On Monday, the S&P 500 jumped 2.35% to close at 7,549.94, the Nasdaq gained 2.74%, and the Dow added more than 1,100 points. Chip stocks led the charge. Bitcoin, meanwhile, stayed parked around $74,000 to $75,000 and barely acknowledged the party. If crypto is supposed to be a high beta cousin of tech, where was the bounce? The answer is sitting in the fund flow data, and it says more about who owns Bitcoin today than any price chart does.
A week of redemptions
U.S. spot Bitcoin ETFs saw net outflows of about $1.28 billion over the five trading days from November 2 to November 6, according to flow trackers Farside Investors and SoSoValue. SoSoValue’s data shows it was the largest weekly redemption since late June. The pain was concentrated. BlackRock’s iShares Bitcoin Trust, ticker IBIT, accounted for roughly $1.21 billion of the total, including about $403 million on Friday alone. Fidelity’s FBTC took in about $93 million over the same stretch, which tells you the selling was not a universal exodus. It was one very large holder base heading for the door while others stayed put.
The daily pattern matters too. Monday saw roughly $399 million leave, Tuesday about $116 million, Wednesday brought a rare inflow of about $75 million, and then Thursday and Friday each shed more than $410 million. Wednesday looked like buyers stepping in. Thursday and Friday looked like they changed their minds.
Context helps here. SoSoValue puts total net assets in the U.S. spot Bitcoin ETFs at about $95.9 billion, with cumulative net inflows since launch of about $55.7 billion. The same data shows 2026 flows are still slightly negative, roughly minus $914 million year to date, even after 2026’s strongest three-week inflow stretch, totaling about $3.8 billion. So the product that was supposed to be a one way ramp of new money has had a choppy year. One bad week does not erase the long term picture, but it does puncture the idea that ETF demand only goes up.
Why the stock rally did not carry Bitcoin
Here is the part that should interest self-directed investors. According to reporting from Blockonomi, Bitcoin fell alongside tech stocks during last week’s sell-off, which was driven by worries about high technology valuations and possible limits on AI work. When buyers returned to equities on Monday, helped by lower oil prices, Bitcoin did not follow. Falling together and recovering separately is the pattern of an asset whose own buyers are tired, not one that is simply tracking the Nasdaq.
Leverage made it worse. Data cited by Mitrade shows more than $1.08 billion in positions were liquidated over 24 hours on November 5, with roughly 88% of them long bets. When traders who bet on higher prices get forcibly closed out, the selling feeds on itself, and the recovery takes longer because the people who would have bought the dip have just been wiped out. Sentiment reflects the damage. The Crypto Fear and Greed Index read 29 on Monday morning, which sits in the fear zone, according to 99Bitcoins.
There is also a technical wrinkle. Bitcoin’s weekly close on Sunday came in at about $74,851, below its 50 week simple moving average of roughly $75,535, per 99Bitcoins. That was the first weekly close under that line in about two months. Chart watchers care about moving averages because so many other traders do, which makes them a little self-fulfilling. Late Sunday, Bitcoin touched about $73,510 on Binance, its lowest level since August 21.
The $80,000 ceiling
Bitcoin has struggled to hold anything above $80,000 lately. Mitrade identifies $80,405, the high from November 3 and 4, as the level bulls need to reclaim. For context, the same source lists a 2026 low of $58,380 on June 30 and a January high of $96,769. So Bitcoin sits roughly in the middle of a very wide range, which is a polite way of saying nobody has won the argument yet.
The bulls and bears are arguing about what comes next, and the loudest voices are predictably extreme. Longtime Bitcoin critic Peter Schiff posted on X this week, “There’s a short window before the crash. Make sure to sell before it closes.” That is a view, not a forecast with any special authority, and Schiff has made similar calls for years. It is worth reading as a sentiment marker rather than as analysis.
The more useful framework in the Mitrade piece is the set of thresholds it lays out for what would confirm a genuine shift. Outflows above $1 billion for a second straight week would suggest redemption has become structural. A daily close below $73,000 on rising spot volume would point to holders selling in the open market. Separately, Mitrade treats outflows shrinking below $100 million a day while Bitcoin still cannot reclaim $80,405 as a demand-versus-supply signal: that would suggest the problem is a lack of demand, not an excess of selling. Those are one writer’s markers, not laws of nature, but they have the virtue of being testable. You can check them against next week’s data instead of arguing about vibes.
Ethereum, Washington, and the macro backdrop
Bitcoin was not alone. Blockonomi reports that U.S. spot Ethereum funds lost about $365 million over the same week. So the weakness was not a Bitcoin specific story. Capital pulled back from the regulated crypto wrappers as a group.
Washington is not providing a tailwind either. The Senate’s attempt to advance the Digital Asset Market Clarity Act failed a cloture vote 49 to 50 in mid-September, as reported by American Banker and CNBC. Mitrade notes that a revised version targeting so called non-decentralized DeFi operators is now at the text stage, but a bill in draft form is not a law. Anyone waiting for clear federal market structure rules to arrive on a tidy schedule has had little reason for optimism this fall.
The macro calendar adds its own pressure. Blockonomi noted that U.S. employers added 165,000 jobs in October and that the October inflation report was due on Tuesday. Bitcoin’s reaction to that report is worth watching, because a sharp move in either direction would show how much macro news is driving flows right now.
What a self-directed investor should take from this
The lazy reading of Monday is that Bitcoin is broken because it missed a stock rally. That is too simple. One day of divergence proves very little, and a single week of ETF outflows, even a large one, sits inside a product with tens of billions in assets and a mixed track record this year. The equally lazy counterpoint, that ETF flows do not matter, ignores the fact that these funds are now one of the main channels through which mainstream money enters and leaves the asset.
What the data does show is a market that has lost its easy narrative. Now flows are splitting by issuer, leverage is getting flushed, and a major technical level has just broken. When that happens, the useful questions are boring ones. Did outflows continue this week or fade? Did Bitcoin hold the low near $73,000? Did the Ethereum funds keep bleeding? Did a second week of redemptions cross the $1 billion mark?
Notice that none of those questions require a prediction. They require attention to data that gets published every trading day. That is the real edge for an individual investor, if there is one: not calling the bottom, but knowing what you are looking at, understanding who is on the other side of the trade, and sizing any exposure so a 7% drop in a week, which is roughly what Bitcoin just delivered from its November 4 level to Monday, does not force a decision you would regret.
Bitcoin did not ignore the stock rally out of defiance. It ignored it because the people who recently held it were busy leaving. Whether they come back is the question the next few weeks of fund flow data will start to answer.
This article is written for educational and informational purposes only and does not constitute financial or legal advice. The views and analytical frameworks presented draw on publicly available information and reported commentary from industry participants. Readers are encouraged to consult primary sources and form their own informed views on these complex topics.
