Market Recap
Bitcoin enters November 11 under continued selling pressure following another difficult week for cryptocurrency markets. BTC traded near $73,600 on November 10, after falling to approximately $73,708 during November 9 trading, its lowest level since August.
Institutional ETF withdrawals remain a significant source of pressure. U.S. spot Bitcoin ETFs recorded approximately $968.5 million in net outflows across November 4–9, including three consecutive sessions of substantial withdrawals.
Ethereum investment products experienced similar weakness, recording approximately $324.8 million in net outflows during the same four trading sessions.
Together, Bitcoin and Ethereum ETFs lost approximately $1.29 billion.
The macroeconomic environment added another challenge. U.S. consumer prices increased 0.4% in October, exceeding economists' expectations of 0.3%. Core inflation increased 0.3%, marking the third consecutive month of growth at that pace.
The stronger inflation reading increased expectations for additional Federal Reserve tightening. Policymakers are now considering whether a larger interest-rate increase may be necessary at the December 8–9 meeting.
Institutional developments continued despite the broader market weakness. PNC announced a stablecoin payments pilot with Coinbase, while the New York Stock Exchange selected Avalanche technology for a planned tokenized securities settlement platform.
The immediate market outlook centers on Bitcoin's ability to stabilize around $73K–$75K, institutional ETF demand and the Federal Reserve's increasingly restrictive policy expectations.
Macro & Institutional News
U.S. inflation exceeds expectations
The October Consumer Price Index report, released November 10, showed that U.S. consumer prices increased 0.4% month over month.
Economists had expected a 0.3% increase.
The reading moderated from September's 0.6% increase as energy inflation eased, although underlying price pressures remained persistent.
Core CPI, which excludes food and energy, increased 0.3% for the third consecutive month.
Economists had expected core inflation to slow to 0.2%.
Annual inflation comparisons were unavailable because the October 2025 government shutdown prevented the collection of comparable price data.
The stronger-than-expected report reinforced concerns that inflation could remain elevated heading into 2027.
Federal Reserve considers faster monetary tightening
The latest inflation data increased expectations for additional Federal Reserve interest-rate increases.
On November 10, Fed Governor Christopher Waller indicated that he would support at least a 25-basis-point increase at the December 8–9 meeting.
He also suggested that policymakers should consider a larger 50-basis-point increase if inflation remained stronger than expected.
Dallas Fed President Lorie Logan separately indicated that a faster pace of tightening could become appropriate.
Following the CPI release, financial markets briefly assigned approximately 15% probability to a 50-basis-point increase in December.
That probability subsequently moderated toward 10% during the afternoon.
The two-year U.S. Treasury yield recorded its largest daily increase since early April 2025 as investors reassessed the monetary-policy outlook.
Market Trends & Institutional Flows
Bitcoin ETFs record nearly $1 billion in withdrawals
U.S. spot Bitcoin ETFs experienced another period of substantial institutional withdrawals.
According to Farside Investors, daily net flows during the latest completed reporting sessions were:
- November 4: +$74.6M
- November 5: -$430.2M
- November 6: -$411.9M
- November 9: -$201.0M
Combined net withdrawals reached approximately $968.5 million.
BlackRock's IBIT experienced approximately $105 million in withdrawals, while Fidelity's FBTC recorded $199.9 million in outflows.
Selling continued on November 6.
Bitcoin ETFs lost another $411.9 million, with BlackRock's IBIT accounting for $403 million in withdrawals.
On November 9, aggregate outflows reached $201 million.
BlackRock's IBIT recorded $213.2 million in withdrawals, partially offset by $22.1 million entering Morgan Stanley's MSBT.
The three consecutive negative sessions from November 5–9 generated approximately $1.04 billion in withdrawals.
The sustained outflows indicate continued institutional caution as Bitcoin trades near its lowest levels since August.
Ethereum ETFs record persistent withdrawals
Ethereum investment products experienced similar pressure.
U.S. spot Ethereum ETFs recorded:
- November 4: +$53.0M
- November 5: -$99.9M
- November 6: -$93.3M
- November 9: -$184.6M
Combined net outflows reached approximately $324.8 million.
November 9 delivered the largest Ethereum ETF withdrawal of the period.
BlackRock's ETHA accounted for $119.3 million in withdrawals, while Grayscale's ETH fund lost $25 million.
Fidelity's FETH recorded another $19.1 million in outflows.
The session marked the third consecutive day of negative Ethereum ETF flows.
Cumulative net inflows into U.S. spot Ethereum ETFs remained approximately $11.8 billion as of November 9.
Bitcoin falls to its lowest level since August
Bitcoin declined sharply during November 8–9 trading.
Reuters reported that BTC fell more than 2% to approximately $73,708, its lowest level in more than two months.
Ethereum declined approximately 5% to $2,223 during the same period.
The weakness followed the U.S. midterm elections and continued uncertainty surrounding cryptocurrency regulation.
Markets also remained sensitive to the consequences of the late-October Binance security incident.
Bitcoin continued trading near $74K ahead of the November 10 inflation report.
Following the stronger-than-expected CPI release, BTC weakened toward $73,600.
The $73K–$75K region has become an important near-term area for assessing market demand.
MARA sells $1.1 billion in Bitcoin
Bitcoin mining company MARA Holdings disclosed substantial Bitcoin sales in its latest shareholder reporting.
The company sold 13,597 BTC for approximately $1.1 billion over six weeks, at an average price of roughly $81,039.
The amount represented approximately 40% of the 34,012 BTC MARA held at the end of September.
MARA used approximately $750 million of the proceeds to repay Bitcoin-backed loans.
The company also indicated that additional Bitcoin sales could support AI infrastructure investments, debt repayment and potential share repurchases.
The development highlights the increasing importance of corporate treasury decisions and mining-company liquidity in the Bitcoin market.
Coincall Trading Opportunities
Coincall Altcoin Options Challenge — Trade More, Earn More
The Coincall Altcoin Options Challenge remains active through November 15, 2026.
Participants can trade eligible altcoin options across Coincall, including BNB, HYPE, SOL and XRP.
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The highest tier offers up to 10,000 USDT.
Participants who complete the qualifying trading requirements across all four featured assets can receive an additional 10 USDT bonus and VIP-4 benefits, subject to campaign conditions.
Forward Calendar
November 11–13 — Federal Reserve communication
Markets will continue evaluating comments from Federal Reserve officials following the stronger-than-expected October CPI report.
Any additional guidance concerning December's interest-rate decision could influence Treasury yields, the U.S. dollar and cryptocurrency markets.
November 13 — Bitcoin options expiry
The November 13 expiry provides another opportunity to monitor short-dated positioning following Bitcoin's decline toward $73K.
Changes in put demand and implied volatility will be particularly relevant.
November 15 — Altcoin Options Challenge concludes
Coincall's Altcoin Options Challenge ends November 15.
Eligible participants should complete their trading-volume requirements and four-asset bonus tasks before the campaign deadline.
November 27 — Major Coincall options expiry
The November 27 expiry attracted approximately $93.62 million in trading volume during the latest reporting week.
It has become the leading maturity in Coincall's options market.
December 8–9 — Federal Reserve meeting
The Federal Reserve's final scheduled policy meeting of 2026 is approaching.
Following October's stronger-than-expected inflation report, markets are increasingly focused on the possibility of another rate increase.
Looking Ahead: Bitcoin Faces a Test of Institutional Demand
Bitcoin enters the middle of November near $73K–$74K following a period of sustained institutional ETF withdrawals and renewed macroeconomic uncertainty.
U.S. spot Bitcoin ETFs recorded approximately $968.5 million in net outflows across four completed trading sessions, while Ethereum ETFs lost another $324.8 million.
The stronger-than-expected October inflation report has increased expectations for further Federal Reserve tightening.
Bitcoin's decline toward its lowest level since August has also brought additional attention to corporate treasury activity, mining-company sales and the broader institutional demand outlook.
Options positioning reflects the changing market environment. Coincall recorded more than $334 million in weekly options trading volume, with put-side activity accounting for nearly 64%.
Longer-dated positioning remains significant, particularly around the November 27 and December 25 expiries.
For the coming week, institutional ETF flows, Bitcoin's ability to stabilize around $73K–$75K and further Federal Reserve communication will provide important signals for market positioning.
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