Bitcoin trading activity increased, but sellers retained the upper hand, according to Glassnode's Nov. 9 report. The data leaves the cryptocurrency's recovery near $75,000 without a clear signal that aggressive buyers are taking control.
Spot selling pressure outweighs buying
Glassnode's Market Pulse showed spot cumulative volume delta (CVD) at negative $92 million, compared with positive $7 million seven days earlier. The spot volume indicator rose 13.3% to $6.4 billion from $5.6 billion.
CVD tracks the balance between aggressive buying and selling within the activity Glassnode measures. Negative CVD means aggressive selling outweighed aggressive buying in that measured activity. Higher trading volume can accompany seller aggression and does not by itself confirm renewed buying pressure.
ETF outflows deepen
US spot Bitcoin ETFs lost $1,282 million during the completed Nov. 2-6 sessions, according to Farside Investors data. That period included four aggregate outflow days and one inflow day. Another $201 million left the funds on Nov. 9.
Futures and cost basis
Glassnode put futures open interest at $37 billion, down 1.1% from $37.4 billion seven days earlier, and described the unwind as partial. Funding payments remained elevated while short-term holders were near break-even.
In its Nov. 4 analysis, Glassnode placed the short-term holder cost basis at $75,700 and the True Market Mean at $77,700. The first estimates what newer holders paid, while the second estimates the cost basis of active investors. Glassnode identified a broader $73,000-$76,000 retest band and said a sustained break below $73,000 would point to longer consolidation.
Inflation data and regulatory concerns
The Bureau of Labor Statistics is scheduled to release October CPI today. A favorable inflation reading could ease rate expectations and support risk appetite. As the Federal Reserve explains, expected policy rates affect broader interest rates and financial conditions.
Reuters reported Bitcoin's late-Sunday fall to $73,708 amid investor worries that a Democratic-controlled Congress would toughen crypto regulation. Those concerns offer a separate reason for caution alongside the trading data.
A price recovery would carry more weight if improving spot CVD showed buyers taking the initiative, while positive ETF flows persisted across completed sessions.
