Bitcoin and Ethereum extended their losses on November 9 as withdrawals from US exchange-traded funds, forced trading liquidations and political uncertainty weighed on cryptocurrencies.
Bitcoin fell 2.83% over 24 hours to a low of USD 73,664, while Ethereum declined over 5% to USD 2,090. Both assets touched their lowest levels since August during the latest sell-off. XRP also remained under pressure, trading near USD 1.12 as losses spread across major cryptocurrencies.
Bitcoin ETF Withdrawals Continue for Another Week
US spot Bitcoin ETFs recorded USD 1.28 billion in net outflows between November 2 and November 6, according to Farside Investors. BlackRock’s iShares Bitcoin Trust accounted for about USD 1.21 billion of the weekly total, or 94%. The figures show withdrawals concentrated in the largest Bitcoin fund.
Investors withdrew USD 430.2 million from Bitcoin ETFs on Thursday and another USD 411.9 million on Friday. Those losses followed a brief USD 74.6 million inflow on Wednesday. Meanwhile, US spot Ethereum ETFs lost approximately USD 365.2 million over the same five trading sessions, including USD 93.3 million on Friday.
Leveraged Traders Face More Than USD 1 Billion in Liquidations
Falling prices prompted exchanges to close leveraged positions after traders failed to maintain enough collateral. Market liquidation data showed more than USD 1 billion in positions closed across cryptocurrencies within 24 hours, with bullish bets accounting for most of the total.
Ethereum recorded approximately USD 462 million in liquidations, including about USD 425 million from long positions. Bitcoin traders faced more than USD 270 million in closures. Such forced transactions can add selling pressure when prices fall quickly, although liquidation totals change throughout the trading day.
Ethereum’s sharper daily decline brought it below USD 2,100. Bitcoin, meanwhile, slipped beneath USD 74,000 as both assets struggled to recover from losses recorded during the previous trading week.
US Election Results and Binance Hack Add Uncertainty
The decline followed the November 3 US midterm elections, which gave Democrats control of both chambers of Congress. Traders have raised concerns that the result could slow crypto legislation or lead to tighter oversight. No new restrictions directly caused by the election have taken effect.
Security concerns have added another source of pressure. Binance disclosed an October 29 breach involving approximately USD 6.3 billion in digital assets. The exchange said attackers may have gained access through a compromised employee laptop and reported freezing around USD 3 billion in affected assets.
“We have found no evidence of any wallet private key leak,” Binance said in its October 30 update. The FBI subsequently attributed the theft to North Korean-linked actors, while Binance pledged to cover customer losses through company resources and its protection fund.
Bitcoin and Ethereum Prices Face US Inflation Test
Bitcoin’s immediate support level sits near USD 73,170, around its reported 200-day simple moving average. A sustained decline could bring USD 71,252 into view, while USD 75,700 remains an initial recovery level. These are technical reference points, not guaranteed price targets.
Ethereum faces support near USD 2,070, followed by the psychological USD 2,000 mark. A move back above USD 2,200 would test whether buyers can regain lost ground. Both assets remain below the resistance levels identified after the weekend decline.
The US Bureau of Labor Statistics has scheduled the October consumer price index for November 10 at 8:30 a.m. Eastern Time. The agency reported on November 6 that US employers added 165,000 jobs in October, while the unemployment rate remained at 4.1%.
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