Bitcoin Holds Near $74K as ETF Outflows and Stablecoin Contraction Test Support
Bitcoin traded near $74,000 to $77,700 in the days after a liquidation wave, with sources disagreeing on the exact level. Spot ETF outflows, a shrinking stablecoin supply and elevated put demand point to limited spot buying.
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Price Levels and Liquidation Data
Bitcoin was reported at different levels depending on the source and timestamp. CoinGecko data showed Bitcoin at about $73,912 on Nov. 10, within a 24-hour range of $73,587 to $75,477, while CoinDesk reported it trading near $77,700 as analysts watched $75,000 as support. The gap reflects the difference in the reference snapshot rather than a settled view of the market.
CoinGlass figures for the Nov. 5 liquidation wave showed $954.38 million in long positions liquidated against $127.30 million in shorts, with longs making up 88.2% of the total. Liquidations reached $896.18 million in the final four hours of that snapshot. HashKey Research's Tim Sun said open interest held steady and funding stayed subdued during the event, which he read as traders de-risking rather than capitulating.
Spot ETF Flows Remain Negative
Farside Investors recorded $201 million in net withdrawals from U.S. spot Bitcoin ETFs on Nov. 9, their third consecutive negative session. Across the six completed November sessions, net outflows totaled $1.4827 billion, with only one inflow session, a $74.6 million day on Nov. 4.
Flows were uneven across issuers. BlackRock's IBIT lost $213.2 million on Nov. 9, and during the first November trading week it shed roughly $1.21 billion, while Fidelity's FBTC took in $93.1 million over the same week. Morgan Stanley's MSBT drew $22.1 million, partly offsetting exits elsewhere.
Stablecoin Supply and Options Positioning
DefiLlama put total stablecoin market capitalization at $289.81 billion on Nov. 10, down 1.62% over seven days and 4.57% over 30 days. USDT fell 1.31% over the week and USDC fell 1.25%. Bitget Wallet Research identified the shrinking stablecoin base alongside ETF withdrawals as a liquidity constraint on any sustained recovery.
CoinShares managing director Marc des Ligneris said the one-month, 25-delta Bitcoin options skew rose again, meaning puts are priced above calls and investors are paying for downside protection. He tied the hedging to concerns about AI valuations and circular financing among related companies. Hilbert Group CIO Russell Thompson warned that investors facing margin calls elsewhere could sell Bitcoin to raise cash.
Macro Catalyst and Levels to Watch
The Bureau of Labor Statistics reported that October consumer prices rose 0.4% month over month, after a 0.6% gain in September. Bitget Wallet Research had flagged this release as a near-term catalyst. Bitget Wallet analysts said Bitcoin needs to hold the $73,000 to $74,000 zone, with reclaiming $80,000 signaling stronger demand and a decisive break below $73,000 exposing $68,000.
Why It Matters
For Traders
Holding the $73,000 to $74,000 zone and the flow data over the next few sessions will matter more than any single print, given the sizable ETF outflows and elevated put skew.
For Investors
Sustained net ETF outflows and a contracting stablecoin base suggest demand has not yet returned, which makes the coming months a test of whether institutional buying can resume.
For Builders
Protocols with Bitcoin-collateralized lending or hedging assumptions should stress-test against a sharp break below $73,000 and rising put skew.
This article is for information only and is not financial advice. Read the full disclaimer.
