Bitcoin Near $75,000 After Weekly Decline of More Than 4% and $1.6 Billion in Fund Outflows
Key Facts
Bitcoin traded near $75,000 on Monday after reversing its rise above $80,000 on Wednesday, and closed more than 4% lower than the previous Sunday, according to a Glassnode report dated November 9. The performance put the coin on a declining path for the week ended November 8, following a short-lived attempt to break above $80,000. Glassnode said, "Bitcoin is trading near $75,000 on Monday, down more than 4% from last Sunday’s close, after reversing its rise above $80,000 on Wednesday the following day." This came as U.S. spot Bitcoin funds recorded large net outflows, while the spot market order flow indicator remained in negative territory. The weekly data show a decline in price and weak net demand across funds and the spot market, but do not by themselves establish that the move marks a sustained trend reversal.
Net outflows from U.S. spot Bitcoin funds reached $1.6 billion in the week through November 8, compared with $701.2 million in the previous week. Glassnode described the change as an increase of about $900 million in net outflows, to $1.6 billion from $701.2 million seven days earlier. Money flowed out on four of the five trading days during the week, making the withdrawals broad-based across sessions rather than concentrated in a single day. The outflows indicate a decline in money moving through the funds during that period, alongside Bitcoin’s fall from the previous Sunday’s close. In a report dated November 4, Glassnode said the funds had recorded nearly $1 billion in outflows over the preceding two weeks, including $640 million on November 2. The company cautioned at the time that fund flows tend to follow price movements rather than anticipate them, limiting the extent to which the figures can be read as an independent cause of the decline.
In the spot market, trading volume rose to $6.4 billion in the week ended November 8, from $5.6 billion a week earlier, an increase of 13.3%, according to Glassnode data. But higher activity did not come with an improvement in the spot market order flow balance: the Spot CVD indicator registered a negative $91.8 million, after being positive at $6.6 million seven days earlier. The company said the indicator fell by $98.5 million to $91.8 million below zero, while trading volume increased from $5.6 billion to $6.4 billion. The figures indicate that more trading took place during the week while net order flow remained negative. Higher spot market activity thus coincided with weak weekly performance and fund outflows, rather than an improvement in net spot flows in the weekly data.
The short-term holder cohort had already shown a deterioration in the share of supply in profit before the latest weekly report. In a Glassnode report dated November 4, that share fell to about 38%, after reaching 97.5% or more in early October. The report linked the decline to a drop of nearly 10% from the peak recorded in September. The comparison shows a clear contraction over that period in the share of supply held by short-term holders that was in profit. This is background data predating the week ended November 8, not a new measurement for that week. It formed part of a broader context of falling prices and fund outflows covered in Glassnode reports in early November.
In the liquidation-level map included in its November 4 report, Glassnode said the $73,000 to $76,000 range remained below the price, while the largest cluster of short-position liquidation levels was above it, near $87,000. These levels identify areas associated with liquidation positions in the report’s data and do not in themselves constitute a forecast of the next price move. The report placed the $73,000 to $76,000 range below the price at the time, versus a higher cluster near $87,000. The November 9 report, meanwhile, recorded Bitcoin trading near $75,000 on Monday after reversing Wednesday’s rise above $80,000. The report does not cite a later date or specific upcoming event, and the figures remain tied to the periods covered by the Glassnode reports.