Bitcoin failed to reclaim the $80,000 psychological barrier, trading near $76,861 on Tuesday, as a combination of falling US Treasury yields, weak technology stocks and significant outflows from US‑listed spot Bitcoin exchange‑traded funds (ETFs) weighed on demand, CryptoSlate reported.

BTC / USD
Source: CoinGecko. Prices are indicative.

Divergence between yields and Bitcoin price

Between Oct. 21 and Oct. 30, the 10‑year inflation‑protected Treasury yield slipped from 2.76% to 2.60%, a 16‑basis‑point decline that normally reduces the opportunity cost of holding non‑yielding assets such as Bitcoin. However, the cryptocurrency fell 8.25% in the same period, dropping from about $84,134 to $77,191, indicating that the yield decline was insufficient to offset broader market pressure.

Tech‑stock weakness and security breach add pressure

The Nasdaq‑100 lost 4.82% over the same ten‑day window and posted another 1.39% decline on Nov. 2, reflecting a broader slump in technology equities. Bitfinex linked Bitcoin’s weakness to this tech‑stock drag and to subdued spot‑market buying. The market was further rattled by Binance’s Oct. 29 security breach, which Wintermute identified as the primary crypto‑specific shock behind the recent downturn, triggering about $1.5 billion in liquidations, 85% of which were long positions.

ETF outflows drain spot‑market support

US‑listed spot Bitcoin ETFs saw $398.6 million of net outflows on Nov. 2, with BlackRock’s iShares Bitcoin Trust accounting for $405.3 million of withdrawals. The outflows followed $643.2 million of redemptions on Oct. 30, bringing total net outflows across the two days to roughly $1.04 billion, according to data cited by CryptoSlate. Fidelity’s FBTC was the only fund to record a modest inflow of $6.7 million, insufficient to offset the broader trend.

What to watch next

Analysts note that Bitcoin’s next technical support lies near its 50‑week moving average at $76,800; a break below could deepen the bearish case. Conversely, a sustained rally above $80,000 would require fresh spot‑market capital and a reversal in ETF flows. Upcoming US economic data – the September job openings report on Nov. 3 and the October employment report on Nov. 6 – may influence Treasury yields and Fed policy expectations, which could indirectly affect Bitcoin’s trajectory.