Bitcoin rose back above $78,000 after Democrats won both chambers of the US Congress, even as spot exchange-traded funds recorded three consecutive sessions of withdrawals. Net outflows reached approximately $1.157 billion over the three sessions ending Nov. 3, creating a headwind for demand. Ryan Kirkley, co-founder and CEO of Global Settlement Network, maintains a year-end target of $85,000 to $90,000, contingent on stabilizing ETF flows, improving liquidity and renewed macroeconomic confidence. The rally still faces resistance at $84,000 to $85,000, while Glassnode estimates the aggregate cost basis of US spot ETF holdings at $81,500.
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