Bitcoin dropped below the critical $75,000 threshold, hitting multi-month lows as massive leveraged liquidations, sustained institutional fund outflows, and renewed macroeconomic anxieties converged. After touching an intraday low near $73,761 over the weekend, its weakest level since mid-August, the leading cryptocurrency struggled to maintain upward momentum, trading near $74,150 on Monday.
The downturn accelerated sharply after more than $1 billion in leveraged crypto derivatives were wiped out over a 24-hour period. Bullish traders bore the brunt of the cascade, with long liquidations accounting for over $900 million of the total forced unwinds. Ethereum suffered disproportionate losses, registering roughly $455 million in liquidations, including a single $48 million liquidation order, compared to approximately $278 million in Bitcoin positions, pushing Ether briefly below $2,100.
Institutional demand also deteriorated noticeably throughout the first week of November. Tracking data revealed that U.S. spot Bitcoin exchange-traded funds recorded nearly $1.28 billion in net redemptions between November 2 and November 6. BlackRock’s iShares Bitcoin Trust drove the majority of the exits, registering approximately $1.21 billion in net outflows across five consecutive trading sessions, which easily eclipsed modest inflows into competing funds like Fidelity’s FBTC.
Macroeconomic crosscurrents further complicated the backdrop for digital assets. Crypto markets failed to track Wall Street’s tech stock rebound after a stronger-than-expected U.S. nonfarm payrolls report showed employers added 165,000 jobs in October, pushing the unemployment rate down to 4.1% and driving market-implied odds of a December Federal Reserve rate hike to 76.8%.
Compounding market unease, geopolitical tensions escalated after diplomatic negotiations between the United States and Iran stalled. Technical analysts warn that failure to reclaim immediate resistance near $75,600 could expose lower structural support zones between $71,250 and $67,800 ahead of the upcoming U.S. inflation report.
