BlackRock's IBIT Leads $1.04 Billion Wave of Bitcoin (BTC) ETF Outflows

ETF Redemptions Pass $1 Billion

Bitcoin (BTC) price climbed back to near $77,900 on Tuesday after two straight sessions of net outflows from US spot ETFs left the market carrying a $1.04 billion exit. Fund flow records show redemptions of about $643.2 million on Oct 30, followed by another $398.6 million on Nov 2, and the pressure carried into the Nov 3 session, when the coin slipped to roughly $76,300 intraday. Market data placed the 24-hour trading range between $76,270 and $78,017, a band less than $1,800 wide. At the latest reading before publication the price stood near $77,498, up 0.73% on the day, and it has since edged about 0.1% higher. Outflows continued into Nov 3 as well, so the two-day total of $1.04 billion does not yet capture the full stretch. Derivatives markets added strain during the dip: sell orders dominated, and forced liquidations of leveraged positions rose, a combination that amplified the swings. A spot ETF holds Bitcoin (BTC) directly on behalf of shareholders, so net redemptions translate into immediate sell pressure on the underlying coin, which is exactly what the last two recorded sessions delivered. That mechanism explains why these flows matter beyond their size: the ETF channel has been the dominant source of marginal demand for the asset, and sustained net selling through it removes the market's most consistent bid. The coin now changes hands around $77,906, up about 1.4% over 24 hours, with a market cap of roughly $1.57 trillion. Even after the bounce, the flow picture remains the thread running through the week, and the $1.04 billion total is the measure against which the wider Bitcoin market is being judged.

COINOTAG's composite support and resistance scoring frames the rebound as a fight over a narrow band. The nearest resistance sits at $78,118, where the 100-day EMA, the R1 pivot and the 0.382 Fibonacci retracement converge for a score of 96 out of 100, with a second cluster at $79,628 above it. Support is nearly as firm at $76,161, built on the lower Bollinger Band, the 100-day SMA and the 200-day EMA, and scored 89 out of 100. Positioning is mixed: perp funding runs at 0.0071%, effectively neutral, while the long/short account ratio reads 2.50, meaning 71.4% of accounts still lean long. Momentum has not turned either, with the daily RSI at 39.9 and the composite still labeling the trend a downtrend. The full set of levels updates on our Bitcoin technical analysis page.

IBIT Bore the Brunt on Nov 2

BlackRock's IBIT, the largest spot Bitcoin (BTC) ETF by assets, accounted for the bulk of the Nov 2 redemptions, shedding about $405.3 million in a single session. Fidelity's FBTC moved the other way, taking in roughly $6.7 million, one of the few products in the complex to post a net gain. The split shows the departures are concentrated among large institutional holders rather than spread evenly across the product line, and it is why the two-day total stands at $1.04 billion. The broader risk backdrop has offered the rebound little help, and equity weakness was one of the pressures the Nov 3 session had to absorb. Semiconductor stocks led an equity sell-off that has taken 10% off the Nasdaq 100 from its recent high, and the weakness spread to Asian markets including South Korea, leaving investors cautious across risk assets in general. Politics adds one more variable. Voters went to the polls in the United States midterm elections on Nov 3, and the resulting composition of Congress, along with the policy path that follows, is what participants are watching for clarity. A decisive outcome could lift some uncertainty from investor psychology, although its concrete effect on the Bitcoin (BTC) price is not yet established. Earlier coverage tracked how the coin reclaimed $77,500 after its intraday dip, separate analysis noted BTC traded 5.2% above its 200-day average on midterm election day, and Citi has since pitched Bitcoin ETFs to wealth clients, a sign the institutional distribution channel keeps widening even as this week's flows run negative. The standing reading is therefore unchanged: about $1.04 billion left the ETF complex over Oct 30 and Nov 2, led by IBIT, and that figure shifts only when daily flows turn positive again or the post-election policy picture gives institutions a reason to rejoin the bull market.