Bitcoin trades near $78,000 after ETF outflows, short-term recovery eyed

Bitcoin is seeking to stabilize around $78,000 on November 1, following a volatile October that saw the leading cryptocurrency fall below $77,000 and erase much of its earlier gains. BTC hovered close to $78,017, up 0.7% over 24 hours as of early Thursday, bouncing back from Friday’s low near $76,314. Despite this modest increase, U.S. spot Bitcoin ETFs recorded significant net outflows, with $643.2 million withdrawn on October 30 alone. Farside Investors, a provider of ETF flow data, reported that BlackRock’s iShares Bitcoin Trust (IBIT) saw $233.7 million in net withdrawals while Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced another $201 million in redemptions. These sizable ETF outflows have renewed debate about Bitcoin’s ability to recover without strong institutional support.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.