Bitcoin (BTC) slips below $76,000 during Asian morning trading, surrendering its post-election recovery above $80,000 as U.S. crypto ETFs return to heavy withdrawals.
The decline coincided with steep losses in U.S. tech stocks and widespread forced liquidations across leveraged crypto positions.
Farside Investors data shows combined net withdrawals from U.S.-listed Bitcoin and Ethereum funds reached $530.1 million on Thursday.
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Bitcoin and Ethereum ETF flows turn negative
On Thursday, U.S. spot Bitcoin ETFs recorded $430.2 million in net outflows, reversing Wednesday’s $74.6 million inflows, Farside’s figures show.
The withdrawals were led by Fidelity’s FBTC with $199.9 million, while BlackRock’s IBIT lost $105 million.
None of the BTC funds in Farside’s table recorded net inflows on Thursday, leaving $869.8 million in net outflows over November’s first four trading sessions.
Ethereum ETFs also turned negative, recording $99.9 million in net withdrawals after attracting $53 million the previous day.
BlackRock’s ETHA lost $75.2 million, while its ETHB staking fund shed $22 million.
Traders face $2.6 billion options expiry
Thursday’s slide coincided with a 5.5% drop in the Nasdaq Composite, CoinDesk reported.
Total crypto liquidations were $1.25 billion in the past 24 hours, according to CoinGlass. Liquidations forcibly close leveraged positions when traders lack enough collateral to keep their trades open.
Attention now turns to Friday’s 08:00 UTC expiry on Deribit. Roughly $2.8 billion in Bitcoin and Ethereum options are set to expire on Deribit.
Deribit sets its delivery price using the average of its index between 07:30 and 08:00 UTC. The contracts’ notional value measures exposure, rather than cash being sold, and does not predict Bitcoin’s next move.
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