Crypto Hits Lowest Since August as $1.1 Billion in Longs Liquidate

Crypto fell to its lowest level since August over the weekend, with Bitcoin sliding to about $73,500 while long positions took almost all of the damage. More than $1.1 billion in leveraged positions were liquidated in the 24 hours through 9 am UTC Monday, per CoinGlass, with longs accounting for roughly 90% of the total.

The wider market was worth $2.47 trillion, down 6.08% over 24 hours and with Bitcoin dominance at 60.20%, per CoinGecko. Alternative.me's Fear & Greed Index read 29, in its "Fear" band.

• The news: Crypto reached its lowest level since August, with Bitcoin near $73,500 and more than $1.1 billion of leveraged positions liquidated in 24 hours, per CoinGlass.
• The key figure: US spot Bitcoin ETFs recorded $1.28 billion in net outflows last week, their largest weekly withdrawals since late June, per SoSoValue.
• What happens next: October's Consumer Price Index is due Tuesday and the Producer Price Index Friday, both at 8:30 am ET, with markets pricing 78.8% odds of a December Fed rate hike, per CME Group's FedWatch Tool.

Update (9 November): Bitcoin traded around $74,100 on Monday morning after touching $73,650 earlier, its lowest in two months. Ethereum fell harder, down 4.4% to $2,137 and 7.4% over the week.

Bitcoin Drops Below Its 50-Week Average

Bitcoin's slide carried it below its 50-week simple moving average (SMA) of $75,492 and close to its 21-week SMA at $73,078, which sits just under the weekend low.

The selling was heaviest in Ethereum, which absorbed nearly $500 million of the liquidations against $305.3 million for Bitcoin, per CoinGlass. On 6 November, Ethereum's decline triggered about $210 million in liquidations, $179 million of them from leveraged longs.

ETF Outflows Reach $1.28 Billion in a Week

US spot Bitcoin ETFs recorded $1.28 billion in net outflows last week, their largest weekly withdrawals since late June, per SoSoValue. That took the funds' net outflows for the year to about $919 million, after $515 million of outflows in October.

IBIT carried most of it: its outflows ran to six consecutive trading sessions and about $1.44 billion since 30 October, roughly 95% of the weekly total, per SoSoValue. Fidelity's FBTC went the other way, drawing about $93 million in net inflows for the week. On 5 November, US spot Bitcoin and Ethereum ETFs together posted $530.1 million in net outflows.

Jobs Data Lifts December Rate-Hike Odds

The macro calendar did as much as the flows. US nonfarm payrolls added 165,000 jobs in October, well above the 65,000 expected, and September's figure was revised up to 60,000. After the release, the odds of a 25 basis point Fed rate hike in December rose from 66.9% to 76.8%, per CME Group's FedWatch Tool, and market pricing reached 78.8%.

Tech shares sold off alongside crypto: the Nasdaq Composite fell 5.5% on Thursday, its biggest single-day decline since April 2025.

What To Watch: CPI Tuesday, PPI Friday

The US Bureau of Labor Statistics will release October's Consumer Price Index on Tuesday and the Producer Price Index on Friday, both at 8:30 am ET. Both prints feed the December rate decision the market now leans toward as a hike.

Bitfire Research described the market as being in a "breakdown and bottom-seeking phase", pointing to the inflation data and Federal Reserve signals as the factors to watch. The firm said a sustained break below the $74,400 to $75,000 support range could lead to further selling.

The first hard number of the week lands Tuesday at 8:30 am ET with the CPI print. Bitcoin holding above the 21-week average at $73,078 keeps the weekend low as the bottom so far; a close back through the 50-week average at $75,492 would put the price back above the line it lost.