Bitcoin trades below 50-day moving average as ETF outflows hit $614 million

Bitcoin slipped below its 50-day moving average, as renewed selling pressure and significant spot ETF outflows fueled market uncertainty. At last check, Bitcoin changed hands at $77,423.87, reflecting a drop of 1.19%, while attention has turned to the $77,000 support zone amid bearish sentiment and persistent outflows from institutional products. Recent data from Lookonchain shows that spot Bitcoin ETFs experienced $614.26 million in daily net outflows, equivalent to 7,919 BTC, on November 2. The latest weekly figure stands at 2,292 BTC withdrawn, or about $177.81 million. These outflows suggest sustained pressure on institutional demand for Bitcoin exposure via regulated products. Spot Bitcoin ETFs have served as a regulated gateway for large investors, but persistent withdrawals may signal diminished appetite among these players.

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