Key Takeaways
- • U.S. spot Bitcoin ETFs recorded five consecutive days of net outflows totaling $1.44 billion between November 5 and November 11, 2026, according to the primary report.
- • BlackRock's iShares Bitcoin Trust (IBIT) accounted for roughly three-quarters of the outflows, with $269.7 million in net redemptions on the most recent day cited.
- • Bitcoin trades near $73,500, below the $75,000 level and the $75,600 short-term holder cost basis flagged by Glassnode, leaving recent buyers at unrealized losses.
- • Derivatives data shows BTC futures open interest above $50 billion with positive funding rates, though leverage has been declining and long positions near current prices have been flushed.
- • Analysts frame the setup as a potential bull trap, with $72,000 as key support and $75,600 as the level needed to restore sentiment.
Summary
Bitcoin's latest recovery attempt is facing renewed institutional selling. U.S. spot Bitcoin ETFs recorded five consecutive sessions of net outflows, removing $1.44 billion between November 5 and November 11, 2026. Daily outflows included $430.2 million on November 5 and $411.9 million on November 6, with further withdrawals on November 9, 10 and 11. BlackRock's IBIT accounted for most of the selling, with $269.7 million in net outflows on the latest day reported and about three-quarters of the five-day total. Morgan Stanley's Bitcoin ETF attracted $9 million on the same day, a small offset to the broader redemptions.
The timing has raised concerns about a bull trap. Bitcoin briefly reclaimed $80,000 on November 4 before reversing sharply the following day, and it now trades near $73,500, struggling to regain $75,000. Glassnode's Week 46 report, as cited in the article, notes that Bitcoin has fallen below the short-term holder cost basis of $75,600, leaving recent buyers with unrealized losses. The research firm also pointed to shrinking stablecoin supply and continued ETF selling as signs that fresh capital is struggling to enter the market.
Derivatives markets present a mixed picture. BTC futures open interest remains above $50 billion and funding rates are still positive, indicating leveraged traders continue to pay to hold bullish positions. However, open interest has declined and much of the long-side leverage near current prices has been flushed. That could allow a spot-led recovery without a major liquidation cascade, or leave remaining leveraged buyers exposed if another breakout fails.
The article identifies $75,600 as the key level for restoring sentiment and a grinding move toward $80,000 as stronger evidence of renewed buying. Losing the $72,000 area could expose Bitcoin to a test of $70,000. A counterpoint noted in the report is accumulation among two large wallet cohorts and weakening selling momentum, suggesting some investors are positioning for recovery.
The timing has raised concerns about a bull trap. Bitcoin briefly reclaimed $80,000 on November 4 before reversing sharply the following day, and it now trades near $73,500, struggling to regain $75,000. Glassnode's Week 46 report, as cited in the article, notes that Bitcoin has fallen below the short-term holder cost basis of $75,600, leaving recent buyers with unrealized losses. The research firm also pointed to shrinking stablecoin supply and continued ETF selling as signs that fresh capital is struggling to enter the market.
Derivatives markets present a mixed picture. BTC futures open interest remains above $50 billion and funding rates are still positive, indicating leveraged traders continue to pay to hold bullish positions. However, open interest has declined and much of the long-side leverage near current prices has been flushed. That could allow a spot-led recovery without a major liquidation cascade, or leave remaining leveraged buyers exposed if another breakout fails.
The article identifies $75,600 as the key level for restoring sentiment and a grinding move toward $80,000 as stronger evidence of renewed buying. Losing the $72,000 area could expose Bitcoin to a test of $70,000. A counterpoint noted in the report is accumulation among two large wallet cohorts and weakening selling momentum, suggesting some investors are positioning for recovery.
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