Investing.com --Bitcoin was trading above $76,000 on Saturday, showing signs of stabilization after a bruising selloff, but another wave of withdrawals from U.S. exchange-traded funds highlighted the gap between its modest recovery and institutional demand.
The world's leading cryptocurrency was trading up 0.59% at $76,103.2 as of 03:13 ET (08:13 GMT).
U.S. spot Bitcoin ETFs recorded $411.9 million in net outflows on Friday, according to fund-flow data, extending a second consecutive session of withdrawals. BlackRock's iShares Bitcoin Trust accounted for $403 million in redemptions, offset partly by $42.8 million flowing into Fidelity's fund.
The latest figures bring November's net Bitcoin ETF withdrawals to roughly $1.28 billion through Friday, with Wednesday the only positive session of the month so far. The withdrawals suggest institutional investors have yet to provide sustained support following the cryptocurrency's sharp decline.
Bitcoin had fallen about 5.2% over 24 hours during Friday's earlier trading, after its rebound following the U.S. midterm elections faded. A broader technology-stock selloff, linked to worries over artificial intelligence spending and data-center development, weighed on risk appetite.
More than $1.27 billion in cryptocurrency derivatives positions were liquidated during that earlier 24-hour period, including over $1.1 billion in bullish bets. Forced selling amplified market volatility as traders reduced leveraged exposure.
The market is also assessing a tougher regulatory backdrop. U.S. Treasury officials moved to restrict cryptocurrency exchange MEXC's access to American financial institutions, alleging that it processed at least $16 billion in suspicious transactions linked to sanctions evasion and other illicit activity between 2021 and 2026.
Separately, Greece approved a framework taxing cryptocurrency capital gains at 10% above an annual €500 threshold, with a 15% levy on staking, lending and decentralized-finance income beginning in January 2027.
Legal fallout from the FTX collapse continued as Binance and founder Changpeng Zhao sought records from investor Kevin O'Leary and author Michael Lewis in a $1.76 billion recovery dispute.
Longer-term security concerns also resurfaced after Bitcoin Core developer Cory Fields proposed a mechanism requiring potential quantum attackers to post Bitcoin collateral that legitimate owners could claim. The proposal remains conceptual and would require quantum-resistant wallets.
For traders, $80,000 remains a nearby recovery marker, with $73,000 cited as a possible downside level. The immediate test is whether Saturday's bounce can hold without a reversal in ETF flows.
Crypto prices today: altcoins mostly mixed on Saturday
Broader crypto prices were mixed on Saturday, based on the latest market snapshot.
World No. 2 cryptocurrency Ether rose 0.95% to $2,247.99.
World No. 3 cryptocurrency XRP fell 0.82% to $1.1782.
Solana rallied 0.71% to $90.220, while BNB edged up 0.48% to $695.23.
Cardano gained 0.65% to trade at $0.1846, while Dogecoin lost 0.31%.
Among meme coins, TRUMP was trading flat for the day, while Shiba Inu fell 1.53%
Original Article
Bitcoin rebounds to $76,000, but $1.3 billion ETF exodus tests recovery
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