Bitcoin Price Falls to $76,455 as $399M ETF Outflows Put $76,400 Support at Risk

Bitcoin fell to around $76,455 on November 3, extending its recent decline as investors pulled nearly $399 million from U.S. spot Bitcoin exchange-traded funds (ETFs).

The price drop followed another difficult session for institutional crypto products. On November 2, U.S. spot Bitcoin ETFs recorded approximately $398.6 million in net outflows. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $405.3 million in withdrawals, while Fidelity's FBTC recorded a $6.7 million inflow. 

Bitcoin was down about 2.2% over 24 hours, according to market data reported on November 3. The decline brought the price close to the 76,400 - 76,500 area, which traders are watching as immediate support. 

Bitcoin ETF Outflows Add to Selling Pressure

The latest withdrawals extended a period of weak demand for U.S. spot Bitcoin ETFs.

The November 2 outflow followed approximately $643.3 million in net withdrawals on October 30. Across those two sessions, the funds lost roughly $1.04 billion.

BlackRock's IBIT recorded the largest withdrawal on November 2, with $405.3 million leaving the fund. That figure was larger than the combined net outflow across all Bitcoin ETFs because Fidelity's FBTC recorded a $6.7 million inflow.

The distinction is important. ETF net outflows measure the difference between money entering and leaving the funds through creations and redemptions. They do not necessarily mean the fund manager independently decided to sell the same dollar amount of Bitcoin on the open market.

Despite the recent withdrawals, U.S. spot Bitcoin ETFs still held around $98.6 billion in net assets. Their cumulative net inflows since launch remained approximately $56.6 billion, showing that the products have retained substantial capital despite the latest selling pressure. 

$76,400 Becomes an Important Bitcoin Support Level

Bitcoin's immediate focus has shifted toward the $76,400 area.

Crypto analyst That Martini Guy highlighted $76,400 as an important level after Bitcoin failed to recover its previous support near $79,500. The analyst warned that a convincing four-hour close below this area could expose the market to further downside. 

For now, the 76,400 - 76,500 range is a level to monitor rather than a confirmed price floor.

If buyers defend this area, Bitcoin could attempt to recover toward $78,000. A stronger rebound would need to bring the $79,500 region back into focus.

However, a sustained break below $76,400 could weaken the near-term structure. The $75,000 area and the 50-week moving average near $75,600 are among the next levels cited in recent market analysis. 

The market's reaction around these levels may offer a clearer indication of whether buyers are returning or sellers remain in control.

Ethereum ETFs Also Record Withdrawals

Selling pressure was not limited to Bitcoin funds.

U.S. spot Ethereum ETFs recorded approximately $139.7 million in net outflows on November 2. BlackRock's ETHA accounted for about $138.3 million of the withdrawals, while its ETHB product lost another $4.6 million. A $3.2 million inflow into Morgan Stanley's product partly offset the total. 

The withdrawals extended Ethereum ETFs' outflow streak to six trading sessions. This suggests that institutional demand has weakened across both major crypto ETF categories, rather than being limited to Bitcoin.

Still, ETF flows are only one part of the market. Spot demand, derivatives positioning, broader financial markets and investor confidence can all influence prices.

Binance Security Concerns Add to Market Caution

Bitcoin's decline has also come amid concerns following the reported Binance security breach on October 29.

Reuters reported that cryptocurrency prices fell after Binance disclosed a security issue and said more than $2.5 billion in assets had been frozen. Bitcoin dropped to a six-week low during the initial market reaction. 

The incident added another source of uncertainty for crypto investors. Subsequent reports also described large withdrawals from Binance after its services resumed, adding to concerns about market confidence. 

These developments coincided with ETF withdrawals and weaker market sentiment. However, the available evidence does not establish that any single event was responsible for Bitcoin's entire decline.

What Could Decide Bitcoin's Next Move?

The immediate question is whether Bitcoin can hold the $76,400 support area.

A defence of this level could give buyers an opportunity to push the price back toward $78,000 and potentially test the $79,500 resistance area. A sustained move below support, on the other hand, could bring lower levels into view.

ETF flows will also remain important. Another session of heavy withdrawals could reinforce concerns about institutional demand, while a return to positive flows may help ease some of that pressure.

For now, Bitcoin remains under pressure as ETF redemptions and wider market uncertainty weigh on sentiment. The $76,400 level is the immediate price area to watch, but the next few trading sessions will be more important in determining whether it holds.