UPDATE: Bitcoin faces $1B in ETF outflows and macro yield divergence
CIE News ·
Update to Bitcoin drops below $77,000 amid tech selloff, CoinDesk reports
Based on reporting by CryptoSlate; not yet independently confirmed.
U.S. spot Bitcoin ETFs shed over $1 billion across two sessions as 10-year inflation-protected Treasury yields declined, complicating the cryptocurrency's recovery after dropping below $77,000.
Spot Bitcoin exchange-traded funds recorded over $1 billion in total net withdrawals across two recent sessions, including $643.2 million on October 30 and $398.6 million on November 2, according to Farside Investors data cited by CryptoSlate. As previously reported, Bitcoin (BTC) dropped below the $77,000 level amid broader market weakness.
The decline coincided with a rare divergence from macroeconomic indicators. CryptoSlate reported that 10-year inflation-protected U.S. Treasury yields fell 16 basis points from 2.76% to 2.60% between October 21 and October 30, while BTC declined 8.25% from around $84,134 to $77,191.
Trading firm Wintermute stated that spot market participants must defend the $76,800 level to prevent additional liquidations, adding that a sustainable recovery above $80,000 requires fresh spot demand. Wintermute warned that recent dip-buying was concentrated in leveraged perpetual futures rather than spot-market capital.
Key facts
- $643.2M ETF outflows Oct 30
- $398.6M ETF outflows Nov 2
- Real yields fell to 2.60%
- Wintermute eyes $76,800 support
Read the original at CryptoSlate