Bitcoin steadies as ETF outflows and rate concerns weigh on crypto markets

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Bitcoin steadies as etf outflows weigh

Highlights

Bitcoin trades near $74,000 after touching $72,700 Tuesday, while U.S. spot bitcoin ETFs saw $95 million in outflows for a fourth straight day.
Derivative markets display defensive positioning as puts dominate, crypto futures liquidation surges 288% to $725 million, and trading volume rises 24% to $204.8 billion.
CME FedWatch shows 90% probability of a Federal Reserve rate hike in December after U.S. consumer prices outpace forecasts with a 0.4% October increase.

Inflation shock and ETF withdrawals shape trading

As reported by CoinDesk, bitcoin is little changed since midnight UTC at around $74,000 after falling to $72,700 on Tuesday, while ether holds near $2,050 and broader crypto benchmarks remain weaker. The CoinDesk Memecoin Index is down 1.2% and the CoinDesk 80 Index slips 0.3%, even as Nasdaq-100 futures rise 1.7% following CoreWeave’s earnings beat.

U.S. spot bitcoin ETFs lose $95 million on Tuesday, according to SoSoValue, extending outflows to a fourth straight day. BlackRock’s IBIT accounts for $78 million of that total, marking its eighth consecutive session of redemptions.

The macro backdrop also remains restrictive. CME FedWatch shows the probability of a Federal Reserve rate increase at its Dec. 8-9 meeting rising to 90% after U.S. consumer prices increase by a greater-than-forecast 0.4% in October.

Derivatives signal defensive positioning

Puts dominate bitcoin options activity, with eight of the 10 most active Deribit contracts expiring Nov. 12-27 at strike prices from $69,000 to $74,000. Over the past 24 hours, bitcoin falls 0.7% and ether declines 1.7%, while crypto futures liquidations jump 288% to $725 million, according to CoinGlass.

Trading volume rises 24% to $204.8 billion, while open interest slips 1% to $127.2 billion, indicating traders are closing positions. Bitcoin open interest falls 0.2% against a 0.6% drop in price, and funding stays positive at 0.0078%, or 8.6% annualized, below the 0.01% baseline, meaning longs are still paying shorts but less than usual.

Ethereum open interest drops 3.6% against a 1.7% price decline, while liquidations reach $253 million, exceeding bitcoin’s total despite ether open interest of $25.2 billion being roughly half the size. Zcash leads altcoin liquidations at $40.3 million as its price falls about 13% and open interest drops 10.5%, while CoinMarketCap’s Altcoin Season index stands at 40 out of 100 and the Fear and Greed Index remains at 26, in fear territory.

Earlier, we looked at UBS rate outlook extending the Fed’s tightening cycle into 2027 after persistent inflation pressures.

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