & Greed Index sat at 28 — firmly in fear territory.

The levels that matter now

Technicians are watching a narrow band. Immediate resistance sits near $77,900, the level Bitcoin needs to reclaim to argue the bounce is more than a dead-cat rebound. On the downside, support lies around $75,300 — the area that held on Thursday — with $72,000 the next significant target if it breaks. Wintermute OTC trader Jasper De Maere sees $73,000 and $68,000 as the potential downside targets, and notes Bitcoin would need to reclaim and hold $78,400 — the 50-week exponential moving average it has now lost — to repair the medium-term trend. A weekly close below that average typically signals a break in the bullish trend.

• Resistance: $77,900, then the 50-week EMA near $78,400
• Support: $75,300, then $72,000, then $68,000
• ETF flows: $430.2M out on Nov 5; ~$869.8M out across the first four November sessions
• Liquidations: ~$1.27B in 24 hours, ~211,000 traders, ~$1.1B of it longs

Why the flows matter more than the bounce

A one-day bounce after a 5% fall is normal market behaviour. What is not normal is the persistence of the outflows. Before Wednesday's brief $74.6 million inflow, the funds had been bleeding for days, and the speed of Thursday's reversal — FBTC swinging from a $236.7 million inflow to a $199.9 million outflow in 24 hours — shows how quickly institutional sentiment is turning.

That said, the picture is not one-sided. Whale wallets holding 1,000 or more Bitcoin are not sending coins to exchanges, according to CryptoQuant data, even during the selloff — large holders are holding, not exiting. And the bounce itself, from $75,200 back above $76,000 while the Nasdaq was still reeling, shows buyers stepping in at levels that mattered in September. The question for the weekend is whether the ETF bleeding slows. If outflows accelerate next week and persist beyond three to five sessions, the picture changes. If they stabilise, Thursday starts to look like a washout rather than the start of something worse.

FAQ

Why did Bitcoin fall on November 6? A sharp selloff in US technology stocks after the midterm elections spread into crypto. The Nasdaq fell 5.5%, its worst day since April 2025, and leveraged crypto positions worth over $1.27 billion were liquidated in 24 hours.

How much did Bitcoin ETFs lose on November 5? US spot Bitcoin ETFs recorded $430.2 million in net outflows, led by Fidelity's FBTC at $199.9 million and BlackRock's IBIT at $105 million. It was IBIT's fifth straight session of outflows.

What are the key Bitcoin price levels to watch? Resistance near $77,900 and the 50-week moving average around $78,400. Support at $75,300, then $72,000, with $73,000 and $68,000 flagged as downside targets by Wintermute's Jasper De Maere.

Is the Bitcoin bounce sustainable? It depends on the flows. The recovery above $76,000 is encouraging, and large holders are not moving coins to exchanges — but ETF outflows of $869.8 million across the first four November sessions show institutional demand has not returned yet.

What to watch next

Traders are now looking at the US jobs report, which landed at 8:30 a.m. EST on Friday and beat forecasts by a wide margin, and at whether ETF flows stabilise next week. The slide itself — Bitcoin crashing below $76,000 with $1 billion in liquidations — was covered in our report from Thursday: https://zimbuck.com/blogs/1347/Bitcoin-Crashes-Below-76-000-1-Billion-in-Liquidations-as. For the other side of the flow story, our earlier report on Fidelity's $236.7 million inflow day (https://zimbuck.com/blogs/1251/Fidelity-s-FBTC-Pulled-in-236-7-Million-in-One) shows how fast the mood can swing both ways. CoinDesk's daybook covered the day's flows and liquidations in detail: https://www.coindesk.com/daybook-us/2026/11/06/over-usd1-billion-in-bullish-bets-liquidated-while-etf-flows-suggest-no-help-in-spot-market — and more discussion and analysis can be found on the Zimbuck News page at https://zimbuck.com/pages/zimbucknews and in the Zimbuck Market News group at https://zimbuck.com/groups/zimbuckmarketnews. Follow the flows, not just the price — and join the conversation on Zimbuck, the finance social platform for traders and investors, at https://zimbuck.com.

This article is market news and general information only. It is not financial advice. Always do your own research before making any investment decision.