Bitcoin Sinks Under $75K as $1.28B Walks Out of Spot ETFs

Bitcoin slid as low as $74,100 on Tuesday before trading around $74,200, still stuck below the $76,000 level it lost earlier in the sell-off. The broader crypto market cap fell 2.47% over 24 hours, with Bitcoin dominance above 60% on CMC. All eyes now sit on October's US Consumer Price Index, due Nov. 10 at 8:30 a.m. Eastern Time, according to the Bureau of Labor Statistics.

The damage built fast. Bitcoin was trading around $81,000 on Nov. 4, then briefly hit about $73,470 on Sunday, Nov. 8, its lowest in more than two months. Monday printed another multi-month low at $73,500, leaving Bitcoin down more than $8,000 in less than a week. The Nov. 9 session brought a partial bounce to near $74,500, still roughly 2% lower over 24 hours. Ethereum slipped below $2,100 during Sunday's trading before climbing back above $2,130, while Bitcoin's market cap dropped under $1.5 trillion again.

Spot Bitcoin ETFs recorded nearly $1.28 billion in net outflows between Nov. 2 and Nov. 6, per Farside Investors data, with BlackRock's iShares Bitcoin Trust accounting for roughly $1.21 billion of that across five trading sessions. The Bitfinex Alpha report published Monday, Nov. 9, pegged the week's net outflows at about $1.28 billion too. Selling continued into the next session: $201 million left the funds a day earlier, IBIT alone lost $213.2 million, and the category notched a seventh straight day of net outflows. CoinGlass showed crypto liquidations above $1 billion in 24 hours on Nov. 9, mostly from long positions. By Nov. 10, futures liquidations had shrunk to about $184 million, down roughly 84% from the previous day, while futures open interest rose 0.59% to $128.4 billion.

Positioning stayed defensive elsewhere. XRP's 30-day cumulative funding rate on Binance climbed to about 0.18%, its highest level since October 2025, even as the token shed around 30% during its recent correction. XRP open interest fell 3.83% with sell orders relatively stronger, spot XRP ETFs dropped about $10.4 million — or 9.37 million XRP — and Bitcoin options demand for puts outpaced calls.

Avalanche climbed about 5% in 24 hours after the New York Stock Exchange said it will use the Avalanche blockchain for clearing and settlement on a 24-hour tokenized securities trading platform, with AVAX futures open interest up 13% over the same stretch. The platform is built to allow round-the-clock trading, clearing and settlement for subscribers, subject to applicable regulatory approvals, per the announcement. Meanwhile, South Korea's two largest exchanges, Upbit and Bithumb, announced Hyperliquid (HYPE) listings with trading opening Nov. 10. HYPE edged up 0.73% over 24 hours, though it has lost more than 12% in the past month and sits about 24% below its $97.96 record from Sept. 23.

The macro backdrop is mixed. October's CPI follows a jobs report that showed 165,000 new positions against forecasts of 65,000, with unemployment at 4.1%. Equities rebounded Monday after a tech sell-off, with the S&P 500 up 2.35%, the VIX down 22% and the 10-year Treasury yield near 4.9%. Bitfinex Alpha estimates Bitcoin could trade in a $72,350 to $79,400 range this week based on the options-implied range, while IG chief technical analyst Axel Rudolph flagged the 200-day moving average at around $73,152 on Nov. 9 — a level the weekend low of about $73,500 held above.