Bitcoin tumbled more than 10% toward $64,000, extending a brutal week for crypto as selling pressure spread across risk assets and shook markets from New York to Asia. The drop dragged Bitcoin to its weakest level since late 2024, reversing momentum that had built after Donald Trump’s election win, when he signalled a more supportive stance on crypto during the campaign trail. Crypto losses came as investors dumped tech stocks and even safe-haven trades turned jumpier. Volatility in precious metals also ...

Core Insights - Crypto investment products experienced significant outflows, totaling $1.7 billion last week, bringing year-to-date net outflows to $1 billion [1] - The total assets under management (AUM) for crypto investment products have decreased by $73 billion from their peak in October 2025 [1] Outflows Analysis - Outflows were predominantly from the United States, which accounted for $1.65 billion of the total withdrawals [2] - Bitcoin investment vehicles saw $1.32 billion in outflows, with US-based spot Bitcoin ETFs being the main contributors at $1.48 billion [3] Bitcoin Market Dynamics - Bitcoin is currently trading below the average cost basis of US spot Bitcoin ETFs, which is approximately $87,830 per Bitcoin [4] - US Bitcoin ETF products hold around 1.28 million BTC with a total AUM of about $113 billion [3] Altcoin Performance - The total crypto market cap declined by $400 billion over the past week, with Ethereum products facing $308 million in outflows [5] - Other altcoins like XRP and Solana also experienced outflows, with XRP products losing $43.7 million and Solana products losing $31.7 million [5] Inflows and Market Sentiment - Short Bitcoin products recorded inflows of $14.5 million, with their AUM increasing by 8.1% year to date [6] - The Crypto Fear and Greed Index has dropped into extreme fear, indicating a bearish market sentiment [6] Macro Economic Factors - The ongoing selloff is attributed to a shortage of US liquidity rather than structural market issues, as noted by Raoul Pal [6] - Temporary liquidity drains are linked to two government shutdowns and issues in US funding markets [7] - Market participants anticipate fewer and slower interest rate cuts under the new Fed chair Kevin Warsh due to a firm stance on inflation [7]

Core Insights - Digital asset investment products experienced significant outflows, totaling $1.7 billion over the past week, indicating a continued decline in investor sentiment towards the sector [1][2][7] Group 1: Market Trends - Year-to-date inflows have been completely reversed, resulting in a net global outflow of $1 billion [2] - The recent selling pressure is attributed to a more hawkish U.S. Federal Reserve outlook, large-holder distribution related to the four-year crypto cycle, and increasing geopolitical uncertainty [2] Group 2: Regional Analysis - Total assets under management in crypto investment products have decreased by approximately $73 billion since their peak in October 2025, with the U.S. accounting for the majority of outflows, totaling $1.65 billion in the past week [3] - Canada and Sweden also saw notable withdrawals of $37.3 million and $18.9 million, respectively [3] Group 3: Asset Performance - Bitcoin products led the decline with outflows of $1.32 billion, while Ethereum experienced withdrawals of $308 million [4] - Other tokens, such as XRP and Solana, also faced outflows of $43.7 million and $31.7 million, respectively [4] Group 4: Exceptions and Inflows - Short Bitcoin products recorded inflows of $14.5 million, with assets under management increasing by 8.1% year-to-date, indicating a rising demand for downside protection [5] - Hype-focused investment products attracted $15.5 million in inflows, benefiting from increased on-chain activity related to tokenized precious metals [5] Group 5: ETF Insights - U.S. spot Bitcoin ETFs currently manage approximately $113 billion in assets, holding about 1.28 million BTC, with an average purchase price of around $87,830 per coin, which is significantly above current market levels [6]

Core Insights - Bitcoin fell below the $80,000 level following the announcement of Kevin Warsh as the next chair of the Federal Reserve, leading to significant deleveraging in crypto markets [1][8] - The market experienced over $2.5 billion in liquidations of leveraged long positions, contributing to downward pressure on Bitcoin and ether [3][8] Market Reactions - Following Warsh's appointment, risk aversion spread across markets, causing equities to weaken and traditional safe-haven assets like gold and silver to pull back from recent highs [4] - The market is now pricing in a higher likelihood of earlier policy normalization or tighter conditions under Warsh's leadership, impacting non-yielding assets [4] Technical Analysis - Bitcoin briefly dropped to around $74,500 after breaking key technical support, while ether fell below $2,170 [3] - Higher margin requirements in futures markets accelerated the unwinding of leveraged positions, although Bitcoin has since stabilized above the $74,500 level [5] Sentiment and Positioning - Options markets reflect caution, with positioning skewed towards put protection, although demand for downside hedges has moderated compared to previous stress episodes [5] - Analysts noted that the current price action remains vulnerable, with momentum indicators pointing lower and potential for further liquidation if support levels fail [6] Future Outlook - A sustained break below $74,000 could lead to deeper retracement levels not seen since 2024, while reclaiming $80,000 may stabilize sentiment [7] - Attention is likely to focus on institutional accumulation and geopolitical risks, particularly regarding Iran, as the market navigates these challenges [7]

Bitcoin is trading below the average cost basis of US spot Bitcoin exchange-traded funds after the products recorded their second- and third-largest weekly outflows on record last month, according to research from Alex Thorn, head of research at Galaxy. Key Takeaways: Bitcoin has fallen below the average cost basis of US spot Bitcoin ETFs, leaving the typical ETF buyer underwater. Heavy outflows of nearly $2.8 billion over two weeks signal a sharp reversal from last year’s strong inflows. Despite pri ...

Core Insights - Bitcoin experienced a flash crash, briefly dropping below $90,000, which led to the liquidation of approximately $128 million in long positions, highlighting the volatility in the cryptocurrency market [1][3][2] Group 1: Price Movement and Liquidations - Bitcoin's price dipped to an intra-day low of $89,641 before rebounding above $90,000, indicating significant market volatility [1] - The liquidation of long positions amounted to roughly $128 million, showcasing the risks associated with leveraged trading in a tight trading range [3][2] Group 2: ETF Outflows - There were significant outflows from US spot Bitcoin ETFs, with net redemptions reaching $486 million on Wednesday, marking the largest single-day outflow since November 20 [4] - Prior to this, ETF fund flows had already turned negative, with $243 million exiting on Tuesday, contrasting sharply with the $697 million in positive flows recorded on Monday [5] Group 3: Market Dynamics and Analyst Perspectives - Analysts suggest that Bitcoin's price is mechanically suppressed due to dealer hedging, which has confined it within a $90K–$95K range, establishing $90K as support and $100K as resistance [6] - Expectations for future price movements are influenced by expiring options later in the month, with potential for an earlier breakout if institutional demand returns [7] - Market liquidity has shifted, with capital inflows into Bitcoin drying up, leading to a more diverse liquidity channel, which may prevent significant price crashes like those seen in past bear markets [8][9]

Core Insights - US spot Bitcoin exchange-traded funds (ETFs) experienced a significant rebound, with a total of $355 million in net inflows on Tuesday, ending a seven-day streak of outflows that indicated subdued investor interest [1] Group 1 - The sharp increase in net inflows suggests a renewed interest in Bitcoin ETFs among investors [1] - The previous seven days had seen outflows, reflecting a period of reduced investor confidence or interest in the market [1]

Core Insights - Markets are closely monitoring the upcoming US Consumer Price Index (CPI) data, which could significantly influence the performance of risk assets towards the end of the year [1][8] - A higher-than-expected CPI could suppress expectations for interest rate cuts, negatively impacting equities and digital assets, while a softer CPI could boost hopes for easier monetary policy and potentially trigger a rally [3][8] Bitcoin Market Analysis - Bitcoin is currently trading near $85,300, having experienced a 2% decline, and is range-bound between $85,000 and $90,000 due to a risk-off sentiment in the market [4][8] - Recent mixed macroeconomic data, including surprising nonfarm payrolls and a slight increase in unemployment, has contributed to a bearish market momentum, limiting immediate upside for Bitcoin [5][8] - On-chain data indicates a slight increase in whale wallets and retail-sized holders, while addresses holding between 100 to 1,000 BTC have decreased, suggesting a pause in heavy whale distribution [6] - ETF inflows have provided additional support, with US spot Bitcoin ETFs seeing over $450 million in inflows, despite a cooling in futures market activity [6] - Derivatives data shows a significant reduction in speculation, with crypto futures open interest dropping by approximately $11 billion, indicating a stabilization in spot demand and a potential defense of the $85,000 level by buyers [7][8]

Market Overview - Bitcoin traded around $90,600 to $91,400, with a recent peak of approximately $91,800, indicating a tight trading range [1] - Global equity markets are on track for their best week since June, driven by expectations of Federal Reserve interest rate cuts [2][5] - Asian equities showed mixed performance, with South Korea and Japan indexes declining while Australia saw slight gains [4] Federal Reserve Expectations - Futures markets indicate an 80% to 85% chance of a quarter-point interest rate cut next month, with expectations for three reductions by the end of 2026 [5] - Recent jobs data and comments from Fed officials have strengthened the case for a potential rate cut in December [7][8] Cryptocurrency Market - US spot Bitcoin ETFs are experiencing slower inflows compared to earlier in the year, but still maintain a positive trend [9] - Current cryptocurrency market cap stands at $3.18 trillion, with Bitcoin at $90,868, Ether at $3,001, and XRP at $2.17, reflecting slight declines [10] China Market Focus - JPMorgan has upgraded its view on the Chinese market to overweight, citing potential upside despite ongoing pressures in the property sector [4]

Group 1 - The US spot Bitcoin ETFs experienced a significant weekly outflow of $1.11 billion from November 10 to 14, marking the third consecutive week of outflows [1] - BlackRock's ETF IBIT recorded the largest net outflow of $532.41 million last week, while its cumulative net inflow reached $63.79 billion [1] - Grayscale Bitcoin Mini Trust logged a net weekly outflow of nearly $290 million, with its total historical net inflow also at $63.79 billion [2] Group 2 - The total net asset value of spot Bitcoin ETFs is $125.34 billion, representing a net asset ratio of 6.67% of the Bitcoin market cap [2] - Simon Gerovich, CEO of Metaplanet, stated that Bitcoin ETFs provide fixed exposure to Bitcoin and do not undermine the strengths of Bitcoin treasury companies [3] - Przemysław Kral, CEO of zondacrypto, highlighted the impact of weekend liquidity on market movements and noted that long-term investors have opportunities to accumulate tokens at lower rates [4] Group 3 - The massive outflows from Bitcoin ETFs have coincided with a decline in Bitcoin prices, with Bitcoin hitting a six-month low at $95,200 [4] - The cryptocurrency market experienced widespread liquidations totaling $617.45 million within 24 hours, with Bitcoin accounting for $243.56 million of that total [5] - The total cryptocurrency market capitalization fell to $3.31 trillion, down 0.9% from previous levels [5]