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🩸BEARISH CoinDesk

Bitcoin Stalls Near $74K as ETF Outflows Hit Four Days

Hotter-than-expected U.S. inflation lifted the implied odds of a December rate increase to 90%, while crypto liquidations surged to $725 million.

Bitcoin Stalls Near $74K as ETF Outflows Hit Four Days
Bitcoin Stalls Near $74K as ETF Outflows Hit Four Days
Bitcoin Stalls Near $74K as ETF Outflows Hit Four Days
Bitcoin Stalls Near $74K as ETF Outflows Hit Four Days
Bitcoin Stalls Near $74K as ETF Outflows Hit Four Days
Bitcoin Stalls Near $74K as ETF Outflows Hit Four Days
Bitcoin Stalls Near $74K as ETF Outflows Hit Four Days
Bitcoin Stalls Near $74K as ETF Outflows Hit Four Days

Bitcoin held near $74,000 after dipping to $72,700 on Tuesday, sitting out a rebound that sent Nasdaq-100 futures up 1.7%. U.S. spot Bitcoin ETFs lost $95 million on Tuesday, their fourth straight day of outflows, with $78 million leaving BlackRock's IBIT.

Why it matters

The divergence followed a hotter-than-forecast U.S. inflation reading. Consumer prices rose 0.4% in October, and the implied probability of a Federal Reserve rate increase at its Dec. 8-9 meeting climbed to 90%, according to CME FedWatch.

Crypto futures liquidations jumped 288% to $725 million over 24 hours, according to CoinGlass. Total open interest fell 1% to $127.2 billion, while trading volume rose 24% to $204.8 billion.

Market impact

Bitcoin liquidations totaled $200.5 million, with longs accounting for 85%. Ether liquidations reached $253 million, exceeding Bitcoin's, as Ether held near $2,050.

Demand for downside protection was visible in Bitcoin options. Put volume was 1.5 times call volume among Deribit contracts expiring Nov. 12-27, and eight of the 10 most active contracts were puts with strikes from $69,000 to $74,000. IBIT's outflow marked its eighth consecutive session of redemptions.

Related tokens
$BTC $ETH
$BTC#ETH#BitcoinETF#ETFOutflows

Frequently asked questions

  1. How much did BlackRock's IBIT contribute to Bitcoin ETF outflows?

    IBIT accounted for $78 million of the $95 million withdrawn from U.S. spot Bitcoin ETFs on Tuesday. It was the fund's eighth consecutive session of redemptions.

  2. How did inflation affect expectations for the Federal Reserve?

    After October consumer prices rose a hotter-than-forecast 0.4%, the implied probability of a rate increase at the Fed's Dec. 8-9 meeting climbed to 90%, according to CME FedWatch.

  3. How did Bitcoin perform against stock futures?

    Bitcoin held near $74,000 after dipping to $72,700 on Tuesday, while Nasdaq-100 futures rose 1.7%.

  4. Which asset saw more futures liquidations, Bitcoin or Ether?

    Ether liquidations totaled $253 million over 24 hours, exceeding Bitcoin's $200.5 million. Long positions accounted for 85% of Bitcoin liquidations.

  5. What did Deribit options activity indicate about Bitcoin protection?

    Put volume was 1.5 times call volume among Bitcoin options expiring Nov. 12-27. Eight of the 10 most active contracts were puts with strikes from $69,000 to $74,000.

Source attribution
Aggregated from CoinDesk · Verified · Last refreshed 27m ago
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