Overview
- U.S. spot Bitcoin ETFs posted a sixth straight day of net redemptions, totaling more than $2.05 billion over the streak, with a $137 million outflow on Nov. 5 led by a $375 million withdrawal from BlackRock’s IBIT and partially offset by inflows to Fidelity’s FBTC and Ark’s ARKB.
- Derivatives trackers recorded another leverage flush with hundreds of millions of dollars in liquidations over 24 hours, continuing a deleveraging phase that accelerated after the Oct. 10 wipeout.
- On-chain metrics show fading demand as supply in profit drops to roughly 71%, rebounds stall near the short‑term holder cost basis around $112,500, and long‑term holders have distributed about 300,000 BTC since July.
- Bitcoin trades near $103,000 after bouncing from an intraday low close to $99,000, with technicians watching resistance around $106,000 and support in the $100,000–$98,000 area for the next directional cue.
- Analysts remain split between calling the pullback a healthy reset and warning of further downside influenced by macro liquidity and weakened institutional flows, and Galaxy Digital lowered its year‑end target to $120,000.