Bitcoin bounced above $77,000 after touching $75,625 overnight

Bitcoin fell to $75,625 on Kraken during the 03:00 UTC hour on November 4 before recovering above $77,000 in the following hour, producing a sharp overnight reversal as Asian trading overlapped with U.S. election results.

The low was approximately 2.2% below Kraken’s $77,331.70 opening price for the UTC day, according to Coinburn’s calculation from the venue’s hourly observations. Bitcoin then recovered approximately 2.2% from the low to about $77,265 by 04:55 UTC. These percentages describe one exchange and a short intraday window, not a consolidated global cryptocurrency market.

A two-hour reversal

Kraken’s hourly record shows bitcoin closing the 02:00 UTC hour at $76,040.80. During the next hour, it traded as low as $75,625 before closing at $76,373.50. The venue recorded approximately 318 BTC of volume in that hour.

Bitcoin reached $77,399.50 during the 04:00 UTC hour. At approximately 04:55 UTC, Kraken showed the asset near $77,265 while Coinbase’s BTC-USD ticker showed approximately $77,277. The close agreement between those two observations corroborates the recovery level, but it does not eliminate differences in liquidity, order books or trade timing between venues.

The $75,625 print was below Kraken’s October low of $76,155.50 and was the venue’s lowest reported price since September 16. It was also well below Tuesday’s Kraken high of $77,969.80. Those comparisons use Kraken’s continuous BTC-USD series; another exchange or benchmark may report different extremes.

Fund withdrawals continued before the drop

The latest completed U.S. fund session provided a negative institutional-flow backdrop. TFTC’s tracker, using daily aggregate and fund-level data from SoSoValue, reported that U.S. spot bitcoin exchange-traded funds recorded $115.6 million of net outflows on November 3. That was the third consecutive outflow session and brought the two November sessions through November 3 to a combined $514.2 million of withdrawals.

BlackRock’s IBIT accounted for $95.0 million of the November 3 outflow, while Grayscale’s BTC recorded $52.6 million of withdrawals. Bitwise’s BITB, Fidelity’s FBTC and Morgan Stanley’s MSBT partly offset those amounts with $21.9 million, $6.8 million and $3.3 million of inflows, respectively.

Fund-flow estimates measure net creations and redemptions during the U.S. securities session. They are reported after the close, may be revised and do not cover direct exchange trading, non-U.S. products, futures funds or corporate bitcoin purchases. The overlap between withdrawals and the later overnight decline does not prove that fund activity caused the $75,625 trade.

Election timing is not an explanation

The reversal occurred while the Associated Press was calling consequential U.S. congressional races and later reported that Democrats had won control of both chambers. That timing makes the election a relevant macro backdrop because congressional control can affect the outlook for cryptocurrency legislation, taxation and agency oversight.

Price candles cannot identify why individual orders were entered, however. The move could also reflect thin overnight liquidity, short-term positioning, broader risk appetite or responses to other information. No reviewed source supplied transaction-level evidence attributing the decline or rebound to election results.

What the data establish

The defensible conclusion is narrow: bitcoin set a fresh multiweek low on Kraken and recovered most of the decline within roughly two hours. The rebound limited the immediate damage but did not erase the new low or reverse the three-session withdrawal streak from U.S. spot funds.

Cryptocurrency trades continuously without an official consolidated close. The quoted levels are venue-specific observations, and the latest fund figures describe a different market and measurement window. Subsequent trading may therefore change the price context without changing what occurred during the November 4 overnight interval.