Bitcoin at $73,485.61 as $1.6 billion leaves spot funds
Key Facts
Bitcoin was around $73,485.61 on November 10 at 6:43 p.m., according to the Coinbase converter, after trading between $72,669.53 and $75,342.91 over 24 hours. This came on a day of pressure on the cryptocurrency market, but the published price does not establish that it hit an 82-day low. Glassnode data for the week covered in its report published on November 9 showed net flows into U.S. spot Bitcoin funds at negative $1.6 billion. This was the largest weekly outflow since early July, compared with an outflow of $701.2 million seven days earlier. The negative flows put investor demand through funds at the forefront of the market context during the period, alongside the liquidation of large positions in trading on November 10.
Funds saw outflows on 4 of 5 trading days during the reporting week, according to Glassnode. The weekly net outflow was $1.6 billion, up from $701.2 million the previous week, making the pace of withdrawals clearly larger than in the recent comparison. The report described the outflow as the heaviest since early July. This coincided with an 11.55% monthly decline in Bitcoin’s price from $83,007.48 a month earlier, according to Coinbase data on November 10. These figures show a monthly price decline and weekly fund outflows, without establishing a specific price support level or how long it might hold.
Derivatives indicators diverged between the weekly comparison and the daily reading. Bitcoin futures open interest fell 1.1% to $37.0 billion in Glassnode’s reporting week, from $37.4 billion seven days earlier, while remaining in the upper part of its range. Bitcoin options open interest also fell 3.3% to $32.4 billion, compared with $33.5 billion a week earlier. By contrast, Bitcoin.com News reported that Bitcoin futures open interest rose over the 24 hours through November 10 by 2.20% on Binance and 1.61% on CME. The different time frames offer two distinct readings of activity: a weekly contraction in aggregate futures and options contracts, against a daily increase on two platforms.
The cost of holding long positions remained elevated despite falling during the week. Glassnode said funding payments made by holders of these positions fell 7.1% to $2.9 million, from $3.1 million seven days earlier, but remained above their elevated range. This indicates that funding costs for long positions remained high, according to the report, despite their weekly decline. In trading on the morning of November 10, Coinglass data cited by Bitcoin.com News showed $356.16 million in cryptocurrency positions liquidated over 24 hours through about 8:45 a.m. Eastern time. The liquidations included $280.40 million in long positions and $75.77 million in short positions, with 80,898 traders liquidated.
Bitfinex, in comments cited by Bitcoin.com News, set an expected Bitcoin trading range of $72,350 to $79,400 ahead of the November 13 options expiry. The range applies to the period before the options expiry, according to analysts, while Coinbase’s reading on the evening of November 10 showed a price of $73,485.61 and a daily range of $72,669.53 to $75,342.91. These levels provide a near-term backdrop for tracking the market through the stated date, while net flows into spot funds remained negative in the weekly data published on November 9. Futures open interest also remained in the upper part of its range despite its weekly decline. The available figures show continued divergence between flow and derivatives signals ahead of the November 13 options expiry.