Key Takeaways
- • Bitcoin held near $74,000 on Nov. 11, 2026, failing to follow a 1.7% Nasdaq-100 futures rebound, as U.S. spot bitcoin ETFs lost $95 million on Tuesday, extending outflows to a fourth straight day.
- • BlackRock's IBIT accounted for $78 million of Tuesday's redemptions, its eighth straight session of outflows, according to SoSoValue.
- • Hot October inflation data (CPI up 0.4%, above forecast) lifted the odds of a Federal Reserve rate hike at its Dec. 8-9 meeting to 90%, per CME FedWatch.
- • Crypto futures liquidations surged 288% to $725 million in 24 hours, while open interest slipped 1% to $127.2 billion, indicating traders closed positions, according to CoinGlass.
- • Bitcoin options remain put-heavy, with put volume 1.5 times call volume on Deribit expiries from Nov. 12 to Nov. 27, and puts at the 25-delta strike priced 4 to 5 volatility points above calls.
Summary
Bitcoin held steady near $74,000 on Wednesday, Nov. 11, stabilizing after dipping to $72,700 on Tuesday, while ether held near $2,050. The move contrasted with U.S. stock index futures, which rebounded early in the session: Nasdaq-100 contracts rose 1.7% after AI cloud-computing provider CoreWeave beat earnings estimates. According to CoinDesk, bitcoin was down 0.7% over 24 hours and ether 1.7%.
U.S. spot bitcoin ETFs lost $95 million on Tuesday, according to SoSoValue, extending net outflows to a fourth consecutive day. BlackRock's IBIT accounted for $78 million of that total, marking its eighth straight session of redemptions. The outflows coincided with a macro shock: the U.S. reported that consumer prices rose 0.4% in October, more than forecast. According to CME FedWatch, the probability of a Federal Reserve rate increase at its Dec. 8-9 meeting rose to roughly 90%. The U.S. bond market was closed for Veterans Day.
Derivatives data showed deleveraging. Per CoinGlass, crypto futures liquidations rose 288% to $725 million over 24 hours, trading volume climbed 24% to $204.8 billion, and open interest slipped 1% to $127.2 billion, a sign that positions were closed rather than added. Bitcoin liquidations totaled $200.5 million, 85% of them longs, and the taker buy/sell ratio of 0.97 pointed to sellers in control. Bitcoin funding remained positive at 0.0078%, below the 0.01% baseline. Ether liquidations of $253 million exceeded bitcoin's despite ether open interest of $25.2 billion being roughly half the size, according to the same data. Altcoin outflows were sharper: Zcash fell about 13% to 14% as leveraged longs were liquidated and capital exited Grayscale's Zcash ETF.
Options markets show continued demand for downside protection. Puts dominated the most active Deribit contracts, with eight of the 10 most active expiring Nov. 12 to Nov. 27 at strikes from $69,000 to $74,000, led by the Nov. 27 $69,000 put. At-the-money implied volatility was around 36% for Nov. 27 options and 38% for Nov. 13. Friday's expiry was dominated by far out-of-the-money calls, with the largest open interest at $81,000 and $84,000.
Elsewhere, Telegram's gram (GRAM), formerly toncoin, led the CoinDesk 100 with a gain of about 5% after founder Pavel Durov said more than 700,000 wallets were created in the app within 48 hours. Altcoins remain constrained: CoinMarketCap's Altcoin Season index stood at 40, down from 49 the prior Thursday, and bitcoin's market dominance rose to 60.5%. The Fear and Greed Index read 26, in fear territory.
U.S. spot bitcoin ETFs lost $95 million on Tuesday, according to SoSoValue, extending net outflows to a fourth consecutive day. BlackRock's IBIT accounted for $78 million of that total, marking its eighth straight session of redemptions. The outflows coincided with a macro shock: the U.S. reported that consumer prices rose 0.4% in October, more than forecast. According to CME FedWatch, the probability of a Federal Reserve rate increase at its Dec. 8-9 meeting rose to roughly 90%. The U.S. bond market was closed for Veterans Day.
Derivatives data showed deleveraging. Per CoinGlass, crypto futures liquidations rose 288% to $725 million over 24 hours, trading volume climbed 24% to $204.8 billion, and open interest slipped 1% to $127.2 billion, a sign that positions were closed rather than added. Bitcoin liquidations totaled $200.5 million, 85% of them longs, and the taker buy/sell ratio of 0.97 pointed to sellers in control. Bitcoin funding remained positive at 0.0078%, below the 0.01% baseline. Ether liquidations of $253 million exceeded bitcoin's despite ether open interest of $25.2 billion being roughly half the size, according to the same data. Altcoin outflows were sharper: Zcash fell about 13% to 14% as leveraged longs were liquidated and capital exited Grayscale's Zcash ETF.
Options markets show continued demand for downside protection. Puts dominated the most active Deribit contracts, with eight of the 10 most active expiring Nov. 12 to Nov. 27 at strikes from $69,000 to $74,000, led by the Nov. 27 $69,000 put. At-the-money implied volatility was around 36% for Nov. 27 options and 38% for Nov. 13. Friday's expiry was dominated by far out-of-the-money calls, with the largest open interest at $81,000 and $84,000.
Elsewhere, Telegram's gram (GRAM), formerly toncoin, led the CoinDesk 100 with a gain of about 5% after founder Pavel Durov said more than 700,000 wallets were created in the app within 48 hours. Altcoins remain constrained: CoinMarketCap's Altcoin Season index stood at 40, down from 49 the prior Thursday, and bitcoin's market dominance rose to 60.5%. The Fear and Greed Index read 26, in fear territory.
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