Bitcoin did not truly “break above” $76,000 on Friday; it traded below that level. At the time of writing, BTC was around $75,950, down about 5.6% over 24 hours, after hitting an intraday low near $75,568 and successively losing the key $80,000, $78,000, and $76,000 levels.
The reversal in fund flows was even more direct. On November 5, U.S. spot #比特币 ETFs recorded $430.2 million in net outflows. Fidelity’s FBTC led with $199.9 million in outflows for the day, followed by BlackRock’s IBIT with $105 million. Not a single product recorded net inflows, completely reversing the roughly $74 million in net inflows the previous day. Month to date in November, cumulative ETF net outflows have reached $869.8 million, exceeding the $515.9 million total for all of October; outflows over the past five trading days alone reached $1.513 billion.
Liquidations on the leverage side were similarly concentrated. Over the past 24 hours, $1.26 billion in positions were liquidated across the market, including $1.116 billion in longs and just $144 million in shorts. Bitcoin long liquidations totaled about $300 million, while Bitcoin short liquidations were only $32.19 million—this was a long-driven cascade, not a short squeeze.
The deeper signal is the absence of spot demand. During the previous rebound, $BTC futures open interest remained largely flat at $53.4 billion, meaning the price rise was not accompanied by an influx of new leveraged capital.
In short: ETFs are bleeding, leveraged longs are being liquidated, and U.S. spot buyers are absent. Taken together, these factors mean that the “stabilization” around $76,000 has yet to be confirmed by fund flows.
The reversal in fund flows was even more direct. On November 5, U.S. spot #比特币 ETFs recorded $430.2 million in net outflows. Fidelity’s FBTC led with $199.9 million in outflows for the day, followed by BlackRock’s IBIT with $105 million. Not a single product recorded net inflows, completely reversing the roughly $74 million in net inflows the previous day. Month to date in November, cumulative ETF net outflows have reached $869.8 million, exceeding the $515.9 million total for all of October; outflows over the past five trading days alone reached $1.513 billion.
Liquidations on the leverage side were similarly concentrated. Over the past 24 hours, $1.26 billion in positions were liquidated across the market, including $1.116 billion in longs and just $144 million in shorts. Bitcoin long liquidations totaled about $300 million, while Bitcoin short liquidations were only $32.19 million—this was a long-driven cascade, not a short squeeze.
The deeper signal is the absence of spot demand. During the previous rebound, $BTC futures open interest remained largely flat at $53.4 billion, meaning the price rise was not accompanied by an influx of new leveraged capital.
In short: ETFs are bleeding, leveraged longs are being liquidated, and U.S. spot buyers are absent. Taken together, these factors mean that the “stabilization” around $76,000 has yet to be confirmed by fund flows.