Bitcoin recovered slightly after falling to about $76,300, but continued selling through spot exchange-traded funds and large net customer withdrawals from Binance kept pressure on the cryptocurrency market. According to CoinDesk, bitcoin was up 0.2% at around $76,900 since midnight UTC on November 3.
ETF outflows remain a drag
U.S. spot bitcoin ETFs recorded $399 million in net outflows for a second consecutive day. These products hold bitcoin directly and give investors exposure through regulated market vehicles, so persistent withdrawals can signal reduced demand from that segment of the market.
The latest outflow figure was reported alongside bitcoin’s brief dip to approximately $76,300. The cryptocurrency then steadied, though the ETF flows indicated that selling pressure had not fully eased.
Binance customers withdraw billions
CoinDesk also reported that Binance customers withdrew a net $4.72 billion. Binance is a major cryptocurrency exchange, and net withdrawals represent the difference between funds moving out and funds deposited over the period covered by the report.
The scale of the withdrawals added to uncertainty around market demand. The report also cited the U.S. midterm elections as another factor weighing on crypto sentiment, although it provided no further breakdown of the election-related impact.
Moneyiar market picture
Moneyiar data at 12:59:48 p.m. Tehran time on November 3 showed bitcoin at $77,268.27, down 0.48% over 24 hours and 3.73% over seven days. The figures place bitcoin above the roughly $76,300 intraday low described in the report, while showing that it remained below its level a week earlier.
Other assets tracked by Moneyiar were also mixed to lower:
- BNB was $700.49, down 0.42% in 24 hours and 5.62% over seven days.
- Midnight (NIGHT) was $0.04173, up 2.79% in 24 hours and 3.99% over seven days.
- edgeX (EDGE) was $0.32826, down 0.40% in 24 hours and 2% over seven days.
The combination of ETF outflows, exchange withdrawals and election-related uncertainty left bitcoin stable after its dip, but without a clear sign that selling pressure had ended.
