Bitcoin slides to its lowest level since August as spot ETF outflows top $1.2 billion

Bitcoin fell to about $73,980 at 22:00 UTC on Sunday, November 8, its lowest level since August, and ether dropped from about $2,225 at 21:00 UTC to about $2,122 an hour later, according to CoinGecko hourly data. The decline followed a week of heavy outflows from US spot Bitcoin exchange-traded funds.

How prices moved

The slide built over the week. At 7:15 a.m. ET (12:15 UTC) on Friday, November 6, BTC traded at $76,023.87, down $4,197.53 from a day earlier, according to Fortune. That was roughly 25% below its level a year earlier. Ether was at $2,239.51 at the same time. Later that day, Bitcoin's low of $74,762 was its lowest since August 21, Bitcoin.com News reported.

By 22:00 UTC on Sunday, Bitcoin was at about $73,980, and it was at about $73,830 at 08:00 UTC on Monday, November 9, according to CoinGecko. CoinGecko figures are hourly aggregates, so intrahour lows can be deeper.

ETF outflows

US spot Bitcoin ETFs recorded about $1.28 billion in net outflows between November 2 and 6, according to SoSoValue data cited by Analytics Insight; the TFTC flow tracker shows the same totals. BlackRock's iShares Bitcoin Trust (IBIT) accounted for about $1.21 billion, including about $403 million on Friday alone, when total outflows across the funds reached $411.9 million. Wednesday, November 4, was the only day with a net inflow, of $74.6 million.

Liquidations of leveraged positions reached about $1.04 billion over 24 hours, according to CoinGlass data cited by Analytics Insight, which did not say which 24-hour period it measured.

What drove the week

Several events landed in quick succession:

• The Binance hack on October 29, after which Bitcoin fell below $77,000, CoinDesk reported.
• The US midterm elections on November 3, in which Democrats won control of Congress, according to media projections. Bitcoin rebounded to just above $80,000 on November 4, Decrypt reported, before resuming its decline.
• The October jobs report on November 6, which showed payrolls up 165,000, the BLS said, nine days after two Fed officials dissented in favor of a rate increase.

No single cause explains the move. In our assessment, the timing of the outflows alongside these events is consistent with investors reducing risk.

What it could mean for traders

ETF flows are a visible measure of institutional demand: sustained outflows remove a source of buying. Liquidations show how much leverage was cleared out during the drop. The next markers are the October CPI report, scheduled for November 10 at 13:30 UTC, daily ETF flow data, and whether Bitcoin holds above its early-November lows.