Spot Bitcoin ETFs have seen net outflows for the sixth trading day in a row.
On Wednesday, November 5, investors withdrew nearly $137 million from the funds. In total, BTC ETFs lost over $2.05 billion during this period, further increasing pressure on the funds.
Trading activity was low on Wednesday: only half of the twelve ETF issuers registered trades. Of these, five funds managed to attract funds. Fidelity's FBTC received $113 million from investors, while Ark & 21Shares' ARKB received $83 million. Grayscale, Bitwise, and VanEck also reported moderate inflows.
The outflow from Bitcoin funds began on October 29 and coincided with the flagship cryptocurrency's fall below $110,000. The asset then continued to decline, even reaching $99,000 before rising to $103,000.
Despite Bitcoin gradually recovering, market participants are reluctant to return to trading, remaining cautious and awaiting new benchmarks.
Market participants' attention is now shifting to the $106.00 zone, which has transformed from a support level into a resistance level. Given the current climate of caution and weak demand, this barrier could remain, and BTC could fall below $100,000 if buyers don't intervene.