Overview
- U.S. spot Bitcoin ETFs suffered heavy withdrawals in early November, with roughly $430.2 million pulled on Thursday and about $412 million reported for the next session, leaving November outflows in the high hundreds of millions to over $1 billion when combined.
- A leverage-driven derivatives unwind erased more than $1.1 billion to $1.27 billion of long positions within 24 hours, with the largest single liquidation windows concentrated in a four‑hour stretch that amplified the price drop.
- Bitcoin fell from about $80,000 to the mid‑$70,000s during the sell‑off and has been trading around $75,000–$76,000 as traders watch key technical support near $75k–$75.5k and upside resistance around $78k–$80k.
- On‑chain data sent mixed signals: large wallets showed accumulation and exchanges reported net withdrawals of thousands of BTC while retail‑size deposits to platforms rose, leaving overall spot demand ambiguous.
- Broader market forces intensified the move with a sharp tech/A.I. equity selloff and a stronger U.S. jobs report that raised Fed tightening odds, which together mean the next major catalysts are renewed ETF creations, exchange buying, or cooler macro data.