Key Takeaways
- • US spot Bitcoin ETFs recorded $398.26 million in net outflows on Monday, following $202.59 million in outflows in the final week of October and $515.03 million for the month of October, per SoSoValue data cited by Invezz.
- • Bitcoin has posted four consecutive weekly declines and traded near $76,500-$76,585 on Tuesday, November 3, with analysts watching the $75,597 weekly support level (50-week SMA).
- • October's $515.03 million in net ETF outflows broke a three-month streak of positive monthly inflows, signaling waning institutional accumulation.
- • Binance's reported $6.3 billion security breach on October 29, spanning assets across ten blockchain networks, continues to weigh on sentiment; customers withdrew roughly $5.14 billion within 24 hours of the exchange resuming operations.
- • Technicals are mixed: weekly RSI near 49 and daily RSI near 34, with a sustained break below the 200-day EMA at $76,466 flagged as a risk to a deeper correction toward the 200-week SMA near $67,776.
Summary
Bitcoin remained under selling pressure on Tuesday, November 3, trading around $76,585 after a fourth consecutive weekly decline. Invezz reports that the leading cryptocurrency is being weighed down by weakening institutional demand and lingering concerns over a major security incident at Binance.
According to SoSoValue data cited in the report, US spot Bitcoin ETFs registered approximately $202.59 million in net outflows during the final week of October. Outflows continued into the new week, with $398.26 million withdrawn from the funds on Monday. October closed with $515.03 million in net outflows, ending a three-month run of positive monthly inflows. The article characterizes this as institutional investors becoming increasingly hesitant to accumulate Bitcoin amid heightened market uncertainty.
The Binance breach compounds the pressure. The exchange reported a $6.3 billion security breach on October 29, with attackers targeting assets across ten blockchain networks. Binance said customer holdings would remain protected, with losses to be covered through its Secure Asset Fund for Users (SAFU) and corporate reserves, and it temporarily restricted withdrawals during additional security checks. Customers withdrew approximately $5.14 billion within 24 hours after operations resumed, roughly 3% of platform assets. Binance has since reported stabilizing activity and continued significant customer deposits.
On the technical side, BTC fell roughly 2.25% last week and traded near $76,500 on Tuesday. The next significant downside level is the 50-week SMA at about $75,597; a weekly close below it could expose the 200-week SMA near $67,776. The weekly RSI sits around 49, just below neutral, and the MACD histogram remains positive but is contracting. On the daily chart, RSI is near 34 and MACD remains below zero, while price sits just above the 200-day EMA at roughly $76,466. Resistance levels cited include the 100-day EMA near $77,821, the 50-day EMA near $80,287, the 61.8% Fibonacci retracement at about $78,661, and the psychological $85,000 level.
The article concludes that a sustainable recovery likely requires stronger institutional participation and improved sentiment, and that continued ETF withdrawals or a break below $76,466 could push prices toward the $75,597 support zone.
According to SoSoValue data cited in the report, US spot Bitcoin ETFs registered approximately $202.59 million in net outflows during the final week of October. Outflows continued into the new week, with $398.26 million withdrawn from the funds on Monday. October closed with $515.03 million in net outflows, ending a three-month run of positive monthly inflows. The article characterizes this as institutional investors becoming increasingly hesitant to accumulate Bitcoin amid heightened market uncertainty.
The Binance breach compounds the pressure. The exchange reported a $6.3 billion security breach on October 29, with attackers targeting assets across ten blockchain networks. Binance said customer holdings would remain protected, with losses to be covered through its Secure Asset Fund for Users (SAFU) and corporate reserves, and it temporarily restricted withdrawals during additional security checks. Customers withdrew approximately $5.14 billion within 24 hours after operations resumed, roughly 3% of platform assets. Binance has since reported stabilizing activity and continued significant customer deposits.
On the technical side, BTC fell roughly 2.25% last week and traded near $76,500 on Tuesday. The next significant downside level is the 50-week SMA at about $75,597; a weekly close below it could expose the 200-week SMA near $67,776. The weekly RSI sits around 49, just below neutral, and the MACD histogram remains positive but is contracting. On the daily chart, RSI is near 34 and MACD remains below zero, while price sits just above the 200-day EMA at roughly $76,466. Resistance levels cited include the 100-day EMA near $77,821, the 50-day EMA near $80,287, the 61.8% Fibonacci retracement at about $78,661, and the psychological $85,000 level.
The article concludes that a sustainable recovery likely requires stronger institutional participation and improved sentiment, and that continued ETF withdrawals or a break below $76,466 could push prices toward the $75,597 support zone.
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