Overview
- Bitcoin has fallen roughly $8,000 over the past week to about $73,000–$74,000 as repeated ETF redemptions removed a key source of institutional demand.
- Following Tuesday's hotter-than-expected U.S. October CPI reading, roughly $700–$730 million of crypto futures positions were liquidated in 24 hours, with Bitcoin accounting for about $200 million.
- U.S. spot Bitcoin ETFs recorded multi-session outflows totaling roughly $1.9B–$2.2B since Oct. 30, with several single days of very large redemptions concentrated in the biggest funds.
- On-chain signals show miners reducing reserves to near nine-month lows and exchange inflows hitting the highest levels in months, indicating tangible sell-side supply into the market.
- Elevated futures open interest and persistently positive funding rates mean leverage remains high, so a sustained recovery requires renewed spot buying, continued ETF inflows, or a meaningful deleveraging of long positions.