Overview
- Bitcoin recovered from lows near $80,500–$82,000 to trade around $87,000–$88,000, still roughly 30% below its early‑October peak near $126,000.
- U.S. spot Bitcoin ETFs logged a fourth straight week of redemptions with $1.22 billion in outflows and about $4.34 billion over four weeks; flows remain choppy with $151 million out Monday after a brief Friday inflow.
- Derivatives show a deep cleanup, with the sharpest 30‑day open‑interest drop of this cycle (about 1.3 million BTC lost on Binance), negative funding, and a modest options‑market shift from heavy put demand toward cautious optimism.
- On‑chain signals point to seller fatigue after extreme readings, with Glassnode noting deeply oversold momentum and improving spot metrics, though activity still reflects cautious de‑risking.
- Exchange inflows spiked late last week (CryptoQuant cited roughly 81,000 BTC on Nov. 21; Santiment tracked about 20,000 BTC over seven days), reinforcing pressure that drove the initial leg down before the bounce.