Bitcoin below $74,000 is where the market found itself Thursday morning, with the largest cryptocurrency trading near $73,600 as spot ETF redemptions stretched to a fifth straight session and the weekly losing streak hit five. With Ether near $2,040 and sentiment still impaired by Binance’s record hack, the bounce traders hoped for after the midterms has not arrived.
The calendar is not helping. Bitcoin is on track for its fifth consecutive weekly loss, roughly 15% below the September peak near $87,400, while US bond markets closed Wednesday for Veterans Day ahead of Friday’s producer price data.
ETF Outflows Reach a Fifth Straight Session
US spot bitcoin ETFs shed about $299.8 million on November 11, the fifth consecutive session of outflows, according to CoinGlass and Cointelegraph tallies. BlackRock’s IBIT alone accounted for roughly $269.7 million of the exit.
The run is grinding rather than gushing: daily prints of -$430.2 million (Nov 5), -$411.9 million (Nov 6), -$201.0 million (Nov 9) and a relatively mild -$95 million (Nov 10) before Wednesday’s re-acceleration. More than $1.4 billion has left in five sessions, IBIT’s redemption streak has reached nine days for roughly $2 billion cumulative, and year-to-date flows have flipped negative – about -$1.1 billion, the first such year since January 2024.
Macro Is Doing the Heavy Lifting
Crypto is losing to a remarkably simple rotation. Bloomberg’s Eric Balchunas noted that all 17 top US-listed ETFs by inflows over the prior five sessions were equity funds, pulling roughly $12 billion a day. Meanwhile October CPI came in at +0.4% month-on-month versus +0.3% expected, and CME FedWatch puts near-90% odds on a rate hike at the December 8-9 meeting – the opposite of the easing narrative crypto traded on all year.
Leverage is clearing fast, too: futures liquidations jumped 288% to $725 million in 24 hours, and CryptoQuant’s Bull Score Index has collapsed from 90 to 20 since mid-October. Apparent demand is down roughly 284,000 BTC over 30 days, with miner reserves at ~1.19 million BTC and exchange inflows at nine-month highs.
Levels That Matter Next
Support sits at the 144-day average near $73,000, then $72,840 and the psychological $70,000 zone. Resistance starts at $74,650-$75,000 – a reclaim of which, then $77,740, would signal the short-term downtrend is over. Until sustained ETF inflows return, the path of least resistance for bitcoin below $74,000 remains sideways to lower.
