Market Flux Event
ProShares Crypto ETFs Declare Monthly Distributions as Bitcoin ETFs Bleed Over $1 Billion in Two Days
Read this in the Market Flux appProShares declared monthly distributions across nine of its cryptocurrency ETFs on November 3, covering a range of long, short, and leveraged products tied to Bitcoin and Ether. The payouts ranged from $0.0139 per share for the Ultra Ether ETF to $0.9025 per share for the UltraShort Ether ETF, with the Ultra Bitcoin ETF paying $0.1187 and the Short Bitcoin ETF paying $0.0709.
The distributions landed against a backdrop of heavy institutional selling in spot crypto ETFs. U.S. Bitcoin ETFs recorded $398.62 million in net outflows on November 3, extending a two-day total past $1.04 billion, with BlackRock driving a significant portion of the exit. Ether funds added another $139.80 million in outflows on the same day, and Zcash, HYPE, and XRP funds also started November in negative territory.
Despite the outflow pressure, Bitcoin held in a $76,000 to $78,000 range, rebounding from a $76,000 low during early Wall Street trading on Tuesday. Analysts noted that markets were awaiting direction from U.S. midterm elections, with stocks appearing to price in political gridlock. Several crypto-related equities outpaced Bitcoin on Election Day, with some jumping as much as 13%.
The resilience of Bitcoin's price drew attention given an additional headwind: a reported $6.3 billion hack at Binance, the world's largest crypto exchange, coinciding with a more hawkish Fed posture and the prospect of a second rate hike in December. Some analysts drew parallels to early 2023, when Bitcoin held support near its 50-week moving average through a wave of bad news before rallying nearly 3x over the following nine months. Bitcoin's 50-week moving average currently sits around $75,000, with resistance seen near $89,000.
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Sources
- Seeking AlphaProshares Bitcoin & Ether Equal Weight ETF declares monthly distribution of $0.0323
- BitcoinBitcoin ETFs Lose $399M as 2-Day Outflows Top $1.04B
- CointelegraphBitcoin price defends $76K lows as analysts see stocks pricing in ‘political gridlock'
- Coin TelegraphBitcoin price defends $76K lows as analysts see stocks pricing in ‘political gridlock’
- BullTheoryioBitcoin should be crashing much harder right now. The world's largest crypto exchange just suffered a $6.3 BILLION hack, the Fed is turning more hawkish, and political uncertainty is rising in the U.S. Yet BTC is still holding around $76,000–$78,000. Something very similar happened in 2023. Back then, almost everything bad was happening. • The U.S. banking crisis led to the collapse of Silicon Valley Bank and Signature Bank. • Silvergate, one of crypto's biggest banking partners, shut down. • The SEC sued Binance and Coinbase and went after several major crypto projects. • The Fed continued raising interest rates, putting pressure on risk assets. • Investors were still uncertain whether spot Bitcoin ETFs would ever be approved. Despite all this, Bitcoin never touched its 2022 cycle low near $15,500. Instead, BTC spent months trading between roughly $25,000 and $31,000, with buyers repeatedly defending support. Once Bitcoin broke out of that range, it rallied to $42,000 by December 2023 and eventually crossed $73,000 in March 2024. That's almost a 3x rally from the $25,000 area in around nine months. Now compare that with 2026. • Binance has suffered a massive hack, with reported losses of around $6.3 BILLION. • The Fed has already raised rates once, with another hike being considered for December. • The U.S. midterm elections are creating uncertainty around future crypto legislation. • Democrats have opposed advancing major crypto legislation, including the CLARITY Act, raising concerns about further delays. • Global stocks are selling off, with AI and semiconductor companies taking some of the biggest hits. • Gold and silver have also suffered sharp corrections. Yet Bitcoin hasn't crashed. What could be worse for crypto sentiment than a multibillion dollar hack at Binance? But even after all this, Bitcoin is not crashing. That's not what you would normally expect from an extremely weak market. During distribution, even small pieces of bad news can trigger heavy selling because buyers are already exhausted. During accumulation, buyers keep absorbing selling pressure, allowing prices to hold support even when the news is terrible. And that's what makes the current chart interesting. In 2023, Bitcoin spent months consolidating around its major weekly moving averages before eventually breaking higher. The 2026 chart shows some similarities, with BTC holding near its 50-week moving average around $75,000 while facing resistance near $89,000. The weekly RSI is also back above 50. None of this guarantees that Bitcoin has entered an accumulation phase. But the way BTC is holding up after everything that has happened suggests buyers are still defending important levels.
- Be In Crypto4 Crypto Stocks Outpace Bitcoin on Election Day: What Drove the Jump?
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- BitcoinNewsBitcoin Price Rebounds From $76K Amid Sizable ETF Outflows, Liquidations