Bitcoin Stuck Below $75,000

Overview

• Early November saw concentrated outflows from US spot Bitcoin ETFs that forced managers to sell physical BTC on‑chain, with roughly $1.28 billion withdrawn between November 2 and November 6 and another $201 million recorded on November 9.
• The ETF-driven selling combined with a recent derivatives unwind that liquidated more than $1 billion of leveraged crypto positions, about $278 million of which came from Bitcoin longs, pushing BTC into the mid‑$70,000s.
• Technical pressure is strong around the mid‑$70,000s, with the 50‑week moving average near $75,500 acting as resistance and key support identified at $71,900 that could expose Bitcoin to a deeper drop if it breaks.
• On‑chain and options signals show softer spot buying, a falling count of small wallets and higher demand for downside protection, which together make short‑term recovery fragile and raise the chance of further selling.
• A fresh US inflation print for October and any Fed guidance before the December meeting are the likely near‑term catalysts that could determine whether institutional spot demand returns or ETF outflows continue to push prices lower.