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Bitcoin slides near $75,000 as ETF outflows and rate-hike bets grow

Bitcoin fell below $75,000 as investors pulled money from spot ETFs and bets on a Federal Reserve rate hike rose to 84%. The moves matter for crypto holders ahead of key inflation data.

Illustration: A single large gold coin with a circuit pattern engraved on its face stands upright on a seamless electric blue backdrop, lit by crisp soft light.
Illustration

Bitcoin traded below $75,000 on Monday, November 9, as investors got ready for another test from inflation data. The cryptocurrency lost more than 4% over the previous week, its fifth straight weekly decline. Earlier in the period it had climbed above $80,000 before slipping back.

Much of the pressure came from exchange-traded funds, or ETFs, which are investment products that trade like stocks. Spot ETFs hold the bitcoin itself. BlackRock's Bitcoin ETF recorded $1.66 billion in outflows over seven trading sessions, and total spot ETF losses passed $1.2 billion.

Bitcoin$68,940down −17.05%over 1 month
$84,082$68,94314 Oct13 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

Also in this story

Etherdown −22.16%1 month

BlackRock also moved $213 million in Bitcoin and $118 million in Ethereum as redemptions, or cash-outs by investors, rose. Ethereum held above $2,100, while XRP approached $1 as weakness spread across major digital assets.

BlackRock fund moves

  • Bitcoin fund move213 million $
  • Ethereum fund move118 million $

Figures for BlackRock fund moves as stated in the material.

Expectations for interest rates added to the strain. The odds of a Federal Reserve interest rate increase, a move by the US central bank to raise its benchmark rate, rose to 84%. Strong employment figures were cited alongside heavy fund withdrawals.

Stocks held up better. An AI-related selloff earlier in the week had pulled Bitcoin down, and investors had questioned tech valuations and the threat of tighter AI regulation. The Nasdaq rebounded 1.1% on Friday, while Bitcoin stayed near $76,000 over the weekend.

Some holders have kept buying through the decline. The US Bureau of Labor Statistics will not publish the 12-month consumer price index and core CPI figures for October, a main measure of inflation.

$1,000 in Bitcoin

Had you put $ into Bitcoin a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

Background

Speculation in other cryptocurrencies peaked when Bitcoin was near $87,000, and recent buyers of those coins now sell at losses.

GuideWhen is the next Fed meeting? The date and what futures price

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