Bitcoin steadied near $74,000 on Wednesday, recovering some of the losses from a sharp sell-off, even as United States spot Bitcoin exchange-traded funds recorded a fourth consecutive day of outflows and on-chain measures of market health fell to their weakest levels in months.
Bitcoin last traded at $74,213 at 17:04 GMT, up 0.7 per cent from its open of $73,699, according to Kraken data. It traded as high as $74,400 and as low as $73,114 during Wednesday’s session, after touching a 24-hour low of $72,585. Ether was at $2,077, up 1.3 per cent, XRP rose 1.6 per cent to $1.072, Solana climbed 2.1 per cent to $84.95 and Dogecoin gained 1.6 per cent to $0.06905.
The steadier tone came a day after hotter-than-expected United States inflation data had driven Bitcoin below $73,000. October consumer prices rose 0.4 per cent month on month, above the 0.3 per cent economists had forecast, while core inflation rose 0.3 per cent against a 0.2 per cent estimate. The figures pushed the two-year Treasury yield up 18 basis points to 4.73 per cent and revived bets that the Federal Reserve will raise interest rates in December.
United States spot Bitcoin ETFs recorded $95 million of net outflows on Tuesday, a fourth consecutive trading day of withdrawals, according to Farside Investors data. Outflows over the four sessions from 5 to 10 November total about $1.14 billion, a sign that institutional investors have been pulling back as prices have fallen. Ethereum spot ETFs saw only mild outflows of $1.32 million on Tuesday.
The mood among traders has darkened sharply. CryptoQuant’s Bull Score for Bitcoin, a gauge built to track whether underlying market conditions favour buyers, has dropped to zero, the lowest possible reading. The firm described the reading as evidence of broad market fragility that could keep conditions bearish for longer. Bitcoin is down 11.8 per cent over the past 30 days and 34.66 per cent from where it stood a year ago.
The sell-off has also been painful for leveraged traders. More than $723 million in crypto positions were liquidated over 24 hours, with nearly 79 per cent coming from long bets, and Bitcoin lost its 50-week moving average near $76,100, ending a seven-week streak above that technical level.
There were some signs of longer-term interest in the sector. Deutsche Bank has switched on its crypto custody service after roughly five years of preparation, and Israel Discount Bank, which manages about $150 billion, became the first bank in Israel to let customers trade Bitcoin and Ether directly in its mobile app. In Texas, a state lawmaker filed a bill that would let each city and county put up to $10 million into Bitcoin or other cryptocurrencies.
At the same time, risks remain. MSCI is preparing to name the companies it will remove from its indexes, and Strategy, the largest corporate holder of Bitcoin, is among those at risk. Blockchain analytics firm Arkham has also traced 847.26 BTC tied to the Bitget hack into CoinJoin transactions, a mixing technique that pools coins from many users to obscure where each came from.
Traders are now watching Friday’s producer price report and the Federal Reserve’s next policy meeting on 8 and 9 December, where a quarter-point rate rise is now widely priced in. For Bitcoin, the immediate challenge is getting back above $75,000 and rebuilding confidence after a month in which the market has lost more than a tenth of its value.
Figures in this post were checked at 06:05 PKT on Thursday 12 November 2026.
This post is market news information only, not financial advice.
