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Bitcoin spot exchange-traded funds recorded $1.043 billion in net outflows from November 5 to November 9, according to AMBCrypto. The selling pressure pushed the price below its 50-week moving average, which currently stands at $75,200.
Earlier reporting: Bitcoin Core Discloses Three Patched Security Flaws, Including Mining Disruption Bug.
Earlier reporting: Hut 8 Reports $26.6B AI Contract Value, Sells 3,102 Bitcoin for Buybacks.
As of 09:05 UTC, Bitcoin traded at $73,418, -0.4% over 24 hours, with $23.2 billion in 24-hour volume.
ETF Flows and Institutional Selling
The Crypto Fear and Greed Index registered a reading of 26, indicating fearful market sentiment. During the same period, Bitcoin miner MARA Holdings sold 13,597 Bitcoin at an average price of $81,039 per coin. The company generated $1.1 billion from these sales to fund its pivot toward AI data centers.
Glassnode data showed that trading volume for equities on Hyperliquid surpassed Bitcoin trading volume. This shift occurred as traders moved to buy the stock market dip, contributing to heavy liquidations in the crypto sector.
Short-Term Holder Losses
The short-term holder Spent Output Profit Loss (SOPR) metric fell to 0.99. Readings below 1 indicate that selling at a loss is dominant among this group. Analyst DV Moreno noted that the recent pullback removed the profit cushion for short-term holders. The short-term holder MVRV ratio dropped below 1, and the Net Unrealized Profit Loss (NUPL) slipped below zero, though these unrealized losses were shallower than those seen in February or June of this year.
The short-term Sharpe ratio also entered negative territory, signaling weak returns relative to recent volatility. Bitcoin had briefly rallied above $80,000 earlier in the month before facing heavy selling pressure.
Exchange Inflows Decline
Analyst MAC_D examined Bitcoin held at a loss using the Short-term Holder P&L to Exchanges indicator. On November 6, 32,695 Bitcoin held at a loss by short-term holders flowed into exchanges. This volume represented 89% of total short-term holder exchange inflows on that day.
By November 9, short-term holder inflows at a loss dropped to 9,900 Bitcoin, even as the price fell from $75,700 to $74,800. MAC_D stated on CryptoQuant that declining sell pressure following increased loss realization has historically indicated a potential price rebound to the upside.
DV Moreno added that if net unrealized losses deepen and Bitcoin prices drop below $73,000, it would strengthen the argument for bear-market continuation.
Source: AMBCrypto
