Overview
- Bitcoin fell as low as about $80,553 on Friday before steadying near $84,000–$85,000 by Sunday, leaving November on track for its worst month since 2022.
- U.S. spot Bitcoin ETFs recorded $548 million of net outflows on Thursday, taking November withdrawals to roughly $3.7 billion and removing a key source of demand.
- Dealer hedging has amplified swings, with heavy put positioning leaving dealers short gamma around $85,000 and models indicating a flip to long gamma near $80,000.
- On‑exchange signals show persistent U.S. selling pressure, with the Coinbase Bitcoin Premium negative for 21 straight days, the longest stretch of this cycle.
- Sentiment gauges hit multi‑year lows and focus has shifted to key thresholds including the ~$79,300 U.S. ETF realized price and the $80,000 strike, as total crypto market value fell back below $3 trillion.