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Ahmed Barakat
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Bitcoin’s latest recovery attempt is running into a serious problem: institutional investors are pulling money out of the market. U.S. spot Bitcoin ETF recorded five consecutive days of net outflows, shedding $1.44 billion between November 5 and November 11.
Bitcoin is now trading near $73,500, struggling to reclaim the $75,000 level. Bitcoin ETF outflow streak raises a bigger question: Is the crypto market walking into another bull trap?
The timing is particularly concerning. Bitcoin briefly reclaimed $80,000 on November 4 before reversing sharply the following day. Crypto has since struggled to regain momentum, leaving us questioning buyers’ decisions and whether we are stepping in too early.
The latest Bitcoin ETF withdrawals included $430.2 million on November 5, followed by another $411.9 million on November 6. Outflows continued on November 9, 10, and 11.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for most of the selling pressure. The fund alone recorded $269.7 million in net outflows yesterday.
Bitcoin ETF Outflows and Fresh Bull Trap Fears
The latest Bitcoin ETF outflow streak shows that institutional demand is struggling to support the market’s recovery. Five consecutive sessions of withdrawals have removed $1.44 billion from U.S. spot Bitcoin funds. BlackRock’s IBIT accounted for three-quarters of that amount.
However, institutional demand has not disappeared entirely. Morgan Stanley’s Bitcoin ETF attracted $9 million yesterday, offering a small counterpoint to the ETF-wide selling.
Bitcoin ETF Flows, Coinglass
Glassnode’s latest Week 46 report adds another warning. Bitcoin has fallen below the short-term holder cost basis of $75,600. This leaves recent buyers sitting on unrealized losses.
The research firm also points to shrinking stablecoin supply and continued ETF selling. Both developments display that fresh capital is struggling to enter the market.
This creates an uncomfortable setup for anyone buying the latest dip. A short-lived recovery could attract retail investors before another wave of selling pushes prices lower.
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Bitcoin Needs to Reclaim $75,600 to Challenge the Bearish Setup
Bitcoin’s derivatives market offers another piece of the puzzle. BTC futures open interest remains above $50 billion, while funding rates remain positive. This number somehow paints a clear picture: leveraged traders are still paying to maintain bullish positions.
However, leverage has already started coming out of the market. Open interest has declined, and much of the long-side leverage near current prices has been flushed.
That creates two possible outcomes. If spot demand returns, reduced leverage could help Bitcoin recover without triggering another major liquidation cascade. Alternatively, another failed breakout could leave remaining leveraged buyers exposed to further downside.
For now, $75,600 is the important recovery threshold. Reclaiming that level would put Bitcoin back above the short-term holder cost basis and improve market sentiment.
A grinding climb toward $80,000 would offer stronger evidence that buyers are regaining control, but losing the $72,000 area could expose BTC to another test of $70,000.
The bull trap argument also has a counterpoint. There is accumulation among two large wallet cohorts, while selling momentum has started weakening. This shows that some investors are already positioning for a recovery.
The market does not need another dramatic crash to trap investors. Sometimes, all it takes is a convincing bounce that runs out of buyers.
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