Bitcoin (BTC) price slipped toward $73,000 on November 10 as hotter-than-forecast U.S. inflation data weighed on risk assets. Pricing from CoinGecko showed Bitcoin trading near $73,912, with a 24-hour low of approximately $73,587 during the session. The decline coincided with a renewed test of investor demand: U.S. spot Bitcoin exchange-traded funds (ETFs) have recorded substantial withdrawals in recent sessions, although on-chain exchange deposit data from loss-making holders points to a contrasting trend.

Inflation Surprise Fuels Interest-Rate Concerns

The Bureau of Labor Statistics (BLS) reported that October's Consumer Price Index rose 0.4% month over month, exceeding the 0.3% forecast from economists surveyed by Reuters. September's monthly increase reached 0.6%. Core consumer prices climbed 0.3%, above the 0.2% consensus estimate. Both readings strengthened market expectations of another Federal Reserve interest-rate increase in December.

The Federal Reserve pursues 2% inflation over the long run, the benchmark against which investors read each CPI release, and the above-forecast October figures put the central bank's December meeting in focus as the next policy checkpoint. Reuters reported falling U.S. equities and rising Treasury yields following the release of the inflation data. Bitcoin declined alongside other risk-sensitive assets, although the data cannot prove a single cause for the move. The agency published no annual inflation rate for October, as a federal funding lapse prevented comparable price data collection during October 2025.

Bitcoin ETF Withdrawals Continue

Data from Farside Investors show U.S. spot Bitcoin ETFs recorded $201 million in net outflows on November 9. Combined withdrawals reached approximately $1.48 billion across six trading sessions beginning November 2. BlackRock's iShares Bitcoin Trust (IBIT) accounted for roughly $1.42 billion of those net outflows, making the fund the dominant driver of the six-session outflow streak.

The picture is not uniformly negative. November 4 brought $74.6 million in net inflows across the broader ETF group. The divergence matters because a single fund's redemptions do not represent the entire market, and fund flows measure investment-product activity rather than every underlying Bitcoin purchase or sale.

These flows draw attention because U.S. spot Bitcoin ETFs, trading since January 2024, hold Bitcoin in a standard brokerage-account format, so each session's creations and redemptions give observers a running tally of investment-product demand. Upcoming daily tallies from Farside will show whether the outflow streak extends into a seventh session.

Loss-Making Exchange Inflows Decline

CryptoQuant estimated short-term holders' average Bitcoin cost basis near $75,700 on November 10. With Bitcoin trading below that figure, the group sits at an unrealized loss on average. Cost basis marks the average on-chain acquisition price of a cohort's coins, a reference line analysts use to judge whether recent buyers are in profit; short-term holders are commonly defined in on-chain analytics as coins moved within roughly the past five months.

A separate CryptoQuant analysis tracked exchange deposits originating from loss-making short-term holders. Those holders transferred about 32,695 BTC to exchanges on November 6, representing roughly 89% of short-term holder exchange inflows, according to CryptoQuant. Their deposits then fell to about 9,900 BTC on November 9 despite continued price weakness — a decline of approximately 70% in loss-making exchange inflows from that specific holder cohort. The figure does not measure all exchange deposits and does not guarantee reduced selling pressure. CryptoQuant's subsequent updates should clarify whether the cooldown in loss-making deposits persists.

Separately, Blockonomi reported, citing on-chain analytics firm Santiment, roughly 108,700 fewer nonempty Bitcoin wallets since October 16. Wallet totals cannot reliably count distinct investors. ETF withdrawals, holder losses, and exchange deposits measure different activities and should be read as complementary rather than equivalent indicators. With December's Fed decision and the next rounds of ETF flow and deposit data ahead, those complementary readings form a working checklist for how the demand picture develops.