Bitcoin ETFs record $1.28 billion in weekly outflows, their largest since June, as BTC falls below $75,000 amid rising Treasury yields, tech stock losses, and rate hike fears.
Table of contents
- U.S. spot Bitcoin ETFs lost $1.28B in the week ended Nov. 6, the worst week since June, led by IBIT as BTC fell to $73,500 on Nov. 8
- Pressure came from October payrolls, which raised December hike bets, plus a 10-year yield near 4.9% and a Nov. 5 tech rout (Nasdaq -5.52%, SOX -12.25%)
- BTC is below its 50-week SMA (~$75,492) and the short-term holder cost basis, with RSI near 35, and the October CPI on Nov. 10 is the next catalyst
Bitcoin ETFs recorded their largest weekly withdrawals since June, with investors pulling approximately $1.28 billion from U.S. spot Bitcoin products during the week ended November 6.
The withdrawals came as Bitcoin price fell below $75,000, extending a market correction that has been accompanied by leveraged liquidations, weakening institutional demand and uncertainty over the US economic outlook.
Weekly Bitcoin ETF flows. Source: SoSoValue
Data from SoSoValue showed that the 12 U.S. spot Bitcoin ETFs recorded $1.28 billion in net outflows during the five trading sessions, significantly higher than the $202.59 million withdrawn in the previous week.
The latest figures also reversed the $304.73 million in inflows recorded during the week ended October 23, when institutional demand briefly returned.
BlackRock's Bitcoin ETF loses $1.21 billion as investor withdrawals accelerate
BlackRock’s iShares Bitcoin Trust (IBIT) led withdrawals, losing $1.21 billion. The fund recorded outflows across six consecutive trading sessions through November 6, bringing withdrawals since October 30 to approximately $1.44 billion.
On November 6 alone, IBIT recorded $403 million in net outflows, while Fidelity's Wise Origin Bitcoin Fund (FBTC) attracted $42.82 million.
Fidelity's weekly performance also remained positive, with approximately $93 million in net inflows despite losing nearly $200 million during Thursday's session.
Other funds reported outflows as Grayscale’s Bitcoin Trust (GBTC) lost $11.11 million, while Bitwise’s BITB and ARK 21Shares’ ARKB shed $20.55 million and $20.09 million, respectively.
U.S. spot Bitcoin ETFs retained $55.70 billion in cumulative net inflows as of November 6. Their net assets totaled $95.90 billion, 6.28% of Bitcoin’s market capitalization.
However, assets under management fell from $107.98 billion at September’s end to $98.14 billion at October’s close.
Demand weakened in October, when the funds recorded $515.03 million in net outflows, reversing inflows of $2.65 billion in September and $3.52 billion in August.
Bitcoin slides as rising Treasury yields and tech stocks intensify market pressure
The Bitcoin price fell below $76,000 last week and reached $73,500 on November 8, its lowest level since August 21. After recovering above $75,000, it retreated to $74,500 on November 9, down about 2% in 24 hours and 5% over seven days.
Bitcoin extended its decline as rising US interest rate expectations, technology stock losses, and uncertainty over crypto regulation weighed on investor sentiment.
US nonfarm payrolls increased by 165,000 in October, above forecasts for 65,000, while unemployment fell to 4.1%. The data prompted traders to raise bets on a 25-basis-point Federal Reserve rate hike in December.
Source: CME Group
The US 10-year Treasury yield climbed toward 4.9%, increasing pressure on Bitcoin and other assets sensitive to borrowing costs.
The pressure intensified during a technology selloff on November 5 as Nasdaq fell 5.52%, while the Philadelphia Semiconductor Index lost 12.25%.
Political uncertainty has added to the mood as Democrats’ gains in the US midterm elections have raised doubts about whether Congress will advance the CLARITY Act before year-end.
Tensions involving Iran have kept energy markets and inflation concerns in focus. Traders are watching the October Consumer Price Index report, due November 10, for clues about the Fed’s next move.
The decline also triggered substantial liquidations across cryptocurrency derivatives markets. CoinGlass data showed that approximately $1.12 billion in leveraged positions were liquidated over 24 hours, with long positions accounting for around $931 million.
Bitcoin recorded approximately $278 million in liquidations, while Ethereum saw roughly $455 million.
Can Bitcoin reclaim $78,000, or will sellers push BTC lower?
Technical indicators have also weakened as Bitcoin struggles to recover above nearby resistance levels.
BTC has already fallen below its 50-week simple moving average (SMA), positioned around $75,492, and was approaching its 21-week SMA near $73,078. It also traded below the short-term holder cost basis of approximately $75,691, according to CryptoQuant.
This metric tracks the average acquisition price of coins that last moved within the previous 155 days.
The daily Relative Strength Index (RSI) stood around 34.56, below its moving average of 39.03 and approaching the oversold threshold of 30.
Crypto analyst Rekt Capital said sellers would need to show signs of exhaustion before the market could establish a more reliable bottom.
Another assessment from More Crypto Online identified $75,600 as an important resistance level, with the recent low around $73,692 remaining a level to watch.
If selling continues and Bitcoin loses its recent support, the next downside region identified by the analyst lies between $71,252 and $67,868.
On the upside, Bitcoin would need to reclaim $75,600 and establish support above $78,186 before traders could begin assessing a stronger recovery.
The $80,000 and $84,000 levels also remain important resistance areas in the current technical outlook.
Hassan Shittu is a Web3 and finance journalist and editor with over six years of experience writing for crypto-native, stock market and tech publications. A five-year Web3 trader with hands-on experience in meme coins and NFTs, he brings firsthand market knowledge and a technical writing background to his coverage. Outside of crypto, he enjoys football.
