U.S. stocks rallied, but Bitcoin stayed put—the crypto market missed this rebound.
Nasdaq 100 futures rose 1.7%, while AI cloud provider CoreWeave beat earnings expectations, lifting U.S. stocks in premarket trading. But $BTC is still hovering around $73,800, after dipping to a low of $72,700 on Tuesday. $ETH is also holding around $2,053, seemingly unfazed.
The divergence isn’t in prices, but in where the money is going: U.S. spot Bitcoin ETFs saw another $95 million in net outflows on Tuesday, marking four straight days of outflows. BlackRock’s IBIT alone accounted for $78 million, with redemptions continuing for an eighth consecutive day. Outflows have totaled about $1.6 billion since November. Meanwhile, stock ETFs have drawn an average of about $12 billion a day over the past five trading days. The same investors are willing to buy the dip in stocks, but are still pulling out of Bitcoin.
Derivatives markets are also pricing in more choppy trading: liquidations across the market totaled $725 million over 24 hours, up 288%. Ether liquidations came to $253 million, exceeding Bitcoin’s $200.5 million. On Deribit, put trading volume was 1.5 times call volume among options expiring November 12–27, and eight of the ten most active contracts were puts with strike prices between $69,000 and $74,000. The probability of a December rate hike is now priced at 90%, while the Fear and Greed Index sits at 26, still in fear territory.
My take: Bitcoin isn’t lacking the strength to rally; for now, money inside and outside the market just can’t agree on a direction. Spot ETFs are still seeing net outflows, while options traders are buying downside protection. Neither bulls nor bears have made up their minds around $74,000. Until Bitcoin breaks above $75,000, it will most likely continue to chop around $72,700. A pause in ETF outflows or a cooling in demand for puts would signal that the direction is becoming clearer again.
Data as of: 2026-11-12 01:15 UTC
For informational purposes only; not investment advice.
Nasdaq 100 futures rose 1.7%, while AI cloud provider CoreWeave beat earnings expectations, lifting U.S. stocks in premarket trading. But $BTC is still hovering around $73,800, after dipping to a low of $72,700 on Tuesday. $ETH is also holding around $2,053, seemingly unfazed.
The divergence isn’t in prices, but in where the money is going: U.S. spot Bitcoin ETFs saw another $95 million in net outflows on Tuesday, marking four straight days of outflows. BlackRock’s IBIT alone accounted for $78 million, with redemptions continuing for an eighth consecutive day. Outflows have totaled about $1.6 billion since November. Meanwhile, stock ETFs have drawn an average of about $12 billion a day over the past five trading days. The same investors are willing to buy the dip in stocks, but are still pulling out of Bitcoin.
Derivatives markets are also pricing in more choppy trading: liquidations across the market totaled $725 million over 24 hours, up 288%. Ether liquidations came to $253 million, exceeding Bitcoin’s $200.5 million. On Deribit, put trading volume was 1.5 times call volume among options expiring November 12–27, and eight of the ten most active contracts were puts with strike prices between $69,000 and $74,000. The probability of a December rate hike is now priced at 90%, while the Fear and Greed Index sits at 26, still in fear territory.
My take: Bitcoin isn’t lacking the strength to rally; for now, money inside and outside the market just can’t agree on a direction. Spot ETFs are still seeing net outflows, while options traders are buying downside protection. Neither bulls nor bears have made up their minds around $74,000. Until Bitcoin breaks above $75,000, it will most likely continue to chop around $72,700. A pause in ETF outflows or a cooling in demand for puts would signal that the direction is becoming clearer again.
Data as of: 2026-11-12 01:15 UTC
For informational purposes only; not investment advice.
