Market Overview
Cryptocurrency markets faced significant selling pressure on November 12. Bitcoin traded at $73,535, down 16% from its September peak, while Solana and other major assets declined sharply.
Bitcoin: ETF Outflows Add to Weakness
Bitcoin spot ETFs experienced outflows of approximately $1.6 billion since the beginning of November. According to Bloomberg analyst Eric Balchunas, stock funds received the largest inflows during this period, indicating a shift of investor capital toward traditional assets and away from cryptocurrency.
Analysts noted the absence of strong market catalysts to support a recovery at this time.
Solana Extends Losses
Solana traded at $83.66, having lost more than 30% of its value since September when it traded at $125. The decline exceeded typical correction levels for volatile assets.
By late October, Solana fell below its 200-day moving average, signaling a long-term change in direction. The next support level is approximately $80, with further support in the $72-$78 range. Increased trading volume on November 10 confirmed the continuation of the downtrend.
Gram Rebounds on Wallet Growth
Gram recovered to $1.244 after dipping below $1 on November 9, gaining 24% over three days. The rebound was driven by comments from Pavel Durov regarding Telegram wallet updates and blockchain integration into the messaging platform.
According to Durov, Telegram users created more than 700,000 Gram wallets in 48 hours. Record trading volume on November 10 reflected concentrated buying activity. Resistance is present near $1.25.
Hyperliquid Under Pressure Despite Positive News
Hyperliquid declined approximately 14% over the week despite listings on South Korean exchanges on November 10 and active buybacks. The asset fell nearly $25 since bouncing to $97 following an October 29 announcement about Hyperliquid-based futures in the US.
Hyperliquid currently trades in the $70-$73 range, with potential support near the 200-day exponential moving average at approximately $68.
