Bitcoin News | Bitcoin Holds $74,000 as Stocks Rebound and Bitcoin ETF Outflows Extend to Four Days; IBIT Hits Eight
Bitcoin was little changed at around $74,000 since midnight UTC on Wednesday, November 11, after dipping to $72,700 on Tuesday. Ether held near $2,050. The CoinDesk Memecoin Index fell 1.2% and the CoinDesk 80 slipped 0.3%.
Crypto lagged a rebound in stock index futures. Nasdaq 100 futures rose 1.7% after AI cloud provider CoreWeave’s earnings beat estimates. Over 24 hours, bitcoin is down 0.7% and ether 1.7%.
ETF Outflows Extend to a Fourth Day
US spot bitcoin ETFs lost $95 million on Tuesday, according to SoSoValue, their fourth straight day of outflows. BlackRock’s IBIT accounted for $78 million, its eighth straight session of withdrawals.
Hot CPI Keeps a December Hike Fully Priced
Tuesday’s report showed US consumer prices rose 0.4% in October, more than forecast. Markets now fully price a Fed rate hike at the December 8–9 meeting, with about a 14% chance of a half-point move, according to CME FedWatch data. The US bond market is closed on Wednesday for Veterans Day.
Liquidations Jump 288% to $725 Million
Crypto futures liquidations surged 288% to $725 million over 24 hours after the inflation data, according to CoinGlass. Trading volume rose 24% to $204.8 billion, while open interest slipped 1% to $127.2 billion, a sign that traders closed positions.
Bitcoin: liquidations were $200.5 million, 85% of them longs. Funding is positive but below baseline at 0.0078%, about 8.6% a year, so longs are still paying shorts but less than usual. Sellers lead, with a taker buy/sell ratio of 0.97.Ether: liquidations were larger, at $253 million, even though ether’s $25.2 billion in open interest is about half bitcoin’s. Open interest fell 3.6% on a 1.7% price drop, so money left.ZEC, XRP and HYPE: zcash led altcoin liquidations at $40.3 million, with open interest down 10.5%. XRP and HYPE open interest also fell more than their prices, which points to money leaving.
TradFi Perps Take Four of the Top 10 Spots
Four of the 10 most traded perpetual futures over 24 hours were linked to traditional assets, according to Coinalyze:
Direxion 3x semiconductor ETF (SOXL): $8.4 billion, more than solana or XRPSanDisk: $4.4 billionGold: $2.4 billionNvidia: $2.0 billion
Open interest in Nvidia perps rose 50% to $411 million after the stock fell 5.5% on Tuesday.
Options Traders Buy Protection
On Deribit, put volume was 1.5 times call volume for bitcoin options expiring between November 12 and 27. Eight of the 10 most active contracts are puts with strikes from $69,000 to $74,000, led by the November 27 $69,000 put. Puts are priced about 4 to 5 volatility points above calls, and at-the-money implied volatility is around 36% to 38%.
Friday’s expiry is dominated by far out-of-the-money calls, with the largest open interest at $81,000 (8,306 BTC) and $84,000 (5,231 BTC).
GRAM Leads; ZEC Slides 14%
GRAM, the renamed toncoin, led the CoinDesk 100 with a gain of about 5% since midnight UTC, after Telegram founder Pavel Durov said more than 700,000 wallets were created in the app within 48 hours.ZEC fell about 14% over 24 hours as leveraged longs were wiped out and money left Grayscale’s Zcash ETF.XMR rose 2% since midnight UTC.NIGHT, the Cardano-linked privacy chain, rose about 5% after its Ledger 9 upgrade went live on mainnet.
Bitcoin’s share of the total crypto market rose to 60.5% from 59.9% on Friday. CoinMarketCap’s altcoin season index fell to 40 out of 100, from 49 last Thursday, and the Fear and Greed Index is at 26, in fear territory.