Crypto market maker Wintermute said in its November 9 weekly market report that, as risk appetite declined following the U.S. midterm elections, Bitcoin had once again become strongly correlated with macro risk assets such as U.S. equities. Bitcoin spot ETFs saw $1.28 billion in net outflows last week, the largest weekly outflow since June, wiping out their cumulative net inflows for the year. Bitcoin briefly fell to $73,500 on Sunday, nearing its 200-day moving average of around $73,000, while the weekly close was below its 50-week moving average of around $75,500. Wintermute believes that if Bitcoin closes below $73,000 on a daily basis, the next downside target could be $68,000; if it regains and holds above $80,000 and spot ETFs return to weekly net inflows, the outlook could turn bullish. The firm also noted that privacy coins, perpetual futures DEXs, and prediction markets are among the few crypto sectors still showing relative resilience.