Bitcoin stayed under pressure in Asian trading on Nov. 4, dropping as low as $75,627.98 before rebounding to around $76,386, according to the latest Binance market snapshot. BTC was down 0.55% over the past 24 hours.
Attention in the market has intensified as U.S. midterm election counting showed Democrats winning in several key districts, while spot ETF flows remained under strain. The combination has put fresh focus on the outlook for crypto legislation and on broader risk assets.
BTC swings more than $2,300 in 24 hours
Binance data dated Nov. 4 showed Bitcoin reaching a 24-hour high of $77,964.97 and a low of $75,627.98, a move of more than $2,300. BTC later recovered to about $76,386, but it had not regained the $77,000 level.
Other major cryptocurrencies were mixed. Ether (ETH) traded at about $2,256.62, up 0.33% over 24 hours. CoinGecko data showed the total crypto market capitalization at about $2.655 trillion, with 24-hour trading volume near $64.8 billion. Bitcoin’s market share stood at about 58.2%.
BTC futures open interest falls to about $51.79 billion
In derivatives, CoinGlass data put BTC futures open interest at about $51.79 billion, below the level of more than $52 billion seen a day earlier. Twenty-four-hour futures trading volume was about $56.79 billion.
The report said the decline in open interest may reflect position closures or deleveraging. It also noted that contract price changes affect the figure, so the drop should not be taken as direct proof that the entire reduction came from long liquidations.
Midterm election results add uncertainty to the regulatory outlook
Results from the U.S. midterm elections on Nov. 3 were still coming in. Democrats had already secured wins in several key districts and flipped some seats previously held by Republicans, making control of Congress a central market focus.
Among the races cited in the report, Democrats scored an important Senate win in North Carolina and made progress in Texas and South Carolina. Final control of the House and Senate still depends on the full vote count.
For the crypto sector, the election could affect market structure legislation, the division of digital asset oversight, and the policy split between the Securities and Exchange Commission and the Commodity Futures Trading Commission. According to Barron’s, Democratic gains in the midterms could create new political resistance for market structure legislation that had received support from the crypto industry.
Spot Bitcoin ETFs record $1.0418 billion in net outflows across two trading days
Beyond politics, spot ETF flows remain a key signal for Bitcoin. Data from Farside Investors showed U.S. spot Bitcoin ETFs recorded net outflows of $643.2 million on Oct. 30 and another $398.6 million on Nov. 2, bringing the combined outflow across the two trading days to $1.0418 billion.
BlackRock’s IBIT accounted for about $405.3 million of the Nov. 2 net outflow, making it the main source of that day’s withdrawals. The report added that while ETF redemptions have been clear in recent sessions, more trading-day data will be needed to determine whether this is developing into a sustained institutional pullback.
Tech stock weakness and macro risks remain in view
The report also pointed to volatility in global technology stocks as a factor that may shape risk appetite in crypto markets. Concerns have risen over the cost of artificial intelligence infrastructure investment and over valuations in technology companies, while Asian tech stocks have also seen a notable pullback.
As a higher-volatility asset, Bitcoin has also been affected by shifts in market risk sentiment. With BTC briefly falling to $75,628, the $75,000 round-number area has become a key zone to watch in the short term. The report said, however, that a round number does not by itself confirm technical support.
To judge whether BTC is forming a bottom, the market still needs to watch spot trading volume, derivatives funding rates, open interest and ETF flows. This week, traders are also watching the final U.S. midterm election outcome and how upcoming macroeconomic data may affect Federal Reserve rate expectations. With institutional direction still unclear and derivatives positioning still above $50 billion, short-term volatility risk in Bitcoin remains in focus.
