Bitcoin ETFs exit 6-day outflow streak as BTC defends $100k support

U.S. spot Bitcoin ETFs resumed inflows on Nov. 7 as institutional demand for the bellwether asset returned, after BTC bulls successfully defended the $100K support level.

Summary

• U.S. Bitcoin ETFs switched back to inflows on Nov. 7 as institutional demand improved.
• Bitcoin bulls have defended the $100k psycologcial support level twice this week.
• Crypto markets experienced $586 million in liquidations. 

According to data from SoSoValue, the 12 spot Bitcoin exchange-traded funds recorded $240 million in net inflows on Thursday, marking an end to the prior six-day outflow streak that saw over $2 billion exit the funds.

BlackRock’s IBIT captured the lion’s share of inflows on the day, with $112.4 million entering the fund. This came just a day after it witnessed $375.5 million in outflows.

Fidelity’s FBTC and ARK 21Shares’ ARKB followed with $61.6 million and $60.4 million in inflows, respectively, while Bitwise’s BITB saw a modest $5.5 million inflow by the end of the trading session. The remaining BTC ETFs saw “zero” flows on the day.

Despite today’s return of inflows, November is still shaping up to be a challenging month for U.S. spot Bitcoin ETFs, which have collectively seen $661 million in net outflows so far. By comparison, October and September brought in $3.53 billion and $3.42 billion in inflows, respectively.

Inflows returned as Bitcoin price briefly recovered back above $104k, after a visit to multi-month lows on Nov. 5 when the flagship crypto fell below the six-figure mark. 

BTC defends $100k as crypto liquidations linger

Bitcoin dropped from an intraday high of $104,346 on Nov. 6 to a low of $100,527 later that day. While it managed a brief rebound, the price faced renewed selling pressure, dipping again to around $100,560 earlier today as bears kept up the momentum.

At press time, BTC has clawed back some ground, trading near $101,733, though it remains down 1.5% over the past 24 hours.

Analysts note that Bitcoin must continue to hold the critical $100K psychological support level to avoid opening the door to deeper losses, especially with market sentiment still fragile and liquidation pressures lingering. 

Over $586.21 million has been liquidated in the past 24 hours, with $378 million of it from long liquidations. Such unwinding of leveraged positions could continue to weigh on prices in the short term, especially when key support levels like Bitcoin’s $100K threshold fail to hold. Persistent volatility and cautious sentiment may further discourage risk-taking across major tokens.

As previously reported by crypto.news, on-chain data adds to the caution. Bitcoin’s MVRV ratio, which reflects unrealized profits across the network, has been drifting lower even as its price tries to stay above $100,000.

The MVRV ratio has consistently found support within the 1.7 to 1.8 range during this market cycle. This area has effectively served as a profit floor since early 2024. 

Historically, when the ratio approaches this zone, it suggests the market is entering a region of undervaluation, often followed by a period of consolidation or recovery. 

However, if Bitcoin’s price were to drop and the MVRV ratio were to retest the 1.7 to 1.8 range, the corresponding price range of $91,800 to $97,200 would represent the profit floor where bulls may look to re-enter the market.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.