Key takeaways
- Bitcoin ETFs lose 64% of annual net inflows
- BlackRock and Fidelity lead $643 million withdrawal surge
- BTC faces critical resistance near $80,000 this week
Bitcoin is trading near $78,000 on November 2 as a $643.3 million withdrawal from U.S. spot Bitcoin ETFs raises fresh questions about institutional demand and the cryptocurrency's ability to recover from October's selloff.
The October 30 outflow erased approximately 63.6% of the funds' accumulated 2026 net inflows in a single trading session. According to SoSoValue data, the funds entered Friday with slightly more than $1 billion in year-to-date net inflows, leaving roughly $368 million after the withdrawals.
Bitcoin ETFs Lose Nearly Two-Thirds of Annual Inflows
Friday marked the largest single-day Bitcoin ETF withdrawal since June 25, when investors removed approximately $696 million.
BlackRock's IBIT led with $233.7 million in outflows, followed by Fidelity's FBTC at roughly $201.4 million. ARK 21Shares' ARKB lost another $129.5 million, while Grayscale's GBTC recorded $53.3 million in withdrawals.
The reversal was particularly striking because the funds had attracted approximately $440.8 million over the preceding four trading sessions.
Friday's redemptions more than erased those gains, turning the entire week into a net outflow of approximately $202.5 million.
The development follows an earlier $680 million ETF exodus during October, demonstrating how unpredictable institutional allocations have become.
It also contrasts with the $1.1 billion inflow surge recorded during another three-session period earlier in the month.
Importantly, the 64% figure refers to 2026 net inflows, not the funds' total assets or their cumulative inflows since launching in 2024.
Bitcoin ETFs still held approximately $98.14 billion in net assets after Friday's session.
Bitcoin Price Prediction: Can BTC Hold $76,000?
Bitcoin has recovered toward $78,000 after briefly falling near $76,300 during Friday's market turmoil.
However, the cryptocurrency remains below $80,000, a level that served as important support before the latest Bitcoin price breakdown.
The first resistance area lies around $78,500, followed by $80,000. A sustained move above both could reopen the path toward $82,000–$83,000.
The latter region is particularly relevant because previous Bitcoin recovery attempts occurred when QCP Capital considered $80,000–$82,000 a potential buying zone.
That former support area could now act as resistance.
On the downside, $77,000 remains an immediate reference, followed by the recent low around $76,300.
A decisive breakdown below $76,000 could expose $75,000 and potentially $73,000 if selling pressure accelerates.
US Elections and Jobs Data Could Shape Bitcoin's Recovery
Bitcoin's next major test comes as investors prepare for the November 3 U.S. midterm elections and the November 6 employment report.
The labor-market figures could influence expectations for Federal Reserve interest rates, potentially affecting Treasury yields, the dollar and demand for risk-sensitive assets.
Meanwhile, the recent Binance hack selloff has introduced another source of uncertainty for cryptocurrency investors.
The latest withdrawals also complicate the previous recovery outlook, which depended partly on renewed institutional buying.
