Bitcoin briefly recovered above USD 78,000 and approached USD 79,000 on November 2, recording a third consecutive day of gains. The rebound followed last week's crypto market selloff after Binance reported a USD 6.3 billion security breach. However, heavy withdrawals from U.S. spot Bitcoin exchange-traded funds continued to weigh on the market outlook.
Bitcoin rose about 1% to USD 78,600 during Monday's Asian trading session. The cryptocurrency had briefly fallen to nearly USD 77,600 late Sunday before recovering above USD 78,500. Its latest rise brought the USD 79,000 price area back into focus.
Other major cryptocurrencies also recorded gains. Zcash increased 3% to nearly USD 1,280, while Ethereum and BNB advanced close to 2%. Ether traded above USD 2,300, and BNB approached USD 713. Meanwhile, XRP and TRX rose about 1%, although Solana remained nearly unchanged around USD 95.
The gains came after Binance disclosed theft of roughly USD 6.3 billion in crypto assets last week. Selling followed the incident, pushing Bitcoin and several other tokens lower. The latest recovery has reduced some of those losses, although Bitcoin remains below USD 80,000.
U.S. spot Bitcoin ETFs recorded USD 643.3 million in net outflows on October 30, according to SoSoValue data. That marked their largest daily withdrawal since June 25 and ended four consecutive sessions of inflows. October closed with around USD 515 million in net withdrawals.
BlackRock's iShares Bitcoin Trust led the daily losses, with USD 233.7 million leaving the fund. Fidelity's Wise Origin Bitcoin Fund followed with about USD 201 million in redemptions, according to Farside Investors. Together, those two funds accounted for most of Friday's withdrawals.
The latest outflows also reduced the funds' combined assets to roughly USD 98.14 billion. Meanwhile, spot Ethereum ETFs lost about USD 156 million on October 30. Their October net withdrawals reached USD 1.61 billion, showing that fund selling extended beyond Bitcoin.
These figures cover ETF trading through Friday, before Bitcoin's Monday recovery. Consequently, they do not establish whether investors returned to the funds on November 2.
The USD 79,000 area remains Bitcoin's immediate price test following the recent rebound. A November 1 analysis by 24/7 Wall St. identified resistance near USD 79,107. It also placed Bitcoin's 20-day and 50-day moving averages around USD 81,022 and USD 81,906, respectively.
Beyond cryptocurrency markets, Asian equities and U.S. stock futures recovered on Monday. S&P 500 and Nasdaq 100 futures gained at least 0.4%, following sharp declines in U.S. technology shares on Friday.
On Friday, the Nasdaq 100 dropped 3.5%, while the Philadelphia Semiconductor Index fell 7%, adding pressure to technology-linked investments. Investors are also watching the November 3 U.S. midterm elections.
Jeff Mei, chief operating officer at BTSE, said elevated interest rates could restrict liquidity for Bitcoin. He said a recovery in technology stocks “may indicate” that markets have found a bottom, but framed that view as conditional.
For now, Bitcoin has reclaimed USD 78,000 without clearing USD 79,000. Its next moves will show whether the three-day advance can extend beyond the initial rebound.
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