Bitcoin at $77,000: the 3 numbers that decide the weekend

Dead calm after the storm. Bitcoin spent the night between $77,000 and $77,500, two days after the biggest hack in cryptocurrency history.

Thursday evening's purge cleaned up leveraged positions, as we reported the day after the hack. Buyers are kept waiting. Three numbers will decide.

Key Points

The price is holding above its Friday low, near $76,000.

US ETFs returned $643 million in one session.

Liquidations were divided by four in twenty-four hours.

Tuesday's midterm elections open a busy week.

Bitcoin: ETFs let go on Friday

The first number fell overnight. U.S. spot bitcoin ETFs saw $643.3 million in net outflows on Friday, according to SoSoValue data reported by TokenPost. BlackRock's IBIT returned 233.7 million, Fidelity's FBTC 201 million. End of series. The previous four sessions had brought in $440.8 million.

The Binance hack took place Thursday after Wall Street closed. Friday was therefore the first session where institutional investors could react. They sold, without panicking: 643 million represents barely more than 1% of the cumulative collection since the launch, at almost 57 billion. Ether ETFs have a fifth day of releases, at 155.9 million on Friday.

The second number is a price. The $75,000 support (the level where buyers have returned so far) has not given way. The price fell to $76,140 on Friday, its lowest since mid-September, before rising to $77,175 this morning. Blockware's Mitchell Askew sees this support as the watershed, with a return to $80,000 after the election if it holds, Forbes reports.

Bitcoin facing the midterms and the Fed

The third number measures nervousness. Liquidations fell to $397.7 million over twenty-four hours, compared to more than $1.5 billion on Friday, according to CoinGlass. Long positions still represent 77%. The Fear & Greed index remains stuck in the fear zone, around 35 out of 100.

A sword of Damocles also weighs on the market. The Binance hacker still holds around 18,270 BTC, or almost $1.4 billion, that no one can freeze. Every movement of these addresses will be scrutinized this weekend, such as the reopening of withdrawals from Binance scheduled for Sunday morning.

Next week will leave no respite. Americans vote Tuesday in the midterm elections. The employment report falls on Friday November 6, with 55,000 job creations expected. The Fed kept rates between 3.75% and 4% on October 28, but two committee members were already calling for an increase.