Why Is Crypto Down Today? $1.28B Leaves Bitcoin ETFs

Crypto's total market cap slid 2.47% over the past 24 hours as Bitcoin traded near $74,000 to $75,000, after touching a two-month low of about $73,500 at the weekend. The drop has come with roughly $1.28 billion of spot Bitcoin ETF outflows in the week to Nov. 6, a liquidation wave that is now cooling, and October US inflation data due this morning.

• The news: Bitcoin is holding near $74,000 to $75,000 after a weekend low of about $73,500, with the total crypto market cap down 2.47% over 24 hours.
• The key figure: US spot Bitcoin ETFs lost about $1.28 billion in the five sessions from Nov. 2 to Nov. 6, with BlackRock's IBIT accounting for roughly $1.21 billion, per Farside Investors.
• What happens next: October US CPI lands on Nov. 10 at 8:30 a.m. ET, and Bitfinex Alpha puts Bitcoin's options-implied range for the week at $72,350 to $79,400.

Bitcoin's $8,000 Week Ends Near $74,000

Bitcoin was trading around $81,000 on Nov. 4 before the slide began. By Sunday, Nov. 8, it had briefly fallen to about $73,470, its lowest level in more than two months. Monday brought another multi-month low at $73,500, leaving Bitcoin down more than $8,000 in less than a week.

The Nov. 9 session saw a partial recovery to near $74,500, still down roughly 2% over 24 hours. On Tuesday, Bitcoin fell as low as $74,100 before trading around $74,200. It is now under the $76,000 level it broke earlier in the sell-off.

Bitcoin's market cap has slipped below $1.5 trillion again, with its dominance over altcoins above 60% on CMC. Ethereum fell below $2,100 during Sunday's trading before recovering above $2,130.

ETF Outflows Hit $1.28 Billion in Five Sessions

US spot Bitcoin ETFs recorded nearly $1.28 billion in net outflows between Nov. 2 and Nov. 6, per Farside Investors data. BlackRock's iShares Bitcoin Trust accounted for roughly $1.21 billion of that across the five trading sessions. The Bitfinex Alpha report published Monday, Nov. 9, put the week's net outflows at about $1.28 billion as well.

The selling carried into the next session. Spot Bitcoin ETFs saw $201 million leave a day earlier, with IBIT alone losing $213.2 million, a seventh straight session of net outflows.

Liquidations Cool From $1 Billion to $184 Million

CoinGlass data showed crypto liquidations above $1 billion in 24 hours on Nov. 9, most of them from long positions, the bets that profit when prices rise.

Update (10 November): futures liquidations totaled about $184 million over the past 24 hours, down about 84% from more than $1 billion the previous day, while futures open interest rose 0.59% to $128.4 billion. Open interest is the value of outstanding futures contracts.

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

Avalanche Jumps 5% on NYSE Clearing Role

Avalanche rose about 5% over the past 24 hours after news that the New York Stock Exchange will use the Avalanche blockchain for clearing and settlement on a 24-hour tokenized securities trading platform. AVAX futures open interest rose 13% over the same period.

The platform, supported by Avalanche, is designed to allow 24/7 trading, clearing and settlement for its subscribers, subject to applicable regulatory approvals, according to the announcement.

Hyperliquid Rises on Upbit and Bithumb Listings

South Korea's two largest crypto exchanges, Upbit and Bithumb, announced Hyperliquid (HYPE) listings, with HYPE trading opening on Nov. 10. HYPE edged up 0.73% over 24 hours even as the total crypto market cap slid 2.47%.

The listings arrive after a weak month for the token. HYPE has lost more than 12% over the past month and sits about 24% below its $97.96 record from Sept. 23.

CPI Print Lands at 8:30 a.m. ET

The October US Consumer Price Index report is scheduled for Nov. 10 at 8:30 a.m. Eastern Time, per the Bureau of Labor Statistics. It follows an October jobs report that showed 165,000 new positions against forecasts of 65,000, with the unemployment rate at 4.1%.

Equities rebounded Monday after a tech sell-off, with the S&P 500 up 2.35% and the VIX down 22%, while the 10-year Treasury yield held near 4.9%.

On the crypto side, Bitfinex Alpha estimates Bitcoin could trade in a $72,350 to $79,400 range this week, based on the options-implied range. 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.

The next 24 hours turn on the CPI print. A hotter number would test the 200-day moving average near $73,152, with the weekend low of about $73,500 as the first level to hold and $72,350 the floor of Bitfinex Alpha's implied range. A softer one would put the $79,400 top of that range back in play.