Bitcoin spot exchange-traded funds recorded outflows of $1.043 billion between November 5 and 9, pressuring the cryptocurrency below its 50-week moving average of $75.2k. The selling activity coincided with a Crypto Fear and Greed Index reading of 26, indicating a fearful market sentiment.
Short-term Bitcoin holders have moved into net unrealized losses, with the Short-term Holder Spent Output Profit Loss (SOPR) metric reaching 0.99—a reading below 1 that signals selling at a loss is dominant. On November 6, data showed 32,695 BTC held at a loss by short-term holders flowed into exchanges, representing 89% of total short-term holder exchange inflows that day. By November 9, this metric declined to 9,900 BTC despite prices falling further to $74.8k.
Heavy liquidations have fueled selling pressure, with Hyperliquid trading volume for equities surpassing Bitcoin trading volume as traders rushed to buy stock market dips. Separately, Bitcoin miner MARA Holdings sold 13,597 BTC at an average price of $81,039 per coin, raising $1.1 billion to fund a pivot toward AI data centers.
Analysts noted that the short-term holder profit-to-loss metric to exchanges has historically indicated potential price rebounds following increased loss realization, though the bearish case remains relevant. The Short-term Holder MVRV and net unrealized profit/loss metrics have both turned negative, with unrealized losses shallower than those recorded in February or June.
Bitcoin briefly rallied above $80k earlier in the month before facing sustained selling pressure. A break below $73k would strengthen arguments for continued bear-market momentum, according to market analysis.
