Bitcoin fell below $74,000 after five straight weeks of losses, and CryptosRus says the next move depends on whether new capital arrives. Spot Bitcoin and Ethereum ETFs shed about $1.65 billion last week, while the Fed's balance sheet keeps growing.
Bitcoin dumped below $74,000 on November 9 after closing five straight weeks in the red. According to CryptosRus, the question is whether new capital can support any rebound.
ETF outflows weigh on demand
In a November 9 analysis, CryptosRus pointed to approximately $1.65 billion in combined weekly outflows from spot Bitcoin and Ethereum ETFs. The analysis set that against a $212 billion expansion in the Fed's balance sheet since its low at the end of last year.
As CryptoPotato reported, BTC ETFs lost about $1.28 billion last week, with over $840 million of that in the last two trading days. Ethereum funds saw more than $365 million flow out.
CryptosRus described ETFs as one of crypto's most visible channels for institutional investment. With persistent withdrawals, BTC must now rely more heavily on "native demand, treasury buyers, or leveraged positioning." The analysts also noted that Ethereum ETFs still hold about $12 billion in cumulative net inflows, suggesting the longer-term investment channel is still intact even with the recent selling.
Fed liquidity is not exactly direct crypto buying
Meanwhile, the Fed's balance sheet hit $6.75 trillion, $212 billion above its December 2025 low. About $390 billion of that increase came from Treasury holdings, partly offset by mortgage-backed securities rolling off.
A growing balance sheet can improve the backdrop for risk assets, but the analysis noted it is not exactly the same as buying crypto directly. That matters, CryptosRus said, while ETF flows remain negative and Bitcoin struggles to establish momentum.
Bitcoin slips further over 30 days
Bitcoin traded just above $74,000 at the time of writing, down 2.5% in 24 hours and over 5% in seven days. CoinGecko data shows a 10% drop across 30 days, leaving BTC more than 27% lower than a year ago and 41% under its October 2025 all-time high.
Source: CryptoPotato
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