Bitcoin experienced sharp swings in early November, dipping below $76,000 to multi-week lows near $75,700 as residual fallout from the Binance hack, heavy spot ETF outflows, and pre-election risk aversion converged.

The decline extended the post-October 29 weakness that began after Binance disclosed an estimated $6.3–$6.4 billion hot-wallet breach. Bitcoin had already traded under $77,000 on November 3 amid a semiconductor stock sell-off that pushed the Nasdaq 100 into correction territory. By the following session it briefly tested the mid-$75,000s before stabilizing, leaving the asset near its weakest levels in more than a month.

U.S. spot Bitcoin ETFs continued to see redemptions. The funds recorded roughly $399 million in net outflows on November 2—driven largely by $405 million leaving BlackRock’s IBIT—following a $643 million outflow on October 30, the largest single-day withdrawal since June in several datasets. The five-day net outflow through November 2 stood near $712 million, while October as a whole finished with approximately $515 million in net outflows. Ethereum ETFs also posted consecutive outflow days. Cumulative net inflows since the January 2024 launch remain near $56.6 billion, with total net assets around $98 billion, but the recent pace of redemptions underscored institutional caution around exchange counterparty risk.

The macro backdrop added pressure. Semiconductor weakness weighed on broader risk assets, and investors positioned ahead of U.S. midterm results. With the elections now concluded, uncertainty has shifted to the post-election period: markets are still digesting the outcome, potential shifts in fiscal and regulatory tone, and how the results may affect risk appetite and liquidity conditions in the weeks ahead. Bitcoin dominance stayed elevated, indicating selective rotation rather than a full exit from crypto.

Meanwhile, Binance’s response to the hack—covering roughly 90–95% of losses from its SAFU fund, futures insurance, and treasury—drew the on-chain SAFU Bitcoin reserve down to about 7,500 BTC (roughly $580 million), below the exchange’s $800 million top-up threshold. Phased withdrawals resumed on November 1, but trackers recorded multi-billion-dollar net outflows in the initial hours.

Market participants are watching whether the $75,700–$76,400 zone holds as short-term support, how the post-election landscape shapes sentiment and policy expectations, and whether Binance provides a timeline for replenishing SAFU while completing recovery of the remaining less-liquid assets. The combination of exchange-security shock, ETF redemptions, and lingering election-related uncertainty has kept near-term price action choppy even as cumulative ETF inflows since launch continue to dwarf the recent weekly reversals.