Nov 11, 2026, 7:19 a.m. EST
3 min read
Summary
This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.
Bitcoin BTC$73,945.38 absorbed Tuesday’s elevated U.S. inflation data and a leverage wipeout smoothly, sliding less than 1% over the preceding 24 hours. The main question now is whether this resilience indicates genuine strength or merely a temporary lull in selling pressure.
Consumer prices climbed by an unexpected 0.4% last month, leading market participants to price in a 90% probability of a 25-basis-point Federal Reserve interest-rate hike, according to CME FedWatch.
The premier cryptocurrency dipped to approximately $72,700 on Tuesday before recently trading around $74,700. Derivatives traders bore the brunt of the volatility as liquidations surged by 288% to reach $725 million, data from CoinGlass shows.
The shifting dynamic lies in the deceleration of ETF outflows. While U.S. spot bitcoin funds shed $95 million on Tuesday—marking a fourth consecutive day of net redemptions—this figure is down from $201 million on Monday, $412 million on Friday, and $430 million on Thursday.
Stablecoin supplies are also contracting. Based on figures from CryptoQuant, the market capitalization of Tether’s USDT has shrunk by $6.6 billion across a 60-day span, representing the largest 60-day reduction since record-keeping began in 2022 and exceeding double the drop seen following the FTX collapse four years ago.
“Stablecoin growth funded every rally this cycle,” CryptoQuant posted on X. Furthermore, the Coinbase Premium, which serves as a metric for domestic U.S. demand, has remained negative for 30 days in a row.
Consequently, bitcoin is hovering near its 200-day moving average—situated around $73,200 according to CryptoQuant calculations—which the analytics firm notes acts as the dividing line between a minor pullback and a more severe downturn. It also sits below the 365-day average of $76,400, a threshold CryptoQuant states must be reclaimed to reestablish a bullish market framework.
CryptoQuant’s Bull Score Index, which tracks cycle momentum, has fallen to 20 down from 90 on October 13. This matches the exact reading recorded in April 2025 right before the market established a bottom, though the organization cautions that identical indicators can also precede an extended correction.
Conversely, equities are staging a rebound, with Nasdaq 100 futures advancing 1.7% in the wake of CoreWeave’s stellar earnings report.
Options traders are actively securing downside protection, though without panic. Eight out of the 10 most heavily traded bitcoin options on Deribit expiring through November 27 consist of put options with strike prices spanning $69,000 to $74,000, while implied volatility remains subdued at roughly 36% to 38%.
BRN analysts remarked on Tuesday that bitcoin requires “real buying, not a lucky break.” Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
There remains some distance down to the 0.618 Fibonacci retracement level paired with the 50-week exponential moving average confluence (around $68,000–$70,000) as the ultimate test of support, though it is worth highlighting that the RSI is cooling toward the midpoint and nearing a reset.
Originally published at https://www.coindesk.com/daybook-us/2026/11/11/bitcoin-barely-flinches-at-hot-cpi-as-etf-selling-slows.
