Prices fell and then rose, and the market’s interpretation shifted along with them. Rather than rushing to declare the bull market back, the bigger question is: who is buying this rebound?

Reports show that Bitcoin rebounded from below $76,000 to around $77,700, moving back toward $78,000. These are prices at the time of reporting, not real-time quotes.

On the same day, Farside’s fund flow table showed a different set of figures: U.S. spot Bitcoin ETFs saw net outflows of approximately $115.6 million on November 3, $398.6 million on November 2, and $643.2 million on October 30.

Outflows totaled approximately $1.1574 billion over three trading days. Outflows on the latest day were about 71% lower than the day before, but reduced outflows are clearly not the same as net inflows.

Why can the price rise while ETFs are still seeing outflows? Because ETFs are only one source of demand, and subscriptions and redemptions during U.S. trading hours do not occur in exactly the same time window as subsequent price movements during Asian hours. Other spot buying, short covering, and hedging adjustments can all affect prices.

As the election results become clearer, positioning may also change. Investors who had bought protection ahead of the event or proactively reduced risk may readjust their exposure. However, this is only one explanation for the rebound. Not every rising trade should be attributed to the same news item, and it certainly does not mean that all bad news is already priced in.

I would split the next phase of validation into two parts. First, look at selling pressure: Can ETF outflows continue to narrow, and is there sustained buying support during pullbacks? Second, look at new demand: Are spot inflows improving, and is the rally becoming increasingly dependent on leverage? If it is driven mainly by short covering, new buyers will need to step in once those positions are closed.

Another easily overlooked issue is the trading instrument. Bitcoin spot, futures, and crypto-related stocks do not have the same return mechanics. Spot positions are exposed to price fluctuations, while futures also involve margin, funding rates, and liquidations. Related stocks, meanwhile, are also affected by changes in company operations, financing, and valuation.

That is also why, when observing multiple markets, it is not enough to compare price changes alone. BiyaPay connects U.S. and Hong Kong stocks, digital assets, and platform-supported fund conversion options, making it a starting point for exploring different markets and trading routes. It supports spot and futures trading in digital assets such as BTC and ETH, with 0 trading fees on Maker limit orders, helping keep trading costs under control.

Whether you are starting with account opening and preparing funds, or comparing the efficiency of transactions through an existing account, what is really worth working out is what you are buying, how your trades are executed, and what costs you will incur. Convenience can improve the process, but it cannot replace sound asset judgment.

$78,000 is not automatically a clear breakout signal. Round-number levels make for easy headlines, but whether the trend is improving depends on whether prices can attract sustained buying support. A rapid one-off surge and a recovery in demand lasting several days or even weeks are evidence of different significance.

This rebound is worth tracking, but I would not conclude from a single rising price chart that the trend has already reversed. The price has sent an initial signal; next, we need to see whether spot activity, ETFs, and positioning structure corroborate one another. Improving capital flows would make it more likely for the rebound to move beyond event-driven sentiment.