Key Takeaways
- • U.S. spot Bitcoin ETFs recorded nearly $1.28 billion in net outflows between November 2 and November 6, according to Farside Investors data, with BlackRock's IBIT accounting for roughly $1.21 billion of the withdrawals.
- • Cryptocurrency liquidations exceeded $1 billion over a 24-hour period during Sunday's volatility, with long positions accounting for approximately $931 million, per CoinGlass data.
- • Bitcoin traded near $74,500 on November 9, down roughly 2% over 24 hours, after dipping to around $73,761 late Sunday; ETH fell below $2,100 before recovering above $2,130.
- • Stalled U.S.-Iran negotiations, which Secretary of State Marco Rubio called marked by "outrageous" Iranian demands, added geopolitical uncertainty, though the impact on Bitcoin's decline could not be isolated.
- • Traders are awaiting the October U.S. Consumer Price Index report, scheduled for November 10 at 8:30 a.m. ET, as Bitcoin tests support near its recent lows.
Summary
Bitcoin fell below $75,000 on November 9, trading near $74,500 as institutional outflows, forced leveraged liquidations and renewed geopolitical concerns weighed on cryptocurrency prices ahead of Tuesday's U.S. inflation report. The decline followed a difficult week for spot Bitcoin ETFs. Data from Farside Investors showed U.S. spot Bitcoin ETFs recorded nearly $1.28 billion in net outflows between November 2 and November 6, with BlackRock's iShares Bitcoin Trust accounting for roughly $1.21 billion of those withdrawals. IBIT lost $403 million on Friday alone, while Fidelity's FBTC attracted $42.8 million that day. A brief inflow of $74.6 million on Wednesday was erased by $430.2 million in net withdrawals on Thursday.
Leveraged trading losses amplified the sell-off. CoinGlass data cited during the sell-off showed more than $1 billion in cryptocurrency positions were closed over a 24-hour period, with long positions accounting for approximately $931 million. Ethereum recorded around $455 million in liquidations versus roughly $278 million for Bitcoin, and the largest single liquidation was an ETH position worth about $48 million. Liquidations occur when leveraged positions lack sufficient collateral, and forced exchange closures can add to selling pressure.
Bitcoin dipped to around $73,761 late Sunday before buyers pushed it back above $75,000, but the recovery did not hold. Ethereum briefly fell below $2,100 before recovering above $2,130. Geopolitical developments also contributed to nervous trading, as U.S. Secretary of State Marco Rubio described Iranian demands in stalled Washington-Tehran negotiations as "outrageous" and said talks had made little progress. Continuing tensions have raised concerns over oil prices and inflation, though the available data does not establish how much of Sunday's decline resulted directly from Iran-related developments.
Technically, the daily Relative Strength Index stood near 34.56, below its moving average of 39.03 and approaching the oversold threshold of 30, while the MACD remained below its signal line. Crypto analyst Ali Martinez noted Bitcoin held its 200-day simple moving average during the decline. The immediate resistance zone sits near $75,600, with the recent swing low near $73,692 under watch. More Crypto Online identified the 50-week moving average and a level near $78,186 as resistance, and a lower support region between $71,252 and $67,868 if the correction continues. Investors are now focused on the October CPI report due November 10 at 8:30 a.m. ET, per the Bureau of Labor Statistics.
Leveraged trading losses amplified the sell-off. CoinGlass data cited during the sell-off showed more than $1 billion in cryptocurrency positions were closed over a 24-hour period, with long positions accounting for approximately $931 million. Ethereum recorded around $455 million in liquidations versus roughly $278 million for Bitcoin, and the largest single liquidation was an ETH position worth about $48 million. Liquidations occur when leveraged positions lack sufficient collateral, and forced exchange closures can add to selling pressure.
Bitcoin dipped to around $73,761 late Sunday before buyers pushed it back above $75,000, but the recovery did not hold. Ethereum briefly fell below $2,100 before recovering above $2,130. Geopolitical developments also contributed to nervous trading, as U.S. Secretary of State Marco Rubio described Iranian demands in stalled Washington-Tehran negotiations as "outrageous" and said talks had made little progress. Continuing tensions have raised concerns over oil prices and inflation, though the available data does not establish how much of Sunday's decline resulted directly from Iran-related developments.
Technically, the daily Relative Strength Index stood near 34.56, below its moving average of 39.03 and approaching the oversold threshold of 30, while the MACD remained below its signal line. Crypto analyst Ali Martinez noted Bitcoin held its 200-day simple moving average during the decline. The immediate resistance zone sits near $75,600, with the recent swing low near $73,692 under watch. More Crypto Online identified the 50-week moving average and a level near $78,186 as resistance, and a lower support region between $71,252 and $67,868 if the correction continues. Investors are now focused on the October CPI report due November 10 at 8:30 a.m. ET, per the Bureau of Labor Statistics.
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