Spot BTC ETFs saw outflows for a second straight day, while Binance net withdrawals surged to $4.72 billion. I’m not catching this falling knife below $77,000.
On November 2, U.S. spot BTC ETFs saw net outflows of $398.6 million, marking a second consecutive day of outflows. BlackRock’s IBIT alone saw about $405 million in outflows, its biggest single-day total since June.
Since Binance reopened, net withdrawals have climbed to $4.72 billion, up from $3.64 billion on Sunday. BTC briefly fell below $77,000 on November 3, to around $76,800. Liquidations over 24 hours totaled $365.9 million, with longs accounting for 83.8%.
I don’t think this is simply an overextended sell-off. It reflects a double loss of confidence, with institutions cutting exposure and users withdrawing funds. I’d treat any rebound as a bull trap for now.
I’m watching, not trading. I’ll talk about a potential bottom only if it gets back above around $78,700, near the November 2 high. A drop below $76,570, the November 2 low, would show that the weakness isn’t over.
Which do you choose: wait for institutional funds to flow back in before reassessing, or is this already the bottom?
$BTC $ETH
#比特币 #ETF
On November 2, U.S. spot BTC ETFs saw net outflows of $398.6 million, marking a second consecutive day of outflows. BlackRock’s IBIT alone saw about $405 million in outflows, its biggest single-day total since June.
Since Binance reopened, net withdrawals have climbed to $4.72 billion, up from $3.64 billion on Sunday. BTC briefly fell below $77,000 on November 3, to around $76,800. Liquidations over 24 hours totaled $365.9 million, with longs accounting for 83.8%.
I don’t think this is simply an overextended sell-off. It reflects a double loss of confidence, with institutions cutting exposure and users withdrawing funds. I’d treat any rebound as a bull trap for now.
I’m watching, not trading. I’ll talk about a potential bottom only if it gets back above around $78,700, near the November 2 high. A drop below $76,570, the November 2 low, would show that the weakness isn’t over.
Which do you choose: wait for institutional funds to flow back in before reassessing, or is this already the bottom?
$BTC $ETH
#比特币 #ETF
