Bitcoin struggles near $77,000 as ETF withdrawals and US elections weigh on crypto markets

Bitcoin remained under pressure on Tuesday, November 3, as investors reduced exposure to cryptocurrencies amid continued withdrawals from exchange-traded funds, lingering concerns over the Binance security breach and uncertainty surrounding the US midterm elections.

The world's largest cryptocurrency struggled to sustain a recovery after briefly falling toward $76,300 earlier in the session, while major altcoins recorded mixed performances.

Price overview

During Tuesday's trading, Bitcoin traded at $77,262, down 0.52% over 24 hours, with ethereum at $2,283.85, virtually unchanged.

Solana traded at at $93.26, down 0.88%, with XRP at $1.2765, up 2.13%, while BNB slipped 0.74% to $697.85.

ETF outflows continue

US spot Bitcoin ETFs recorded approximately $399 million in net withdrawals on Monday, following $643 million on Friday.

BlackRock's Bitcoin fund accounted for roughly $405 million of Monday's outflows, underscoring the deterioration in institutional demand.

Binance breach weighs on confidence

The fallout from last week's $6.3 billion Binance security breach continued to unsettle investors.

Net customer withdrawals reached approximately $4.7 billion after the exchange restored services, adding to concerns about liquidity and confidence in centralized trading platforms.

Midterm elections in focus

US voters headed to the polls on Tuesday, with cryptocurrency regulation among the issues facing the next Congress.

Investors are also awaiting Friday's employment report for clues about the Federal Reserve's December interest rate decision.

Market outlook

Bitcoin faces immediate support around $76,400, followed by $76,000. Resistance stands near $78,000 and $79,500.

A recovery in institutional inflows could help stabilize prices, while further withdrawals would leave the market vulnerable to renewed selling.