Bitcoin Holds in the $74,000 Range Despite US Stock Rebound; Spot ETFs See $201 Million in Outflows Ahead of October CPI
Summary
- Bitcoin (BTC) remained weak in the $74,000 range, with traders staying on the sidelines ahead of the US October CPI release.
- Spot Bitcoin ETFs posted $201 million in net outflows in a single day, including $213.2 million from BlackRock's IBIT alone.
- Avalanche (AVAX) rose 5% on news that the NYSE will use its blockchain for tokenized securities clearing and settlement, while futures open interest rose 13%, underscoring capital inflows.
Forecast Trend Report by Period
Bitcoin remained under pressure in the $74,000 range even as US stocks rebounded. More than $200 million also flowed out of spot Bitcoin exchange-traded funds ahead of the release of the US October consumer price index.
CoinDesk, a cryptocurrency-focused media outlet, reported that Bitcoin fell as low as $74,100 on Nov. 10 before trading around $74,200.
US stocks, by contrast, staged a sharp rebound a day earlier. The S&P 500 posted its biggest gain since April 8, while the Nasdaq Composite rose 2.7%, recouping part of last week's losses driven by selling in artificial intelligence-related shares.
Markets are now focused on the US October CPI report due later on Nov. 10. Economists surveyed by Dow Jones expect headline CPI to rise 0.3% from the previous month and core CPI to increase 0.2%. That would mark a slowdown from September, when headline CPI rose 0.6% and core CPI climbed 0.3%.
Spot Bitcoin ETFs posted net outflows of $201 million the previous day. BlackRock's IBIT alone saw $213.2 million leave the fund, marking a seventh straight trading day of net outflows.
Liquidations in the derivatives market fell sharply. Crypto futures liquidations over the past 24 hours totaled about $184 million, down roughly 84% from more than $1 billion a day earlier. Futures open interest rose 0.59% to $128.4 billion.
Avalanche rose about 5% over the past 24 hours after news that the New York Stock Exchange, or NYSE, will use the Avalanche blockchain for clearing and settlement on a 24-hour tokenized securities trading platform. Open interest in AVAX futures also increased 13% over the same period, pointing to notable capital inflows.
XRP, by contrast, saw open interest fall 3.83%, while market sell orders were relatively stronger. In the Bitcoin options market, demand for put options outpaced calls, indicating continued positioning against near-term downside risk.
