US spot Bitcoin exchange-traded funds (ETFs) recorded approximately $1.28 billion in net outflows last week, marking their largest weekly withdrawals since late June. This brings year-to-date net outflows to approximately $919 million, following another $515 million in withdrawals during October.

The significant withdrawals coincided with Bitcoin falling below $76,000, amid growing market uncertainty, the reported $6.3 billion Binance hack fallout, post-election concerns, and a sell-off in technology stocks.

BlackRock's IBIT Leads Bitcoin ETF Outflows

BlackRock's iShares Bitcoin Trust (IBIT) accounted for approximately $1.21 billion in weekly outflows, representing nearly 95% of total withdrawals. The fund experienced six consecutive trading sessions of withdrawals, with approximately $1.44 billion leaving since October 30.

Meanwhile, Fidelity's Wise Origin Bitcoin Fund (FBTC) attracted approximately $93 million in net inflows over the week, despite recording nearly $200 million in withdrawals on Thursday.

Bitfire Research Warns of Further Downside

Bitfire Research identified shifting US interest rate expectations, political uncertainty, and weakness in technology stocks as major pressures affecting cryptocurrency markets.

The firm also highlighted uncertainty surrounding whether Congress could pass the CLARITY Act before year-end. Additionally, a Crypto Fear & Greed Index reading of 25 and a negative Coinbase Premium reflected weakening investor sentiment.

Bitfire described the market as entering a "breakdown and bottom-seeking phase," warning that a sustained decline below the $74,400–$75,000 support zone could trigger further selling pressure.

Investors are now monitoring upcoming US inflation data and Federal Reserve signals for clues about the market's next direction.

At the time of publication, Bitcoin traded at approximately $74,049, down 5% over seven days and 2.3% in 24 hours, according to CoinGecko.