Bitcoin was trading above $76,000 on Saturday, marking a modest rebound after a sharp decline earlier in the week. The cryptocurrency was quoted at $76,103.2, up 0.59% as of 03:13 ET (08:13 GMT), but ongoing withdrawals from U.S. spot Bitcoin exchange-traded funds underscored the gulf between a technical recovery in price and durable institutional support.
Fund-flow data showed U.S. spot Bitcoin ETFs recorded $411.9 million in net outflows on Friday, extending a second straight session of withdrawals. Within that figure, BlackRock’s iShares Bitcoin Trust was the primary source of redemptions, with $403 million leaving the fund. Fidelity’s Bitcoin fund saw inflows of $42.8 million, partially offsetting the outflows elsewhere.
Through Friday, November’s cumulative net withdrawals from Bitcoin ETFs were about $1.28 billion, with only Wednesday registering a positive flow so far this month. Those outflows suggest institutional investors have not provided sustained buying even as the spot price showed signs of recovery following its earlier post-election rebound.
The markets experienced a pronounced price move on Friday when Bitcoin fell roughly 5.2% over a 24-hour window during earlier trading. The decline followed a fading of the post-U.S. midterm elections rally and came amid a broader technology-sector selloff that dampened risk appetite. Concerns tied to artificial intelligence spending and data-center development were cited in connection with that wider technology weakness.
Leverage intensified the move: more than $1.27 billion in cryptocurrency derivatives positions were liquidated during the 24-hour period, the bulk of which - over $1.1 billion - were bullish bets. Forced selling from liquidations amplified volatility as traders reduced leveraged exposure across the market.
Regulatory developments compounded the market environment. U.S. Treasury officials moved to curtail access by cryptocurrency exchange MEXC to American financial institutions, alleging that MEXC processed at least $16 billion in suspicious transactions tied to sanctions evasion and other illicit activity between 2021 and 2026. That action forms part of a tougher regulatory backdrop the market is currently assessing.
Policy changes elsewhere are also affecting crypto participants. Greece approved a framework to tax cryptocurrency capital gains at 10% above an annual euro 500 threshold, and it set a 15% levy on staking, lending and decentralized finance income beginning in January 2027.
Legal matters tied to the broader industry remain active. In litigation stemming from the FTX collapse, Binance and its founder Changpeng Zhao sought records from investor Kevin O’Leary and author Michael Lewis as part of a $1.76 billion recovery dispute.
Security discussions have resurfaced within developer circles. A Bitcoin Core developer, Cory Fields, proposed a conceptual mechanism to require potential quantum attackers to post Bitcoin collateral that legitimate owners could claim. The proposal is in an early conceptual phase and would necessitate quantum-resistant wallets to be viable.
For market participants, technical levels remain clear reference points. Traders have cited $80,000 as a nearby recovery marker, while $73,000 has been noted as a potential downside level. The immediate question is whether the bounce seen on Saturday can persist without a reversal in ETF flows.
Crypto market snapshot
- Ether rose 0.95% to $2,247.99.
- XRP fell 0.82% to $1.1782.
- Solana rallied 0.71% to $90.220.
- BNB edged up 0.48% to $695.23.
- Cardano gained 0.65% to $0.1846.
- Dogecoin lost 0.31%.
- Among meme tokens, TRUMP traded flat while Shiba Inu fell 1.53%.
The mixed performance across altcoins mirrored Bitcoin’s uneven recovery: some tokens posted modest gains while others declined, reflecting a market still subject to directional uncertainty.