Bitcoin, Ethereum and Solana slide as ETF outflows and liquidations weigh

What happened

Bitcoin, Ethereum and Solana fell sharply as weak sentiment weighed on crypto markets. CoinGape reported on Nov. 9 that Bitcoin was trading at $74,872, while Ethereum and Solana had dropped to $2,120 and $86, respectively. The outlet attributed the move to four pressures: weaker institutional demand, turmoil in futures trading, poor sentiment and concerns ahead of US inflation data.

ETF flows were a central part of the selloff. CoinGape, citing SoSoValue, said Bitcoin ETFs had registered two straight weeks of outflows and recently saw their highest weekly outflows since June. Ethereum ETFs lost $365 million last week and had six straight weeks of withdrawals, while Solana ETFs lost $26 million and had five straight weeks of outflows.

Futures positioning added to the pressure. CoinGape, citing CoinGlass, said $781 million of long positions were liquidated on Nov. 8 and another $292 million had been liquidated on Nov. 9. Total crypto open interest fell to $126.82 billion, the lowest since late August, as traders reduced exposure before US CPI and PPI releases and several Federal Reserve appearances.

By Nov. 11, Cryptonews.com reported that Bitcoin was at $73,439, Ethereum was around $2,050 and Solana was below $85. It said the total crypto market cap had fallen about 4.1% over 24 hours and only 27 of the top 100 cryptocurrencies were trading higher.

Why it matters

The moves matter because ETF outflows and forced liquidations can reinforce each other. CoinGape noted that when ETF holders sell, issuers may need to liquidate crypto holdings to settle transactions, creating additional selling pressure. Forced closures of long futures positions add more selling, which can deepen a decline once prices break lower.

The pressure has been more visible in altcoins. Cryptonews.com reported that Bitcoin dominance had climbed to about 60.5%, gaining one percentage point over 30 days, while Ethereum dominance fell to 10.3%. That suggests investors were favoring Bitcoin over smaller assets during the downturn, even as Bitcoin itself weakened.

What the data shows

CoinGape reported that Bitcoin ETFs had two consecutive weeks of outflows, while Ethereum ETFs saw six straight weeks of withdrawals and Solana ETFs five. The Ethereum ETF outflow was $365 million last week; the Solana ETF outflow was $26 million. On the futures side, Bitcoin recorded $284 million in long liquidations over two days, Ethereum $461 million and Solana about $40 million. Longs accounted for more than 80% of total liquidations over those two days.

Cryptonews.com reported that Ethereum had lost 9.1% over seven days and Solana 9.6% over the same period. It put Bitcoin dominance at 60.4%, compared with 59.4% a month earlier, and Ethereum dominance at 10.3%, down 0.65 percentage points. The total crypto market cap was down around 4.1% over 24 hours, with only 27 of the top 100 coins higher.

Background

The reports describe a rapid shift in mood. CoinGape noted that the Crypto Fear & Greed Index stood at 68 on Oct. 22, a greed reading, but had fallen to 29 by Nov. 9. Cryptonews.com later said the index was at 29, down from 34 a week earlier and 57 a month earlier. The change reflects growing caution rather than aggressive buying.

Crypto ETFs have become an important source of demand, so sustained withdrawals can affect spot prices. The reports also place the selloff against a macro backdrop: US CPI was due on Nov. 10 and PPI on Nov. 13, with more than five Fed officials scheduled to speak during the week. Traders often reduce leverage before such events.

What is still unclear

The reports do not identify a single trigger for the decline. Instead, they point to a combination of ETF outflows, long liquidations, weak sentiment and pre-data deleveraging. It is not clear from the reports which factor was dominant, or whether the moves were driven more by spot selling or by derivatives positioning.

What to watch

CoinGape listed technical levels that traders were monitoring. Bitcoin had fallen below $75,000, with the 200-week EMA cited as the next support and the 100-week EMA at $78,700 as resistance. Ethereum support was placed at $2,060, with $2,000 and $1,800 below that. Solana had fallen to its lowest level since August at $85, with $80 and $77 cited as supports and $95 as a possible rebound level if sellers exhausted.

The macro calendar also remains in focus. The reports cited US CPI on Nov. 10, PPI on Nov. 13 and several Fed speakers during the week. ETF flow data and open interest will show whether the deleveraging and withdrawals continue.

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