Bitcoin has returned to the $73,000–$74,000 support zone as ETF outflows and falling stablecoin supply have fueled concerns that buyers remain on the sidelines after the liquidation wave.
According to data from CoinGecko, $BTC traded around $73,912 on Nov. 10, after moving between $73,587 and $75,477 over the preceding 24 hours. Its latest price places it within the support range identified by Wallet analysts.
The analysts said the recent selloff removed some speculative excess, but the recovery still lacks the spot buying and institutional inflows needed to sustain it.
Bitcoin needs buyers after the leverage reset
In its Market Flow #3: AI’s Reality Check commentary, Bitget Wallet Research described a market struggling to attract fresh demand after losses in AI-linked technology stocks spilled into cryptocurrencies.
Reclaiming and holding $80,000 would signal stronger demand, in their assessment. A decisive move below $73,000 could expose $68,000, with a further breakdown suggesting the decline involves more than a temporary liquidation flush.
The latest weakness follows the Nov. 5 crypto liquidation wave, when CoinGlass figures showed $954.38 million in long positions liquidated against $127.30 million in shorts. Bitcoin traded below $76,000 during that snapshot, reversing an earlier recovery above $80,000.
Long positions accounted for 88.2% of the reported total. Within the latest four hours of that snapshot, liquidations reached $896.18 million, including $817.35 million in bullish positions.
ETF withdrawals continue after the selloff
Institutional flows have remained negative. Farside Investors recorded $201 million in net withdrawals from U.S. spot Bitcoin ETFs on Nov. 9, their third consecutive negative session.
BlackRock’s IBIT lost $213.2 million, while ARK 21Shares’ ARKB recorded a $9.9 million withdrawal. Morgan Stanley’s MSBT attracted $22.1 million, partially offsetting those exits.
Adding the six completed November sessions produces $1.4827 billion in net outflows. Five sessions were negative, interrupted by a $74.6 million inflow on Nov. 4.
The weakness has not been uniform across issuers. During the first November trading week, IBIT lost approximately $1.21 billion while Fidelity’s FBTC received $93.1 million.
Stablecoin liquidity has contracted over the same period of market weakness. DefiLlama put total stablecoin market capitalization at $289.81 billion on Nov. 10, down 1.62% over seven days and 4.57% over 30 days.
USDT’s capitalization fell 1.31% over the week, while USDC’s declined 1.25%. Bitget Wallet’s analysts identified shrinking stablecoin supply alongside ETF withdrawals as part of the liquidity problem facing a sustained Bitcoin recovery.
Inflation complicates the liquidity outlook
The inflation release cited as an upcoming catalyst in Wallet’s commentary has now arrived.
The Bureau of Labor Statistics reported that October consumer prices rose 0.4% month over month, following September’s 0.6% gain. Core prices, excluding food and energy, rose 0.3% for a third consecutive month.
Wallet analysts said hotter inflation could reinforce expectations of a December rate hike, while softer core readings could support a relief rally. They nevertheless tied a durable recovery to improving liquidity and spot demand.