Spot bitcoin ETF have been recording a net outflow of funds for the sixth trading day in a row. On Wednesday, November 5, investors withdrew almost $137 million from their funds. In total, BTC-ETF lost more than $2,05 billion, which further increased pressure on the funds.
Trading activity was low on Wednesday, with only half of the twelve issuers ETF registered transactions. Of these, five funds managed to raise funds. For example, Fidelity’s FBTC raised $113 million from investors, ARKB from Ark & 21Shares — $83 million. Grayscale, Bitwise and VanEck also saw moderate inflows.
Outflow of funds Bitcoin-funds began on October 29 and coincided with the flagship cryptocurrency’s fall below $110,000. The asset then continued to decline, even reaching $99,000 before rising to $103,000.
Despite the fact that the Bitcoin gradually regaining its position, market participants are in no hurry to return to trading, exercising caution and waiting for new benchmarks.
Market participants’ attention is now shifting to the $106,00 zone, which has transformed from a support level into a resistance level. Given the current climate of caution and weak demand, this barrier could remain, and BTC could fall below $100,000 if buyers don’t intervene.