Markets have been cautious over the past 24 hours: after a flash crash over the weekend, BTC retested around $73,500 before rebounding, while ETH was relatively weaker. As of the early morning of November 10 Beijing time, BTC was trading around $75,000, ETH around $2,130, and SOL around $87; the Fear & Greed Index was in fear territory. Leveraged longs were liquidated in a wave, institutional fund flows remained weak, and markets are focused today on the U.S. October CPI.

I. Market Performance and Sentiment

Risk appetite weakened over the weekend. BTC briefly fell to around $73,700 (its lowest level since around August), then rebounded above $75,000; ETH fell below $2,100 intraday and briefly dipped below its 200-day moving average. Liquidations across the crypto market totaled around $1 billion over 24 hours, with longs accounting for roughly 90%. ETH liquidations were significantly higher than BTC liquidations, indicating that long leverage was more concentrated in ETH.

II. ETF Fund Flows

U.S. spot Bitcoin ETFs saw net outflows of about $1.28 billion last week, their largest weekly outflow since late June. Cumulative net inflows for 2026 have turned negative, at about $914 million. Spot Ethereum ETFs recorded outflows for a sixth consecutive week, with about $365 million flowing out last week. Bitcoin ETFs still saw approximately $470 million in net redemptions on November 9 alone. Without sustained inflows, it will be harder for the rebound to hold.

III. Macro and Risk Assets

Reports of an investigation related to Nvidia’s CEO weighed on sentiment in tech stocks. Tokenized NVDA and related perpetual contracts fell first over the weekend, adding to pressure on risk assets. Geopolitical narratives, including stalled U.S.-Iran talks, also heightened risk aversion. U.S. October CPI will be released today (this evening Beijing time). A cooling inflation reading could briefly benefit risk assets, but if ETF outflows continue, macro tailwinds alone may not be enough to drive a trend reversal.

IV. Regulation

The U.S. Treasury’s FinCEN is cutting MEXC Global off from the U.S. financial system under “Operation Economic Outcast,” saying it was linked to at least about $16 billion in fund flows involving sanctions evasion, cybercrime, and other activities. The ban will take effect about 30 days after publication in the Federal Register (around December 10). MEXC said its business is operating normally and user assets are safe, and that it has begun a compliance review.

V. Whales and Major Institutions

Bitmine (Tom Lee) added about 9,587 ETH, bringing its holdings to approximately 6.07 million ETH, or about 4.97% of the total supply—just shy of its “Alchemy of 5%” target. Lee previously said that once the 5% target is reached, the company will stop accumulating ETH and prioritize share buybacks. Separately, reports say that security concerns are driving greater demand among large holders to convert self-custodied Bitcoin into institutional ETF shares through in-kind exchanges and other means.

VI. People and Narratives

Ethereum co-founder Vitalik Buterin highlighted ETH’s role as a long-term store of value, arguing that decentralization, censorship resistance, open-source development, privacy, and security matter more than simply betting on fee burns. With the market weak, the ETH/BTC exchange rate has declined, reinforcing the trading narrative that “Ethereum is underperforming Bitcoin.”

Today’s watchpoints: CPI data; whether ETF outflows can stop; whether BTC can hold the support zone around $73,000–$75,000; and whether Bitmine will soon reach its target and announce that it is stopping ETH accumulation.