Bitcoin Stabilizes as $399 Million Leaves Spot ETFs
What happened: Bitcoin recovered to approximately $76,900 after touching $76,300 during the November 3 session, CoinDesk reported, as investors weighed exchange-security concerns and the U.
What happened: Bitcoin recovered to approximately $76,900 after touching $76,300 during the November 3 session, CoinDesk reported, as investors weighed exchange-security concerns and the U.S. midterm elections. U.S. spot Bitcoin ETFs lost $399 million on November 2, their second consecutive outflow session, with BlackRock’s IBIT recording $405 million in withdrawals and Fidelity’s FBTC attracting $6.68 million. Separately, Binance customers had withdrawn a net $4.72 billion since the exchange’s Sunday reopening, including $3.64 billion on Sunday itself.
Why it matters: The reported recovery in Bitcoin’s price coexisted with withdrawals from both ETF products and Binance, suggesting that price stabilization alone provides an incomplete account of investor confidence. ETF redemptions and exchange withdrawals also measure different decisions: the former reduces exposure through investment products, while the latter can reflect customers relocating assets without necessarily selling them. CoinDesk reported Nasdaq futures rising 0.3% alongside crypto’s difficulties, supporting the interpretation that exchange-specific stress and fund flows contributed to the weakness, although that comparison cannot establish their precise contribution.
Source: CoinDesk.