The institutional bid just split in two. ⚡ Bitcoin is near…
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The institutional bid just split in two. ⚡
Bitcoin is near $76,900 this Tuesday morning, after dipping to about $76,300 in the European session. It gave back the weekend bounce and closed Monday near $76,707, sitting just above its rising 200-day EMA near $76,450 — still below the 20-day average near $80,500 and the 50-day near $81,900, with the 200-day average near $73,200 below. Momentum is soft, with RSI in the mid-30s, and this would be a fourth straight weekly decline if the week ended here. It does not. The week is just starting.
First side of the split: the ETF holders sold. U.S. spot Bitcoin ETFs lost $398.6 million on Monday, a second straight day of outflows after Friday's $643.3 million — more than $1.04 billion in two sessions. BlackRock's IBIT accounted for $405.3 million of Monday's exit, its largest daily outflow since June, while Fidelity's FBTC took in a modest $6.7 million. Net assets still stand near $98.1 billion, but trading value fell sharply, from $6.35 billion on Friday to $1.99 billion on Monday. October ended at -$515 million for the ETFs, breaking a three-month streak of monthly inflows, and the 2026 net flow is now roughly flat, near +$55 million. That is de-risking in motion, not a verdict on the year.
Second side: the treasury buyers bought — above the current price. Strategy bought 811 BTC for about $65.5 million between October 26 and November 1, at an average of $80,846 per coin, per its 8-K filing. Its holdings now total 849,327 BTC at an average cost of $75,451, so today's price sits about 1.4% above its average cost and about 5.4% below what it just paid. Strive added 124 BTC for about $10 million in the same window. One buyer adds while fund holders redeem. That divergence is a fact to note, not a signal to copy — buying above spot can be conviction, averaging, or mandate. Flows describe behaviour; they do not bless it.
Meanwhile, the Binance proof arrived. The exchange says it completed the zero-knowledge proof of reserves for its October 31 snapshot, covering 10 tokens at 1:1 backing, and that about 95% of the affected assets have been replenished, the remaining 5% in less liquid tokens still being sourced. A fresh snapshot is planned for November 4, with its proof taking another 40 to 50 hours. Net withdrawals since the Sunday reopening have now reached about $4.72 billion, up from $3.64 billion on day one, and a second phase of withdrawals began today at 04:00 UTC. Treat the proof for what it is: point-in-time verification that balances were counted and covered, not a full audit and not proof the security failure is fixed. And beware the fakes Binance itself warned about — no legitimate compensation offer asks for a fee or a faster-processing payment.
A second exchange incident keeps the custody question live. Brazil's Mercado Bitcoin suspended deposits and withdrawals after a security incident; security firm Hypernative flagged more than $40 million in suspicious transfers across at least 10 blockchains, while the exchange says no clients lost money and no data leaked, and has not confirmed the figure, the cause, or a reopening date. Tether froze more than $4.5 million USDT tied to it. No link to the Binance incident has been established. Two incidents in five days do not make a pattern by themselves — but they do make exchange status a pre-trade check, not an afterthought.
Derivatives are loud without conviction: crypto futures volume jumped about 51% in 24 hours to about $168.1 billion while open interest fell 1.6% to about $134.9 billion. The most traded Bitcoin option in the last day was the November 7 call at the $78,000 strike, near spot — a shift from puts leading yesterday. One session of positioning is weather, not climate. Do not trade a single options print.
Macro owns the rest of the week: Americans vote in the midterms today, AMD reports after the close, the Bank of England decides Thursday, and the U.S. jobs report lands Friday — with the Nasdaq 100 already about 10% off its peak after a chip-led rout. Catalysts for volatility, not reasons to predict direction.
Levels, not predictions: overhead near $77,800–$78,700, then $80,300. Below, $76,300–$76,450, then about $75,600. The daily close decides more than any intraday wick.
Process over prediction: check exchange status before moving funds, wait for the daily close, let the split bid resolve in flows rather than in headlines, and keep position size boring while volatility is not. No trade call here. 🧱⚡
#Bitcoin #BTC
Bitcoin is near $76,900 this Tuesday morning, after dipping to about $76,300 in the European session. It gave back the weekend bounce and closed Monday near $76,707, sitting just above its rising 200-day EMA near $76,450 — still below the 20-day average near $80,500 and the 50-day near $81,900, with the 200-day average near $73,200 below. Momentum is soft, with RSI in the mid-30s, and this would be a fourth straight weekly decline if the week ended here. It does not. The week is just starting.
First side of the split: the ETF holders sold. U.S. spot Bitcoin ETFs lost $398.6 million on Monday, a second straight day of outflows after Friday's $643.3 million — more than $1.04 billion in two sessions. BlackRock's IBIT accounted for $405.3 million of Monday's exit, its largest daily outflow since June, while Fidelity's FBTC took in a modest $6.7 million. Net assets still stand near $98.1 billion, but trading value fell sharply, from $6.35 billion on Friday to $1.99 billion on Monday. October ended at -$515 million for the ETFs, breaking a three-month streak of monthly inflows, and the 2026 net flow is now roughly flat, near +$55 million. That is de-risking in motion, not a verdict on the year.
Second side: the treasury buyers bought — above the current price. Strategy bought 811 BTC for about $65.5 million between October 26 and November 1, at an average of $80,846 per coin, per its 8-K filing. Its holdings now total 849,327 BTC at an average cost of $75,451, so today's price sits about 1.4% above its average cost and about 5.4% below what it just paid. Strive added 124 BTC for about $10 million in the same window. One buyer adds while fund holders redeem. That divergence is a fact to note, not a signal to copy — buying above spot can be conviction, averaging, or mandate. Flows describe behaviour; they do not bless it.
Meanwhile, the Binance proof arrived. The exchange says it completed the zero-knowledge proof of reserves for its October 31 snapshot, covering 10 tokens at 1:1 backing, and that about 95% of the affected assets have been replenished, the remaining 5% in less liquid tokens still being sourced. A fresh snapshot is planned for November 4, with its proof taking another 40 to 50 hours. Net withdrawals since the Sunday reopening have now reached about $4.72 billion, up from $3.64 billion on day one, and a second phase of withdrawals began today at 04:00 UTC. Treat the proof for what it is: point-in-time verification that balances were counted and covered, not a full audit and not proof the security failure is fixed. And beware the fakes Binance itself warned about — no legitimate compensation offer asks for a fee or a faster-processing payment.
A second exchange incident keeps the custody question live. Brazil's Mercado Bitcoin suspended deposits and withdrawals after a security incident; security firm Hypernative flagged more than $40 million in suspicious transfers across at least 10 blockchains, while the exchange says no clients lost money and no data leaked, and has not confirmed the figure, the cause, or a reopening date. Tether froze more than $4.5 million USDT tied to it. No link to the Binance incident has been established. Two incidents in five days do not make a pattern by themselves — but they do make exchange status a pre-trade check, not an afterthought.
Derivatives are loud without conviction: crypto futures volume jumped about 51% in 24 hours to about $168.1 billion while open interest fell 1.6% to about $134.9 billion. The most traded Bitcoin option in the last day was the November 7 call at the $78,000 strike, near spot — a shift from puts leading yesterday. One session of positioning is weather, not climate. Do not trade a single options print.
Macro owns the rest of the week: Americans vote in the midterms today, AMD reports after the close, the Bank of England decides Thursday, and the U.S. jobs report lands Friday — with the Nasdaq 100 already about 10% off its peak after a chip-led rout. Catalysts for volatility, not reasons to predict direction.
Levels, not predictions: overhead near $77,800–$78,700, then $80,300. Below, $76,300–$76,450, then about $75,600. The daily close decides more than any intraday wick.
Process over prediction: check exchange status before moving funds, wait for the daily close, let the split bid resolve in flows rather than in headlines, and keep position size boring while volatility is not. No trade call here. 🧱⚡
#Bitcoin #BTC
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