What does it take to erase more than 1 $ billion of leveraged bets in one day? One more red weekly candle and a thin Sunday night, it turns out.
Nothing major broke in the last few hours. The damage landed overnight, so Monday's open is mostly about counting it.
🧯 The overnight flush
Bitcoin closed the week of Nov 2–8 near $74,754, down 4.45% from a $78,232 open.
That's five losing weeks in a row and about 13.6% below the Oct 4 close. Soon after, price slipped to roughly $73,477 on Coinbase, the lowest since Aug 21.
Leverage didn't survive it. CoinGlass data put 24h liquidations above $1B, with longs taking about $930M. $ETH carried the heaviest load at roughly $455–462M, against about $278M for BTC. One whale's 56,667 ETH long, worth around $118M, was closed out in full, according to Lookonchain.
🗞 Elsewhere on the wire
The SEC has sent proposed crypto broker-dealer rules to the White House for review.
Sen. Blumenthal asked Binance, Tether, World Liberty Financial and others for records by Jan 4, 2027.
FinCEN's Nov 6 order limits US institutions' transfers with MEXC. MEXC says it's running normally (3 days old).
Binance is still reopening coins in stages after the ~$6.3B Oct 29 hack the FBI tied to North Korea (ongoing).
Russia opens retail trading in BTC, ETH and USDT on Nov 17 (announced last week).
📊 Where the market sits
$BTC : ~$74,800, −1.3% in 24h
$ETH: ~$2,130, −4.3% to −5.3% in 24h
Fear & Greed: 29–30 (fear), up from 25 on Saturday
Spot BTC ETFs: about −$1.28B net over Nov 2–6, with IBIT alone near −$1.21B
Spot ETH ETFs: about −$365M over the same five sessions
🧭 Lines on the chart
BTC: staying above the 200-day average near $73,170 keeps the bigger trend intact. A daily close below it, the first since Aug 18, would put $69K–$70K in view. Reclaiming $76,100 (Sunday's high) brings the 100-day near $77,300 back into play.
ETH: $2,100 and then $2,000 are the floors traders are watching. A push back above $2,200–$2,255 would be the first hint the flush is finished.
⏰ On the calendar (UTC)
Tue, Nov 10 · 13:30: US October CPI
Wed, Nov 11: ALLO unlock, about 88% of circulating supply
Thu, Nov 12 · 13:30: US weekly jobless claims
Fri, Nov 13 · 13:30: US October PPI
🧠 Bottom line
Forced selling tends to clear some of the froth, and sentiment already ticked up from Saturday's 25. My read: with ETF money still heading out and markets pricing roughly 77% odds of a December Fed hike late last week, tomorrow's CPI probably decides whether the 200-day holds.
What gives way first this week?
A) $BTC loses the 200-day near $73.2K
B) BTC reclaims $76.1K
C) Neither, it chops until CPI Vote with A, B or C 👇
Educational content, not financial advice. DYOR.