Recent outflows from US Bitcoin and Ethereum ETFs give me a reason to stay patient. Bitcoin ETFs recorded around $1.16 billion in net withdrawals across October 30, November 2 and November 3. Ethereum ETFs saw another $225 million leave over November 2–3. These funds represent only part of crypto trading, but the withdrawals suggest caution extends beyond Bitcoin.
There is a small positive: Bitcoin’s daily ETF outflows became smaller over those three sessions. That is worth watching. Still, smaller withdrawals do not mean fresh money is coming in. Several days of net inflows would give me more confidence that demand is improving.
Bitcoin can bounce while these funds see withdrawals. Other buyers may step in, and traders closing shorts can help push price higher. We cannot tell from this chart how much each group contributed. What matters next is whether buyers can hold the gains once the first burst of buying slows.
For me, 78800 is the key level here. If Bitcoin breaks above it and holds it on a pullback, I’ll consider a long. That would show buyers are willing to defend a higher price and give the recovery more room to continue.
If price gets rejected at 78800 and the rebound fades, 76400 comes back into focus. The quick recovery is encouraging, but another test of support is still possible.
For now, I’m open to a recovery, but I won’t chase this bounce into resistance. Recent ETF flows remain negative, and price still has to prove it can hold above 78800. That is the confirmation I’m waiting for.
❗This setup is for educational purposes and reflects how I’m navigating the market, not a financial recommendation. Trading carries risk, so please protect your capital and manage your own risk!
