Bitcoin fell below $75,000 on Monday as a broad crypto-market selloff pushed BTC toward $73,700. The decline followed heavy withdrawals from U.S. spot Bitcoin exchange-traded funds (ETFs), leveraged-position liquidations exceeding $1 billion and investor positioning ahead of new U.S. inflation data.

U.S. spot Bitcoin ETFs recorded $1.28 billion in outflows between November 2 and 6, with BlackRock’s IBIT accounting for about $1.21 billion of the withdrawals. At the same time, approximately $1.04 billion in crypto positions were liquidated over 24 hours, including roughly $933 million in long positions.

Bitcoin Falls Below $75,000 as Selling Extends Into Monday

Bitcoin was trading at approximately $74,500 on Monday after falling to $73,700 during Sunday’s session. Ethereum also dropped below $2,100 before recovering above $2,130, while Solana and XRP declined as selling spread across the market.

The total cryptocurrency market capitalization fell toward $2.5 trillion, according to CoinMarketCap, as the decline extended beyond Bitcoin. Selling intensified after weakness in technology stocks last week had already pulled BTC down from above $80,000.

Friday’s U.S. employment report added to the factors affecting the market as investors reassessed the interest-rate outlook. Employers created 165,000 jobs in October, more than expected, while the unemployment rate fell to 4.1%, according to the U.S. Bureau of Labor Statistics. Bitcoin had already fallen below $76,000 after the stronger-than-expected report.

The weekend losses extended that decline as investors reduced exposure ahead of another major U.S. economic release. The Market Periodical previously reported on the impact of the jobs report in Bitcoin price falls under $76,000 as US jobs report raises Fed rate hike bets.

Bitcoin ETF Outflows Reach $1.28 Billion in One Week

Fund withdrawals added to the selling pressure. U.S. spot Bitcoin ETFs posted $1.28 billion in outflows from November 2 through November 6, recording withdrawals on four of the five trading days, according to fund-flow data from Farside Investors. Spot Bitcoin ETFs hold Bitcoin directly and trade on U.S. stock exchanges, giving investors exposure to the asset through standard brokerage accounts, and their daily flows are widely followed as a gauge of investor demand.

BlackRock’s IBIT was responsible for approximately $1.21 billion of the weekly withdrawals, making it the largest source of outflows. On Friday, investors withdrew $403 million from IBIT, while total spot Bitcoin ETF outflows reached $411.9 million.

The Friday withdrawals followed $430.2 million in redemptions on Thursday, reversing a brief improvement earlier in the week. The ETFs attracted $74.6 million on Wednesday, but outflows during the following two sessions more than offset that inflow. IBIT also recorded withdrawals on Wednesday despite a brief marketwide inflow.

Fidelity’s FBTC attracted $42.8 million on Friday, but that inflow was insufficient to offset withdrawals from competing products. The continued net outflows coincided with Bitcoin’s inability to sustain its recovery above $80,000.

Crypto Liquidations Exceed $1 Billion Ahead of Inflation Data

Leveraged traders also faced forced closures during the decline. Approximately $1.04 billion worth of crypto positions were liquidated over 24 hours, including about $933 million in long positions. Long positions are bets that prices will rise, meaning the forced closures were concentrated in leveraged bullish trades. More than 155,000 traders faced liquidations during that period.

The latest wave followed another liquidation event of roughly $1 billion on November 5, when Bitcoin declined toward $75,500. In a falling market, repeated liquidations can increase selling pressure as exchanges automatically close leveraged positions that no longer have sufficient margin.

The move below $75,000 brought the recent low of $73,700 back into focus. Bitcoin would need to move above the $75,000 area before traders could focus on the $76,000 level, which the cryptocurrency failed to hold last week.

The next major market event is Tuesday’s U.S. consumer price index report, scheduled for 8:30 a.m. ET on November 10. The consumer price index tracks the average change in prices paid by U.S. consumers for goods and services and is a widely followed inflation gauge. The data will provide another inflation reading ahead of the Federal Reserve’s interest-rate decision in December.

This article provides market information and not financial advice. Cryptocurrency prices are volatile, and technical levels do not guarantee returns. Readers should conduct independent research and consult a qualified financial professional before making investment decisions.

Source: The Market Periodical.