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Bitcoin climbed back above $78,000 after falling to a six-week low, despite U.S. spot Bitcoin ETFs recording $1.16 billion in outflows over three consecutive trading sessions. The recovery followed a sharp slowdown in daily withdrawals, allowing buyers to regain some ground after a heavy selloff triggered by expectations of Democrats winning control of Congress.
BTC rose to $78,500, recovering from its overnight decline as cryptocurrency markets moved higher alongside U.S. stock futures. The rebound came after a challenging period for Bitcoin, with concerns over security and uncertainty about U.S. politics weighing on market sentiment.
Recent ETF data points to easing selling pressure, although institutional demand has yet to return meaningfully. Daily withdrawals fell from $643.2 million on October 30 to $115.6 million on November 3, coinciding with Bitcoin’s recovery from its six-week low.

Bitcoin ETF Outflows Reach $1.16 Billion Over Three Sessions

U.S. spot Bitcoin ETFs posted net outflows for three consecutive trading sessions, with total withdrawals reaching approximately $1.16 billion. Investors pulled $643.2 million on October 30, followed by $398.6 million on November 2 and a further $115.6 million on November 3.
BlackRock’s iShares Bitcoin Trust (IBIT) recorded the largest withdrawals on Tuesday, losing $95 million. Grayscale’s Bitcoin Mini Trust also saw $52.6 million leave the fund, adding to the broader outflow trend.
However, some Bitcoin investment products continued to attract inflows. Bitwise’s BITB brought in $21.9 million, while Fidelity’s FBTC received $6.8 million. Morgan Stanley’s MSBT added another $3.3 million.
The latest figures indicate that daily ETF withdrawals have declined by more than 80% from Friday’s peak. U.S. spot Bitcoin ETFs also ended October with approximately $515 million in net outflows, before recording another $1.16 billion in withdrawals during November’s first three reported sessions.
The reduction in daily selling provides some relief for Bitcoin investors, but ETF flows remain negative overall. Institutional participants are still cutting their exposure instead of returning to the market with significant new investments.
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Bitcoin Recovery Brings $80,000 Resistance Into View

Bitcoin’s latest rebound follows a steep decline that dragged its price to the lowest level in six weeks. Several factors have pressured the market, including the recent Binance security breach and uncertainty over the direction of U.S. cryptocurrency legislation.
Democrats securing control of both chambers of Congress raised concerns about the industry’s legislative prospects. Bitcoin has since recovered alongside equities as the initial market reaction eased and buyers returned.
The $80,000 mark has become the next major level to watch. Bitcoin faces resistance between $79,500 and $80,000, and a sustained move above this range could put $82,000 within reach. Continued reductions in ETF withdrawals could provide additional support for the recovery.
Still, Bitcoin must break above and hold $80,000 to establish a stronger bullish trend. Another rejection near resistance could expose the market to renewed selling pressure, particularly while ETF investors continue withdrawing funds. A decline below $77,000 could bring the recent low near $75,600 back into focus, where buyers previously emerged.
Bitcoin’s near-term direction will depend on whether it can establish $78,000 as support and build enough buying momentum to challenge $80,000. Slowing ETF outflows offer a positive signal, but a lasting recovery will likely require stronger spot-market demand rather than a temporary bounce.

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