Bitcoin Demand Nears June Low as Investors Continue Withdrawing Funds

Highlights:

• Bitcoin’s apparent demand fell to −251,000 BTC, nearing June’s low as buying activity weakened further.
• Spot Bitcoin ETFs recorded 5,759 BTC in weekly outflows, worth roughly $446 million, according to Darkfost.
• Analyst Ali Martinez warned Ethereum and XRP could fall further, identifying $1,963 and $0.99 as targets.

Bitcoin demand has weakened again as investors continue pulling funds from spot BTC exchange-traded funds (ETFs). On-chain analyst Darkfost reported that ETFs recorded net outflows of 5,759 BTC, worth approximately $446 million, during the week. Meanwhile, Bitcoin’s apparent demand dropped to −251,000 BTC, moving closer to its June low.

In a November 7 post on X, Darkfost shared CryptoQuant data showing that demand had fallen below its August level. He warned that the trend could put more pressure on Bitcoin in the short term but also pointed out that demand was approaching an extreme.

⚠️ Demand failed to materialize this week and instead deteriorated further.

Spot Bitcoin ETFs recorded net outflows of 5,759 BTC, equivalent to approximately $446 million.

Apparent demand has now fallen below August’s level and currently stands at −251,000 BTC. It is… pic.twitter.com/SCrqwzLjki

— Darkfost (@Darkfost_Coc) November 7, 2026

Bitcoin Apparent Demand Drops to −251,000 BTC

According to Darkfost, Bitcoin’s apparent demand has fallen to −251,000 BTC, approaching the −273,000 BTC level recorded in June. Darkfost said buying interest failed to recover during the week and instead deteriorated further. However, he also noted that unusually weak demand has sometimes created opportunities for investors watching for a market recovery.

At the time of writing, Bitcoin was trading at $75,953, down 0.2% over the past 24 hours, according to CoinMarketCap. Meanwhile, traders are closely watching the $75,000 support level as BTC struggles to regain momentum.

Bitcoin ETFs Record More Withdrawals as Buying Slows

Darkfost reported that spot Bitcoin ETFs lost 5,759 BTC, equivalent to approximately $446 million, during the period covered by his analysis.

The withdrawals continued through the end of the week. According to Farside Investors, US spot Bitcoin ETFs lost $430.2 million on November 5 and another $411.9 million on November 6. The two days accounted for most of the week’s $1.28 billion in net outflows.

ETF withdrawals can reduce demand because funds may need to sell Bitcoin when investors redeem shares. Continued outflows can also affect market sentiment, especially when other buyers are not increasing their holdings. However, ETF activity is only one part of the market. Investors also trade Bitcoin directly through exchanges and hold it in private wallets, which can affect the broader supply and demand balance.

Ethereum and XRP Face Further Downside Risks

Other major cryptocurrencies are also facing selling pressure. In a November 7 analysis on X, crypto analyst Ali Martinez identified possible downside targets for Ethereum and XRP. Martinez said Ethereum had broken below a right-angled ascending broadening pattern on its daily chart.

After losing the $2,385 support level, ETH could move toward $1,963 if selling continues. Ethereum was trading near $2,243, up 0.04% in the past 24 hours, according to CoinMarketCap.

IF THE MARKET KEEPS DUMPING…

HOW LOW COULD BITCOIN, ETHEREUM, AND XRP GO?

1/5 🧵👇

— Ali Charts (@alicharts) November 7, 2026

Meanwhile, Martinez said XRP had slipped below the middle support of its trading channel. He identified $0.99 as the next potential support near the channel’s lower boundary. XRP was trading around $1.17, down 2.31% over the previous 24 hours. However, Martinez cautioned that these downside targets are not guaranteed because cryptocurrency prices can reverse before reaching them.