On November 7, U.S. spot Bitcoin ETFs experienced a resurgence of inflows, signaling a renewed interest from institutional investors in the leading cryptocurrency. This shift comes after Bitcoin bulls successfully maintained the critical $100,000 support level, defying bearish pressures.
Data from SoSoValue indicates that the twelve spot Bitcoin exchange-traded funds recorded a total of $240 million in net inflows on Thursday. This marked the conclusion of a six-day outflow streak, during which over $2 billion had exited these funds. Notably, BlackRock“s IBIT fund attracted the largest portion of inflows, receiving $112.4 million, a significant recovery following a hefty outflow of $375.5 million just one day prior.
Other funds also saw positive movement, with Fidelity“s FBTC and ARK 21Shares” ARKB bringing in $61.6 million and $60.4 million, respectively. Meanwhile, Bitwise“s BITB recorded a modest inflow of $5.5 million. However, the remaining Bitcoin ETFs reported no significant flows.
Despite this uptick in inflows, November has proven to be a tough month for U.S. spot Bitcoin ETFs overall, which have faced a cumulative net outflow of $661 million. In contrast, the previous months of October and September saw significantly higher inflows of $3.53 billion and $3.42 billion, respectively.
The return of inflows coincided with a brief recovery in Bitcoin“s price, which climbed back above $104,000 after hitting multi-month lows on November 5. The price fluctuated from an intraday high of $104,346 on November 6 to a low of $100,527 later that day. Despite a temporary rebound, renewed selling pressure caused a dip to around $100,560 earlier today, as bearish sentiments persisted.
As of the latest updates, Bitcoin is trading at approximately $101,733, still reflecting a decline of 1.5% in the past 24 hours. Analysts emphasize the importance of maintaining the $100K psychological support level; failing to do so could lead to deeper losses, especially given the fragile market sentiment and ongoing liquidation pressures.
In the last 24 hours, over $586 million in positions have been liquidated, with $378 million stemming from long liquidations. This unwinding of leveraged positions poses risks to price stability, particularly if key support levels like the $100K threshold are breached.
On-chain metrics also add a layer of caution. The MVRV ratio, which measures unrealized profits across the Bitcoin network, has been drifting downward even while the price struggles to stay above $100,000. Historically, the MVRV ratio has found support in the range of 1.7 to 1.8 during this market cycle, often signaling an undervaluation phase that could precede consolidation or recovery.
If Bitcoin“s price were to decline further and the MVRV ratio revisits the 1.7 to 1.8 range, it could suggest a profit floor between $91,800 and $97,200 where bulls might consider re-entering the market.
