Key takeaways
- Bitcoin falls below $77,000 as selling intensifies
- Spot ETFs lose $1.04 billion across two sessions
- Losing $73,000 could expose $70,000 downside target
Bitcoin fell below $77,000 on November 3, extending its recent decline as institutional withdrawals and weakening market sentiment raised the possibility of another correction toward $70,000.
BTC traded near $76,455, down approximately 2.2% over 24 hours, after failing to sustain Monday's recovery above $78,000.
According to Farside Investors, US spot Bitcoin ETFs recorded $398.6 million in net outflows on November 2, following $643.2 million in withdrawals during the previous trading session.
The latest decline extends the October ETF selloff, which previously erased nearly two-thirds of Bitcoin funds' 2026 net inflows.
Bitcoin ETF Outflows Exceed $1 Billion as BlackRock Withdrawals Accelerate
Combined Bitcoin ETF withdrawals reached approximately $1.04 billion across October 30 and November 2, signaling renewed pressure on institutional demand.
BlackRock's iShares Bitcoin Trust recorded $405.3 million in outflows on Monday, its largest daily withdrawal since June.
The latest BlackRock withdrawals exceeded the overall ETF market's net outflow because Fidelity's FBTC attracted approximately $6.7 million.
However, fund redemptions do not necessarily represent equivalent immediate spot-market sales.
The selling coincides with continued uncertainty following the Binance security breach, which triggered cryptocurrency liquidations and damaged market confidence.
Bitcoin has also struggled alongside technology equities, where investors have become increasingly cautious about expensive AI infrastructure investments.
Bitcoin Price Prediction: $75,000 and $73,000 Become Critical
Bitcoin's immediate technical outlook depends on whether buyers can defend the $76,300–$76,500 region.
The cryptocurrency briefly approached $76,300 during Friday's decline, making that area an important reference for near-term support.
A sustained breakdown below $76,000 could expose $75,000, followed by the $73,000–$75,000 demand zone highlighted in earlier Coinbase analysis.
Below $73,000, the psychological $70,000 level becomes a plausible bearish target, representing approximately 8.4% downside from $76,455.
However, this would require additional selling pressure rather than simply another temporary decline below $77,000.
On the upside, Bitcoin must first recover $78,000–$78,500 before challenging $80,000.
The previous November recovery attempt failed to establish lasting momentum, leaving former support levels acting as potential resistance.
US Elections and Jobs Report Could Increase Bitcoin Volatility
Bitcoin's next move also depends on broader financial conditions.
The November 3 US midterm elections and November 6 employment report could influence investor positioning and expectations for Federal Reserve interest rates.
Recent AI stock weakness has already weighed on risk appetite, potentially making cryptocurrency recoveries more difficult.
