On Friday, November 6, Bitcoin fell to $74,255 after trading above $77,000 earlier in the day, a decline of more than 3% in 24 hours. U.S. spot Bitcoin ETFs recorded more than $2 billion in outflows over two weeks, weakening the market’s buying support. The sell-off triggered $941 million in leveraged liquidations, including $378 million in losses tied to Bitcoin. Long positions accounted for $870 million in losses, while short positions lost only $71.4 million. Bitcoin’s annualized Sharpe ratio turned negative, a signal often associated with cycle lows, while 81% of the Bitcoin supply had remained unchanged for six months as of late September.
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