$BTC Bearish Bias
Bitcoin ETFs just had their worst week in months. US spot funds shed about $1.28 billion between November 2 and 6, the biggest weekly outflow since late June, and in the process they gave back everything they had gained this year. According to SoSoValue, the funds opened the week roughly $368 million in the black for 2026 and closed it about $914 million in the red. Some trackers say $919 million; the gap comes down to how each one counts.
It did not happen in a vacuum. A tech sell-off, a new balance of power in Washington and a tougher message from the Fed all showed up in the same few days, and crypto got caught in the middle.
How the money walked out
Monday was already ugly, with about $399 million leaving, and Tuesday added another $116 million. Wednesday brought a small reprieve, roughly $75 million of inflows, which now looks like a pause rather than a turn. Thursday saw $430 million go out and Friday another $412 million. Thursday and Friday together account for about two-thirds of the week's net outflow.
BlackRock's iShares Bitcoin Trust, better known as IBIT, did most of the damage. It lost around $1.21 billion on the week and has now had six straight sessions of outflows. On Thursday, not one spot Bitcoin ETF issuer finished with net inflows. When every fund bleeds on the same day, it usually points to the whole market cutting risk rather than anyone souring on a single product.
Thursday's $430.2 million outflow by issuer:
Fidelity (FBTC): -$199.9M
iShares (IBIT): -$105.0M
Grayscale (GBTC): -$49.9M
Franklin: -$32.9M
VanEck: -$23.6M
ARK 21Shares: -$18.9M
The selling was not limited to Bitcoin. Ethereum and Solana ETFs also posted outflows after the election, and on Thursday alone withdrawals across spot crypto ETFs topped $540 million.
What it did to the price
Bitcoin is hovering around $75,000 and is down about 13.5% for the year. It dropped roughly 5.6% on Thursday, wiping out an early-week bounce, and it closed the week below its 50-week moving average, near $75,222. That makes five weekly losses in a row.
Leverage made the fall steeper. More than $1 billion in positions were liquidated over the stretch, and about $880 million of that came in a single session, mostly traders betting on a rise. Chart watchers are looking at $75,900 first, then the 200-week average near $69,500 if things slip further. Short-term holders have also been sending more coins to exchanges at a loss, which is often what capitulation looks like early on.
Sentiment has followed the price. The Crypto Fear and Greed Index has slid to 32, firmly in fear territory.
Three things hit at once
The tech sell-off. Crypto has been trading more and more like a tech stock, so when doubts about AI spending hit the Nasdaq, which fell about 5.5% in one session, Bitcoin went down with it. IG's chief technical analyst put it plainly: Bitcoin got pulled into the AI rout as investors rushed to reduce risk across both markets.
The midterms. Democrats took both the House and the Senate. The first reaction was selling, but the bigger question is legislative. Analysts now see real doubt around the CLARITY Act, the market structure bill the industry has been waiting on, and at least one research firm does not expect it to pass before the end of the year.
The Fed. A stronger-than-expected jobs report pushed traders toward the idea that interest rates will stay high for longer, and some outlets point to growing odds of further tightening. Bitcoin pays no yield, so it tends to struggle when rates look stickier.
Smaller stories worth knowing
Paxos reported delays on Ethereum withdrawals starting at 12:01 AM UTC on November 9. South Korea is moving to block 27 crypto websites, reportedly including KuCoin and MEXC. Binance says it will close its mining pool services this month, and FTX's old mining venture is being repurposed to support AI workloads. None of it will move the market on its own, but together it shows an industry dealing with friction on several fronts while confidence is already low.
What to watch next
The cleanest signal is whether IBIT's outflow streak finally breaks. After that, watch upcoming US inflation numbers and anything the Fed says about rates. On the chart, a sustained break below roughly $74,000 would bring the $69,500 area into view, while a recovery above the 50-week average would be the first real sign the trend is turning. In Washington, any hint about the CLARITY Act's timeline under the new Congress will matter.
The bottom line
This was not really a crypto-only shock. A falling tech sector, an unexpected political shift and rate worries landed together, and leveraged traders amplified every move. What makes the ETF numbers notable is who is selling: the institutional buyers who fueled much of the earlier rally are stepping back just as the macro picture turns shaky. Whether that is a pause or the start of a longer retreat will depend more on the economic data over the next few weeks than on anything happening inside crypto itself.
Sources: SoSoValue, Farside, The Block, Benzinga, FXStreet, Crypto.news, 24/7 Wall St., CoinCentral, Coinpaper, Cointelegraph. Figures vary slightly between data providers and prices move quickly. For information only, not investment advice.