Bitcoin slipped to roughly $76,500 on Thursday, extending a slide that began near $87,000 and marking a fifth consecutive weekly decline. The drop comes as US midterm elections draw near and investors react to rising macro risks, including an Apple margin warning and a rebound in oil prices. Spot Bitcoin ETFs recorded a second day of outflows totaling $399 million, while Binance customers withdrew a net $4.72 billion.
What happened
According to CoinDesk, Bitcoin edged up 0.2% to around $76,900 after midnight UTC, but the overall weekly trajectory remains down. The cryptocurrency faced a fifth straight weekly loss, a pattern that would tie it for the joint third‑longest losing streak on record, as noted by Cointelegraph. Apple’s warning about increasing memory‑chip costs added to risk aversion, while oil price rebounds further pressured risk‑on assets.
ETF outflows intensified, with spot Bitcoin ETFs shedding $399 million for a second consecutive day, according to CoinDesk data. In parallel, Binance customers pulled a net $4.72 billion, reflecting heightened caution among exchange users.
Broader market stress was evident as the Nasdaq 100 slipped into correction territory, dragging Asian equities lower. Zcash fell nearly 10% and Binance Coin dropped below $700, highlighting the spill‑over into other crypto assets.
Why it matters for traders
- Liquidity pressure: Large outflows from ETFs and Binance reduce on‑chain liquidity, potentially widening bid‑ask spreads for spot Bitcoin.
- Risk sentiment: The convergence of US midterm uncertainty, corporate margin warnings and commodity price moves creates a risk‑off environment that typically hurts high‑volatility assets like crypto.
- Technical outlook: A fifth weekly loss pushes Bitcoin toward its third‑longest losing streak, a technical signal that may trigger stop‑loss orders and algorithmic sell pressure.
- Cross‑asset correlation: Declines in Zcash and Binance Coin suggest that the broader crypto market is moving in tandem with Bitcoin, limiting diversification benefits.
What to watch next
- US midterm election results on November 5, which could clarify regulatory and fiscal policy direction.
- November 6 US payroll data, a key driver of risk appetite and potential catalyst for a short‑term bounce or further sell‑off.
- Continued ETF flow data; sustained outflows may pressure price, while inflows could signal a reversal.
- Any new corporate earnings warnings, especially from major tech firms, that could amplify macro risk concerns.
Sources
- Bitcoin Faces Fifth Weekly Loss as US Midterms Weigh In (bitcoinist.com)
- Bitcoin is breaking a midterm election pattern going back to 2014 (coindesk.com)
- Bitcoin steadies after dip to $76,300 as ETF outflows and midterm elections weigh on crypto (coindesk.com)
- Live news: Bitcoin faces fifth weekly loss as midterm elections weigh on markets (coindesk.com)
- Crypto and Midterm Election: 3 Risks From Trump’s $5,000 Stimulus to Iran (cryptonews.com)
- LIVE – Bitcoin Price Crashes as Iran Strike and Crypto Hack Spree Shake Markets (cryptonews.com)
- Bitcoin Faces a U.S. Jobs Data Week With November 6 Payrolls in Focus (newsbtc.com)
- Bitcoin drops below $77,000 as chip rout deepens ahead of U.S. midterm vote (coindesk.com)
This is a developing story and will be updated as new information is confirmed. For information only, not financial advice. How we report.
