The Macro
ETF flows absorb the week even as Thursday bleeds
Bitcoin ETFs recorded a net outflow of $25M on Thursday, but the weekly picture remains firmly positive at +$616M. Institutional positioning has not broken.
The Evening Wrap · 2026-11-05 · 20:34 Zurich
ETF money holds as everything else gives ground
A broad 7% drawdown across the market found one thing still working in crypto's favour, and it was not sentiment.
Marcus · EMEA Desk
Zurich desk · 4 min read
Bitcoin closed at $75,940, down 5.3% over the 24-hour window. Selling pressure built through the London afternoon and eased only when New York came online. The move was orderly, no single violent leg, just sustained pressure that found no meaningful buyer response until the US open. What complicates the read is the Fear and Greed Index closing at 50 (Neutral), up from 34 (Fear) the previous day, even as price gave back meaningful ground. Sentiment and price are pointing in opposite directions, and we cannot yet say which is the lagging indicator.
Ethereum fell 7.2% to $2,248, underperforming Bitcoin by a clear margin. The ETH/BTC ratio sits at 0.0296, a level that reflects how thoroughly Ethereum has lost relative footing over recent months. Solana dropped 6.4% to $89, broadly in line with the wider altcoin complex. Bitcoin dominance rose to 59.2%, the mechanical consequence of alts falling faster. If the drawdown extends into Friday, that figure is worth tracking.
Against this view
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Funding rates across perpetual markets were roughly neutral through the session, neither squeezing longs nor rewarding shorts in any meaningful way. That points to spot-led selling. It also means there was no clean derivatives flush. Open interest did not collapse, so the positions that drove the move are largely still on. If price holds here or drifts lower overnight, the next session inherits that overhang.
Total market capitalisation closed at $2.57T, down 7.3% on the day. The breadth of the decline across Bitcoin, Ethereum, Solana and the wider altcoin market points to a macro-driven risk-off move. We cannot confirm a specific trigger from the data available. The session ended with more questions than answers.
The bottom line
Crypto shed 7% today. ETF flows stayed positive on the week. Watch whether Friday holds $75K on BTC.
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