Election Pressure, $6.3B Fallout and $BTC’s $80K Test: The Midterm Market Has Jitters 🧃

Bitcoin entered the November 3, 2026 US midterm election week trading below $80,000 as Wall Street withdrew capital from crypto funds, large traders added leveraged exposure, and Binance continued addressing the fallout from a record $6.3 billion hack. $BTC briefly fell below $77,000 on October 30 before recovering above $78,000 on Monday, while $ETH bounced from $2,200 to around $2,287.

US spot Bitcoin ETFs recorded $643.2 million in outflows on October 30, erasing inflows from the previous four trading sessions and leaving the week with roughly $202 million in net withdrawals. Weekly flows for $BTC reversed from a $301.2M inflow to a $202.4M outflow, while $ETH outflows widened from $220.7M to $431.4M. Ethereum funds also lost $431.4 million over five consecutive trading days. Institutional investors took out a net $515 million from US Bitcoin ETFs in October 2026, according to SoSoValue.

Bitcoin’s estimated on-chain average cost basis reached $74,800, leaving recent trading levels closer to the average purchase price tracked in that analysis. Bitunix Analysts identified a $201 million leveraged Bitcoin short on Hyperliquid as of October 29. A Bitunix Ultra Indicator Alerts post dated November 2, 2026, also directed traders to monitor momentum shifts: https://t.co/YiCsXexHfF.

The election will determine control of Congress and could affect the future of the CLARITY Act, Washington’s proposed cryptocurrency regulatory framework. The bill failed to advance in the Senate in September and faces disagreements extending beyond party lines. Investors are also watching Binance’s hack aftermath: customers withdrew a net $3.64 billion after the attack, although the exchange said withdrawals were stabilizing and that approximately 95% of stolen assets had been replaced using company resources.

Market performance was broadly negative as October closed. “Well, that wasn't the Uptober we were hoping for!” Only 2 of the top 20 cryptocurrencies ended October in the green: $XMR (+9.99%) and $LEO (+4.07%). $RAIN fell 48.47%, followed by $XLM (25.12%), while $BTC dropped 7.30% and $ETH fell 16.04%. The immediate focus is whether $BTC can reclaim $80,000 and draw renewed ETF inflows, with a return below $77,000 placing further pressure on the market.