Bitcoin ETFs bleed $1.043B in three days as short-term holders sink

Bitcoin spot ETFs bled $1.043B over three trading sessions, from Nov. 5 to Nov. 9, according to AMBCrypto. The heavy selling pushed BTC under its 50-week moving average, which now sits at $75.2K. Sentiment followed the price down: the Crypto Fear and Greed Index printed 26, a reading squarely in fear territory.

MARA Holdings has been a major seller. Over the past six weeks the Bitcoin miner offloaded 13,597 BTC at an average of $81,039 per coin, pulling in $1.1B to fund its pivot toward AI data centers. Heavy liquidations piled on top, deepening the pessimistic mood.

The pain spread beyond crypto. Glassnode data showed Hyperliquid trading volume for equities overtook Bitcoin volume as traders rushed to buy the stock market dip, AMBCrypto reported.

On-chain metrics flag a market selling at a loss. The Bitcoin short-term holder Spent Output Profit Loss (SOPR) sat at 0.99 — anything below 1 means loss-selling dominates. Analyst MAC_D, using the Short-term Holder P&L to Exchanges indicator, found 32,695 BTC held at a loss by short-term holders flowed into exchanges on Nov. 6, making up 89% of all short-term holder inflows that day. By Nov. 9 those loss-making inflows had shrunk to 9,900 BTC, even as the price slipped from $75.7K to $74.8K. MAC_D wrote on CryptoQuant that fading sell pressure after a wave of loss realization has historically pointed to a possible rebound.

Analyst DV Moreno framed the slide as a reset: the pullback wiped out short-term holders' profit cushion. The STH MVRV dropped below 1 and the short-term holder NUPL slipped under zero, though unrealized losses stayed shallower than in February or June. The short-term Sharpe ratio also turned negative, a signal of weak returns against recent volatility. Bitcoin had briefly rallied above $80K earlier this month before sellers rejected it — and Moreno said a drop below $73K with deepening net unrealized losses would strengthen the bear-market continuation case.