Bitcoin (BTC) — Onchain News & Whale Tracking

Analysis: Bitcoin’s active supply in loss has surpassed that in profit, historical patterns point to a cyclical bottom.

CryptoQuant analyst Darkfost noted that the proportion of active Bitcoin supply currently in a loss state has exceeded that of profitable supply. The estimate excludes Bitcoin that has not moved for over a decade. After adjustment, the share of supply in profit stands at less than 45%, meaning the majority of Bitcoin in this group is currently trapped in losses. Historically, when this proportion falls below 40%, it typically aligns with the bottom of a market correction phase. Conversely, when this proportion approaches 100%—meaning nearly all active Bitcoin holdings are in profit—the risk of a downward market reversal rises. The analyst argues that contrarian investing is becoming increasingly attractive: building positions gradually when the market is dominated by losses, while reducing positions appropriately when profitability becomes widespread.

BIT-related entities hold a total of $155 million in long positions of Bitcoin (BTC) and Ethereum (ETH), with an unrealized loss of $44.06 million at present.

According to monitoring by Ai Yi, the "Iron Head Bulls" (a BIT-affiliated entity) that previously took a large long position of 120,000 ETH has recently activated a batch of new addresses to re-establish long positions. The nine addresses currently hold a combined long position valued at roughly $155 million, comprising 60,841.22 ETH and 600 BTC, with an unrealized loss of approximately $44.06 million—excluding substantial funding fee expenses. All of the entity’s previously used operating addresses have been deactivated, per reports. Between April and August this year, it amassed over $67.05 million in profits from ETH long trades. The move to reactivate new addresses to build large-scale long positions signals that some of its earlier accumulated profits may now face pressure of being eroded.

US spot Bitcoin ETFs have posted net outflows of $2.35 billion over two consecutive weeks, with BlackRock’s IBIT facing capital withdrawals for 11 straight trading days.

U.S. spot Bitcoin ETFs have posted net outflows for two consecutive weeks, totaling $2.35 billion. Of this, net outflows reached $1.07 billion for the week of November 9 to 13, and $1.28 billion for the prior week. On Friday, U.S. spot Bitcoin ETFs recorded a single-day net outflow of $185.4 million, with BlackRock’s IBIT seeing $143.5 million in outflows and Fidelity’s FBTC posting $41.9 million in outflows. This marks the seventh consecutive trading day of net outflows for U.S. spot Bitcoin ETFs, with cumulative outflows totaling around $1.71 billion since November 5. Among them, BlackRock’s IBIT has suffered net outflows for 11 consecutive trading days, with total outflows reaching roughly $2.35 billion. The fund’s net outflows since November have hit $2.12 billion, accounting for approximately 90% of the total net outflows of U.S. spot Bitcoin ETFs over the same period.

U.S. spot Bitcoin ETFs recorded a net outflow of $185.4 million yesterday, extending their streak of large net outflows to seven consecutive trading days.

According to Farside's monitoring, US spot Bitcoin ETFs saw a net outflow of $185.4 million yesterday, marking the seventh consecutive trading day of large net outflows.

Bitcoin rebounds to break through $67,000

According to HTX market data, Bitcoin has rebounded to break through the $67,000 mark, with its 24-hour decline narrowing to 2.65%.

Bitcoin's Ahr999 bottom-fishing indicator stands at 0.34, having fallen back to its mid-August level.

According to HTX market data, Bitcoin experienced a sharp price drop on Saturday, falling from the $69,000 range earlier this morning to as low as $66,700. The cryptocurrency has declined 12% over the past seven days and 18% over the past 30 days. Bitcoin’s Ahr999 “bottom-fishing” indicator has now fallen back to its mid-August level, standing at 0.34. The previous “bottom-fishing window” (May 29 to August 19 this year, when the indicator was below 0.45) lasted about 82 days. BlockBeats Note: The Ahr999 indicator assists Bitcoin dollar-cost averaging (DCA) users in making investment decisions by combining timing strategies. It incorporates the short-term return of Bitcoin’s DCA and the deviation between Bitcoin’s price and its expected valuation. Historically, Bitcoin’s Ahr999 index has remained below the bottom threshold (0.45) for 655 days.

Analysis: Bitcoin's sharp plunge did not trigger panic selling among short-term holders, with $68,000 emerging as the primary support level for buying interest.

Crypto analyst Murphy noted in a post that following yesterday’s sharp BTC plunge, the high-trapped coins of short-term holders (STH) only saw minor loosening. Data shows roughly 1.48 million BTC are held in the $73,000–$86,000 range, making up 68% of total STH holdings, all currently in unrealized losses. Yet only a net 34,000 BTC were removed from this range yesterday, accounting for ~2.3%, indicating most short-term holders did not panic-sell amid the downturn. Specifically, the $75k, $80k, and $85k cost ranges saw reductions of 7,282, 8,481, and 5,441 BTC respectively, with selling pressure relatively dispersed. Meanwhile, total STH holdings added a net 17,500 BTC that day, meaning some long-term holders (LTH) also distributed their coins during the drop. Coin accumulation was concentrated mainly at $68k, with ~42,200 new BTC added to this range alone. For profitable coins, the $62k–$64k range holds ~480,000 BTC, the only large profitable segment among current STHs, with a reduction of just ~3,100 BTC yesterday, less than 1%. Murphy argues this range is the nearest immediate support below; if BTC falls into it, short-term holders’ profitable coins will largely be erased, and market sentiment pressure could rise further. Conversely, if the upper trapped coins stay stable, prices still have a chance to regain support going forward.

MicroStrategy's unrealized loss on its Bitcoin holdings widens to $6.85 billion.

As Bitcoin briefly dipped below $67,000, the floating loss on holdings of Strategy — the world’s largest Bitcoin treasury firm — has widened further. In an SEC 8-K filing submitted on November 9, Strategy disclosed it currently holds 850,364 BTC, with a total cost of approximately $64.16 billion and an average holding price of $75,456. Calculated at Bitcoin’s current price of $67,400, Strategy’s overall floating loss on its Bitcoin positions has reached $6.85 billion.

Bitcoin falls below $67,000.

According to HTX market data, Bitcoin has fallen below $67,000.

Bitcoin fell below $68,000 again early this morning, with $1.291 billion in liquidations across the network over the past 24 hours.

According to HTX market data, Bitcoin once again dipped below $68,000 early this morning, hitting a low of $67,865. As of press time, it has rebounded to $68,274, with its 24-hour decline narrowing to 3.73%. Over the past 24 hours, total network liquidations hit $1.291 billion, including $1.078 billion in long positions and $213 million in short positions. A total of 164,145 traders were liquidated in the period, with the largest single liquidation order coming from Hyperliquid-BTC-USD, valued at $20.1535 million.

Coinbase's Bitcoin Premium Index has posted negative readings for 51 consecutive days, reflecting a sustained slump in U.S. market purchasing power.

According to CoinGlass data, Coinbase’s Bitcoin Premium Index has recorded negative values for 51 consecutive days, with the latest reading at -0.1%, pointing to continued sluggish purchasing power in the U.S. market. Earlier, on August 24, the index turned positive for the first time since May 19, hitting 0.0052%, briefly ending its historical longest negative premium streak of 97 days. The Coinbase Bitcoin Premium Index tracks the Bitcoin price spread between Coinbase Pro and Binance. A sustained negative index usually means Coinbase’s quoted price is relatively lower, reflecting weak buying demand or heavy selling pressure in the U.S. market, though the metric alone should not be used to directly conclude that institutional funds are flowing out.

Analysis: Factors including Anthropic’s IPO squeezing liquidity, Jensen Huang’s departure, and rising expectations of Federal Reserve interest rate hikes have driven Bitcoin lower.

Bitcoin is on track to log its sixth consecutive weekly decline, a losing streak similar to the first quarter of this year, when the cryptocurrency bottomed near $60,000. The longest weekly losing streak in Bitcoin’s history was nine straight weeks in 2022. Since November, Bitcoin has fallen 11%, 17% since the start of the fourth quarter, and 21% year-to-date in 2026. Next week, the market will host Anthropic’s IPO, with subscription orders roughly six times the number of shares available for sale. Anthropic plans to raise up to $64.4 billion via the IPO, plus an additional $26 billion in concurrent private placements, targeting a fully diluted valuation of around $1.4 trillion. Nvidia has committed to investing roughly $10 billion in the private placement. Some investors may be freeing up capital to participate in the Anthropic IPO, which offers one explanation for Bitcoin’s recent sell-off. Taking price action around SpaceX’s IPO as a reference: between June 1 and 5 this year, Bitcoin dropped from around $75,000 to $60,000, a roughly 20% decline; after SpaceX listed on June 12, Bitcoin rebounded to nearly $68,000. Beyond potential capital diversion, Jensen Huang’s resignation as Nvidia’s CEO, and rising market expectations of a 25 basis point interest rate hike by the Federal Reserve at its December 9 meeting, have also weighed on Bitcoin.

Analyst: If Bitcoin falls below $69,000, it may retest the $65,000 level.

Bitcoin has pulled back to around $68,500. Matt Mena, senior crypto research strategist at 21Shares, stated that if Bitcoin breaks below $69,000, it could retest $65,000 again. For Bitcoin to stage a sustained rally, it must first reclaim $70,000, followed by $74,000. Mena added that Bitcoin still has the potential to rally to $87,000 and climb further above $90,000. He pointed out that historical data shows Bitcoin’s average return in the fourth quarter exceeds 61%.

Bitcoin and Ethereum ETFs See Massive Outflows: $BTC -$308.81M, $ETH -$64.95M in 24 Hours

Nov 13 Update: #Bitcoin ETFs: 1D NetFlow: -4,423 $BTC(-$308.81M)?? 7D NetFlow: -19,045 $BTC(-$1.33B)?? #Ethereum ETFs: 1D NetFlow: -32,917 $ETH(-$64.95M)?? 7D NetFlow: -218,001 $ETH(-$430.15M)??

Bitcoin rebounds, breaks through $70,000

According to HTX market data, Bitcoin has rebounded to break through the $70,000 level, with a 3.62% decline in the past 24 hours.

Analyst: Bitcoin’s momentum indicators have weakened; if historical bearish patterns repeat, BTC could drop below $60,000.

Crypto analyst Omkar Godbole noted in a post that Bitcoin’s weekly MACD histogram dropped below the zero line this week, signaling weakening price momentum. The weekly bearish signal will only be confirmed if the histogram remains negative at Sunday’s weekly close. At press time, Bitcoin trades at around $69,000; a 16% drop would push it below $60,000, approaching this year’s low of roughly $57,700. Statistics show that since November 2012, Bitcoin’s weekly MACD has generated 24 bearish signals. Of those, in 13 cases, Bitcoin fell at least 16% from the signal confirmation before the indicator turned bullish again. Among these 13 instances, 5 saw the decline hit within a week, 10 within four weeks, with a median time of three weeks. Notably, in November 2018 and February 2014, Bitcoin dropped 38% and 35% respectively within a week after signal confirmation. Conversely, the other 11 times saw declines of less than 16%. The most recent bearish signal occurred in June this year, when Bitcoin only fell around 3% to $57,700 before rebounding. The current signal emerges amid outflows from U.S. spot Bitcoin ETFs and a strengthening U.S. dollar, though a single technical indicator is insufficient to determine whether Bitcoin will retest this year’s low.

A crypto whale has withdrawn a total of $72.89 million worth of Bitcoin from Binance.

According to Onchain Lens monitoring, a whale has just withdrawn another 742.5 BTC from Binance, worth approximately $51.48 million. Over the past 19 hours, the whale has received a total of 1042.5 BTC from Binance, valued at around $72.89 million. Currently, the wallet holds approximately 1,410 BTC, worth about $97.81 million.

A prominent trader says Bitcoin has bottomed out near $68,000, and the trader is now aggressively buying in large volumes.

Well-known trader Doctor Profit stated in a post that he believes Bitcoin has bottomed near $68,000 and is aggressively buying at this level. Bitcoin is currently in the "golden pocket" range of Fibonacci retracement and has hit the 200-week moving average. According to him, over the past decade, the combination of the 200-week moving average and Bitcoin's four-year cycle has been a key signal for identifying bear market bottoms in each cycle. He also noted that in June, some traders were bearish on Bitcoin when it traded around $60,000, but the price subsequently rose to $87,000. Doctor Profit expects Bitcoin will not hit a new low in the current cycle.

JPMorgan increased its holdings in Strategy by approximately 36% in the third quarter, and holds around $540 million worth of BlackRock’s Bitcoin ETF.

JPMorgan’s latest 13F filing shows that as of September 30, it held 848,900 common shares of Strategy, with a market value of approximately $131.3 million calculated at the end-of-quarter price. Compared to the 624,400 shares held at the end of the second quarter, the share count increased by 224,500, a rise of around 36%. During the same period, the firm held 11,408,900 shares of BlackRock’s Bitcoin ETF (IBIT), with a market value of about $540 million, up approximately 9.6% from the 10,407,600 shares held at the end of Q2. The same filing also lists 1,581,800 common shares of Coinbase, valued at around $301 million, as well as stakes in Robinhood and listed Bitcoin mining companies including Core Scientific, MARA Holdings, Riot Platforms, Hut 8, and CleanSpark. The filing further shows JPMorgan holds a large number of Strategy put and call options: the put options correspond to around 1,148,500 shares with a notional value of approximately $178 million, while the call options correspond to around 349,500 shares with a notional value of $54.06 million.

JPMorgan Chase raised its holdings in Strategy by roughly 36% in the third quarter, and held approximately $540 million worth of BlackRock’s Bitcoin ETF.

JPMorgan Chase’s latest 13F filing shows that as of September 30, it held 848,900 common shares of Strategy, with a market value of roughly $131.3 million calculated at end-of-quarter prices. Compared to 624,400 shares held at the end of Q2, the holding volume rose by 224,500 shares, a 36% increase. In the same period, the firm held 11,408,900 shares of BlackRock’s Bitcoin ETF (IBIT), valued at approximately $540 million, up 9.6% from 10,407,600 shares at the end of Q2. The same filing also lists 1,581,800 common shares of Coinbase, worth around $301 million, plus holdings in publicly traded bitcoin miners including Robinhood, Core Scientific, MARA Holdings, Riot Platforms, Hut 8, and CleanSpark. The filing further reveals JPMorgan holds a large position in Strategy put and call options: the put options correspond to roughly 1,148,500 shares with a notional value of $178 million, while the call options cover about 349,500 shares with a notional value of $54.06 million.

MSCI includes Bitcoin treasury firm The Smarter Web Company in its Global Micro Cap Index.

In its November index review, index provider MSCI added UK-based Bitcoin treasury firm The Smarter Web Company (ticker: SWC) to the MSCI Global Micro Cap Index. The changes will take effect after the close of trading on November 30. Meanwhile, MSCI removed Strategy from its indices including the MSCI USA Index in the same review, with the adjustments also effective after the close on November 30.

Strive CEO: Bitcoin hits the 200-week moving average, long-term risk-reward profile is now constructive.

Matt Cole, CEO of crypto treasury firm Strive, noted in a post that Bitcoin has recently fallen to around its 200-week moving average, near $68,000. Historically, this level has typically been one of the best times for investors to increase their Bitcoin risk exposure. He acknowledged that Bitcoin’s downturns and years of negative returns have been tough for many investors—especially those unaccustomed to its extreme volatility—but as a long-term Bitcoin believer, he has long grown accustomed to these cyclical fluctuations. Despite recent bearish market sentiment, Cole remains highly constructive on Bitcoin’s outlook heading into 2027. He argued that the current dip should not spark panic; instead, it should be viewed as a rare opportunity, even a "blessing". Long-term investors should learn to adapt to this volatility and see the current slump as a window to generate additional value.

Analysis: Binance Bitcoin order absorption ratio drops to one-year low, extreme pessimism could signal a short-term reversal

CryptoQuant analyst Darkfost noted that Bitcoin has accelerated its pullback in recent days, dropping 17.5% from its recent peak of $87,400 — a correction relatively common in a bull market phase. However, bearish sentiment in the derivatives space is intensifying. Binance’s order book buy-sell ratio has fallen to a 1+ year low of 0.85, with sell orders dominating the platform’s trading volume. Meanwhile, the monthly average of this metric has plummeted to 0.97, hitting a new low since February this year when Bitcoin plunged below $60,000 and accelerated its pullback. The analyst explained that this data reflects derivatives traders are trapped in extreme bearish sentiment. Still, such extreme pessimism often occurs in the later stage of a pullback; in the short term, this indicator typically acts as a bullish "contrarian signal". When market panic is fully priced in, it often signals an upcoming rebound opportunity.

Data: Bitcoin is nearing a breakdown below the on-chain average cost line, and has remained below the cost basis of short-term holders for five consecutive days.

Analyst Axel Adler Jr. wrote that Bitcoin once fell to around $68,000 and has stayed below the short-term holder realized price of $75,429 for five consecutive days. The price-to-cost ratio is approximately 0.90, indicating that short-term holders as a whole face an unrealized loss of around 10%, and the gap between the spot price and the average cost of recent buyers has further widened. Over the same period, the MVRV Z-Score dropped 0.13 week-over-week to 0.54. The indicator remains positive, but the market’s overall unrealized profit buffer is narrowing. If it falls below zero, it means the price has dropped below the on-chain average cost. The analyst noted that when this indicator turned negative in late 2022, it was accompanied by the final capitulation sell-off of the bear market. The last time the indicator approached this reading was on August 19, when Bitcoin traded at around $69,335, and it rose by about 14% a week later. Over the past year, the indicator has been at or below this level on 38% of trading days. Bitcoin is still in a correction; if it can sustainably rise back above the short-term holder realized price, it will reinforce the view that the market is building support. If the MVRV Z-Score breaks below zero, it signals deeper pressure.

Analysis: Binance’s Bitcoin taker order ratio drops to a one-year low, extreme pessimism may signal a short-term reversal

CryptoQuant analyst Darkfost pointed out that Bitcoin has accelerated its pullback in recent days, falling 17.5% from its recent peak of $87,400 — a correction relatively common in bull markets. However, pessimism in the derivatives market is intensifying. Binance’s taker buy-sell ratio has dropped to a more than one-year low of 0.85, with sell orders dominating the platform’s trading volume. The monthly average of this metric has also plummeted to 0.97, marking a new low since February this year, when Bitcoin plunged below $60,000 and accelerated its pullback. The analyst noted that this data indicates derivatives traders are in extreme pessimism. However, such extreme bearish sentiment often emerges in the late stage of a pullback; in the short term, this metric typically serves as a bullish contrarian signal. Once market panic is fully priced in, it often signals an impending rebound opportunity.

Traders "hold out patiently" for Bitcoin: All initial bottom-fishing positions have been fully purchased, priced between $66,000 and $68,000.

Well-known trader "Aoying" posted that Bitcoin has entered the dip-buying range of $68,000 to $66,000, and he has fully built up his core position.

Bitcoin rebounds to break through $69,000

According to HTX market data, Bitcoin has rebounded to break through the $69,000 mark, with its 24-hour decline narrowing to 5.9%.

Trader holds firm for Bitcoin: Full initial bottom-fishing position purchased at $66,000 to $68,000

Well-known trader "Aoying" posted that Bitcoin has entered the bottom-fishing range of $68,000 to $66,000, and he has fully bought his entire core position.

Abnormal large transactions in Bitcoin futures contracts briefly appeared on Binance, likely stemming from a liquidation by a major futures whale.

According to market data, an unusually large transaction on Binance's Bitcoin USDT futures contract occurred at 13:56, with 10,296 Bitcoin traded in a short time, totaling $698 million in volume, likely a liquidation by a futures whale.

Analysis: Bitcoin valuation hits historical extreme undervaluation, standing at the 3.4th percentile of the full cycle.

Analyst Darkfost, using the power-law quantile regression model, points out that Bitcoin has broken below a key support level, with market panic spreading rapidly. This stands in stark contrast to the profit-dominated market environment seen just a few weeks ago. Currently, Bitcoin has reached an extreme level of undervaluation; over its entire historical cycle, it has only stayed in this range roughly 3.4% of the time. Darkfost believes that instead of fearing the current market situation, investors should learn to capitalize on these extreme moments. In the long run, the strategy of buying the dip during such extreme undervaluation periods has consistently proven effective. When panic pushes valuations to their limits, it often creates strong long-term positioning opportunities.

Bitcoin has rallied 1.84% over the past 30 minutes, now trading at $68,800.

According to HTX market data, Bitcoin has extended its downward movement today, hitting a temporary low of $67,568 in a sudden flash dip before quickly bouncing back to recoup some losses. It is now trading at $68,800, with a 1.84% rebound over the past 30 minutes, while its 24-hour decline has narrowed to 6.52%.

Three Hyperliquid whales collectively shorted approximately $19.66 million worth of Bitcoin (BTC).

According to OnchainLens monitoring, three large crypto whales hold a combined BTC short position worth approximately $19.66 million on Hyperliquid, with leverage ranging from 10x to 25x. One of them has a historical cumulative loss of around $24.86 million, while another has a historical cumulative profit of about $17.08 million.

Bitcoin falls below $68,000

According to HTX market data, Bitcoin has dropped below $68,000.

Two early Bitcoin miners dormant for over 16 years reactivated their wallets and transferred a total of 100 BTC.

According to TradingBeats’ monitoring, two wallets that mined 50 BTC each on September 8, 2010 and September 19, 2010 respectively have resumed activity after being dormant for more than 16 years, transferring a combined total of 100 BTC to a new wallet. When these 100 BTC were mined, they were worth approximately $6; at the current price of around $69,000 per BTC, their total value has risen to roughly $6.9 million, marking an increase of about 1.15 million times.

Bitcoin plunges amid panic selling, with three long positions worth over $10 million liquidated in the last five minutes.

According to HTX market data, Bitcoin saw a short-term panic sell-off, breaking below $70,000 and then falling further below $69,000. It is currently trading at $69,358.54, with a 3.28% drop in the past 24 hours. Separately, Coinglass data shows that three long positions worth over $10 million were liquidated in the market in just 5 minutes. Two of these liquidations occurred on Binance, and one on Bybit. Total liquidations across the entire network hit $52.7155 million over the past 30 minutes, with 1,172 liquidation orders.

Bitcoin drops below $69,000

According to HTX market data, Bitcoin has fallen below $69,000, with a 24-hour decline of 6.36%.

Huang's ouster leads to losses for the crypto community, as Bitcoin falls below the $70,000 mark and bullish traders shift to a cautious outlook.

Following the U.S. midterm elections, Bitcoin has remained weak. Recently, its decline has accelerated amid factors including the Jensen Huang incident and macroeconomic conditions. As of press time, per HTX market data, Bitcoin has officially broken below the key psychological threshold of $70,000, trading at $69,637.87. On the daily chart, Bitcoin has started to give back gains from its sharp rally during the August 19 period. In response, most traders and analysts who were previously bullish on the market have shifted to cautious and bearish outlooks. Yilihua, founder of Liquid Capital, posted multiple times yesterday, noting that Binance’s black swan incident and the U.S. Democratic Party’s landslide victory have significantly impacted both AI U.S. stocks and the crypto market, advising investors to adjust strategies continuously based on market conditions. At this stage, investors should remain wary of premature bottom-fishing, and it is recommended to wait for market trends to clarify before pursuing right-side trading opportunities. Jiang Zhuoer, founder of LeBit Mining Pool, said early today that Bitcoin is "very unlikely to have hit the bottom" at present, with the market in a large-scale downtrend and no immediate V-shaped rebound expected. Market recovery will require a return of spot market demand. Killa, a prominent trader who accurately bottom-fished Bitcoin in June this year, admitted in a post today that he had been "overly optimistic" about the recent market trend. He also believes that real panic is likely to set in after Bitcoin falls below $70,000. However, if Bitcoin drops below $57,000, it would mean the market has been in a downtrend for over 400 days, exceeding the 2023 bear market and the cycle acceleration-deceleration factor he previously referenced. He emphasized that after midterm elections, the market typically signals explosive upside for BTC on a higher time frame.

Bitcoin falls below $70,000

According to HTX market data, Bitcoin has fallen below $70,000, with a 5.22% drop in the past 24 hours.

Bitcoin falls below $71,000, hitting a new low since September.

According to HTX market data, Bitcoin has fallen below $71,000, hitting its lowest level since September, and is currently trading at $70,902, with a 4.27% decline in the past 24 hours.

If Bitcoin drops below $70,000, the total liquidation volume of long positions across major centralized crypto exchanges (CEXs) will hit $622 million.

According to Coinglass data, if Bitcoin falls below $70,000, the cumulative long liquidation intensity on major centralized exchanges (CEXs) will reach $622 million. Conversely, if Bitcoin breaks through $73,000, the cumulative short liquidation intensity on major CEXs will hit $838 million. BlockBeats Note: Liquidation charts do not display the exact number of contracts to be liquidated or the exact value of contracts being liquidated. The bars on the liquidation chart actually represent the relative importance of each liquidation cluster compared to adjacent clusters—i.e., intensity. Therefore, the chart shows the degree of market impact when the underlying asset’s price reaches a certain level. A higher "liquidation bar" indicates that once the price hits that level, it will trigger a more intense reaction driven by liquidity waves.

Friday kicked off with a slump: Bitcoin extended its losses, and the three major U.S. stock indexes closed lower.

Federal Reserve officials delivered a series of hawkish remarks on Thursday, reinforcing market expectations of further monetary tightening by the Fed. Additionally, the Nvidia controversy continues to escalate: Jensen Huang resigned from all his positions; he agreed to testify before the U.S. House Committee on Foreign Affairs; U.S. media reported that Nvidia is facing an antitrust investigation by the U.S. Department of Justice; and Jensen Huang was exposed to having a close relationship with a second Nvidia employee. Nvidia's stock decline dragged down U.S. AI-related stocks. According to HTX market data, Bitcoin's downtrend continues, currently trading at $71,222, hitting its lowest level since September, with a 3.6% drop in 24 hours. According to data from the BIT stock platform, U.S. stocks closed on Thursday: the Dow Jones Industrial Average fell 0.36%, the S&P 500 dropped 0.35%, and the Nasdaq declined 0.39%. Nvidia (NVDA.O) closed down 4.3% and plunged as much as 13% during intraday trading. Nvidia's competitors Broadcom (AVGO.O) and AMD (AMD.O) rose more than 5.5%.

Bitcoin falls below $72,000

According to HTX market data, Bitcoin has fallen below $72,000.

Bitcoin and Ethereum ETFs See $1.8B in Outflows Over Past Week

Nov 12 Update: #Bitcoin ETFs: 1D NetFlow: -3,621 $BTC(-$262.8M)?? 7D NetFlow: -19,453 $BTC(-$1.41B)?? #Ethereum ETFs: 1D NetFlow: -66,020 $ETH(-$132.41M)?? 7D NetFlow: -210,673 $ETH(-$422.51M)??

Bitcoin moved lower alongside Nvidia, with spot ETFs logging net outflows of approximately $1.44 billion over five consecutive days.

Affected by the sell-off in U.S. tech stocks, Bitcoin hit an intraday low on Thursday and is now trading at around $73,400, down 0.7% from UTC 00:00; Ethereum fell about 0.5% to approximately $2,044. Nvidia dropped roughly 7% in pre-market trading, following reports of an extramarital affair between Jensen Huang and a company executive; The Wall Street Journal (WSJ) noted the board is preparing to oust him, though Nvidia has not yet made a decision on the matter. In capital flows, U.S. spot Bitcoin ETFs saw a net outflow of $299.9 million on Wednesday, marking the fifth consecutive trading day of net outflows, with a cumulative total of around $1.44 billion pulled out since November 5. BlackRock’s IBIT alone recorded a single-day net outflow of $269.7 million, its ninth straight trading day of fund redemptions. In derivatives markets, crypto futures volume fell 20.64% to $168.6 billion over the past 24 hours, while open interest dropped 2.92% to $125.8 billion, signaling cooling trading activity and capital outflows. Global crypto liquidations declined 63.67% to $263.7 million, with long positions making up 64.5% of the total. Bitcoin futures open interest fell roughly 2.9% and volume dropped 27.6%, with selling pressure remaining dominant.

Bitcoin drops below $73,000

According to HTX market data, Bitcoin has fallen below $73,000.

A hacker is peddling TSMC employee data for 3 Bitcoin, with the chipmaker confirming that some of the data was publicly disclosed without authorization.

A hacker is selling suspected TSMC employee data on underground forums, claiming to hold up to 46,000 records totaling 6.9GB, priced at 3 Bitcoin, and even threatening to release all the data in full if no buyer is found within a week. In response, TSMC confirmed today that personal data of some current and former employees was leaked without authorization. Initial probes show the data matches information from a cloud service provider’s systems, though there is currently no evidence that TSMC’s own data systems were breached. TSMC stressed that the data in question is unrelated to the company’s production and customer information. The company has notified affected individuals, provided necessary assistance, and is working closely with the relevant cloud service provider, law enforcement agencies, and third-party cybersecurity firms to quickly clarify the incident’s cause and take necessary measures. (Source: Jiemian News)

Analysis: Deleveraging Process Accelerates, Binance’s Bitcoin Open Interest Positions Fall 17% in One Month

CryptoQuant analyst Darkfost noted in a recent post that BTC open interest on Binance has fallen 17% from $10.6 billion to $8.8 billion in less than a month. Meanwhile, its 180-day moving average has risen from $8.4 billion to $8.6 billion. With open interest dropping below the moving average, the market is showing new deleveraging signals. In bull markets, this signal typically emerges near the end of a market correction, reflecting traders cutting leveraged exposure—both through voluntary position closures and forced liquidations due to insufficient margin. Outside of bear markets where this process can drag on for months, the last similar signal occurred in June this year, when BTC traded below $60,000 before rallying to over $87,000, a gain of more than 45%. Alongside the current open interest decline, the market has also seen massive liquidations. Low volatility appears to have pushed some traders to take on higher risks to offset insufficient returns from narrowed price swings, leaving them more exposed to market reversals. Over the past three months, Binance’s monthly liquidation volumes have hit their highest levels since 2021: over $1.4 billion in August, $1.1 billion in September, and $1.3 billion in October. This trend is continuing in November; as of the end of the first half of the month, liquidations have already exceeded $520 million. These figures underscore the potential losses leveraged trading can inflict on investors. In a market environment marked by low volatility and shrinking trading volumes, blindly increasing risk exposure out of impatience can quickly lead to heavy costs. That said, the deleveraging phase also helps improve market conditions. Reduced leveraged positions lower the risk of cascading liquidations, allowing spot demand to play a larger role in market pricing, thereby helping Bitcoin build a more robust market structure.

Yesterday, US spot Bitcoin ETFs recorded a net outflow of $299.8 million, while US spot Ethereum ETFs saw a net outflow of $144.8 million.

According to Farside's monitoring, U.S. spot Bitcoin ETFs posted a total net outflow of $299.8 million yesterday. Among them, IBIT saw a net outflow of $269.7 million, GBTC a net outflow of $39.1 million; MSBT recorded a net inflow of $9 million, while the remaining funds had zero net flow. Separately, U.S. spot Ethereum ETFs totaled a net outflow of $144.8 million yesterday. Breakdown: ETHA had a net outflow of $129.8 million, ETHB $5.3 million, ETHW $4.8 million, FETH $4.1 million, EZET $0.8 million; the rest of the funds registered zero net flow.

Two Bitcoin whales holding their positions for over a year transferred 1,929.5 BTC to trading platforms, worth approximately $140 million.

According to on-chain analyst Yu Jin’s monitoring, two whales or institutional holders with positions held for over a year transferred 1,929.5 BTC to trading platforms roughly 4 hours ago, valued at approximately $143.6 million. Of this, 1,000 BTC accumulated 5 years ago at a price of $46,700 was moved to Binance around 6 hours ago, booking a profit of about $27.73 million. The remaining 929.5 BTC, accumulated 1 year ago at $107,125, was transferred to Kraken roughly 4 hours ago, incurring a loss of around $30.36 million.

Bitcoin mining firm MARA sold roughly 14,000 Bitcoin after the quarter, raising $1.1 billion, with the proceeds likely to be used for artificial intelligence infrastructure.

Bitcoin mining firm MARA Holdings (MARA) disclosed in its Q3 2026 report and shareholder letter filed on November 9 that after the third quarter ended, the company sold 13,597 bitcoins at an average price of roughly $81,039, bringing in around $1.1 billion in proceeds. It used $750 million of that sum to fully repay bitcoin loans borrowed from Coinbase Credit and Two Prime, and released 17,477 bitcoins previously pledged as collateral. The sale represents approximately 40% of MARA’s 34,012 bitcoin holdings as of September 30. The shareholder letter noted the $750 million loan was taken on August 4, comprising $600 million in new financing and $150 million to replace an existing line of credit, to fund the Long Ridge acquisition. The company borrowed against its bitcoin holdings when the cryptocurrency traded at around $64,000, and sold the coins at the aforementioned average price after the quarter, generating an estimated net profit of roughly $170 million. Following the repayment, the share of MARA’s bitcoins that were lent or pledged as collateral fell to below 5%, down from about 57% at the end of Q3. The firm also said it has cut its debt by $1.4 billion since the start of 2026, equal to 37% of its total debt. The letter added MARA will continue to sell bitcoins as market conditions permit to boost financial flexibility, with proceeds potentially allocated to artificial intelligence (AI) infrastructure, convertible bond put options exercisable next year, and potential share repurchases. In the first nine months of 2026, MARA has sold approximately 26,984 bitcoins, generating $1.9 billion in proceeds.