Bitcoin is holding near US$75,000 after a violent weekend sell-off briefly pushed the world’s largest cryptocurrency below US$74,000, while Ethereum and major altcoins remain under pressure.
Bitcoin was trading around US$74,700, down about 1.5% over 24 hours, while Ethereum fell roughly 4.7% to US$2,123.
BNB was near US$689, XRP around US$1.09 and Solana about US$86.60, with total cryptocurrency market capitalisation at roughly US$2.50 trillion.
Flash crash shakes market
Bitcoin briefly fell to around US$73,510 late Sunday, its lowest level in several months, triggering a fresh wave of forced selling.
More than US$700 million in long positions were liquidated during the sharpest part of the move, while broader liquidation estimates ran into the billions as leveraged traders were caught on the wrong side of the decline.
Bitcoin has now recorded five consecutive weekly declines, reflecting persistent weakness in risk appetite.
ETF outflows remain the key drag
Institutional demand continues to weaken.
US spot Bitcoin ETFs lost US$430.2 million on November 5 and another US$411.9 million on November 6, taking five-session outflows to around US$1.28 billion.
Ethereum ETFs also recorded US$93.3 million of net outflows on November 6.
The latest ETF session for November 9 has not yet shown meaningful completed flows, leaving traders focused on whether institutional demand stabilises after last week’s heavy redemptions.
Regulation returns to focus
Regulatory pressure is also building.
US Senator Richard Blumenthal has given Binance, Tether and other crypto firms until January 4, 2027 to provide records as part of ongoing investigations into the sector.
At the same time, BlackRock says investors have converted about US$3.6 billion worth of directly held Bitcoin into shares of its IBIT ETF, highlighting continued demand for institutional custody even as headline ETF flows weaken.
Bitcoin now needs to hold the US$73,500-US$75,000 region to avoid another leg lower, while a move back above US$77,000-US$78,000 would help stabilise sentiment.
Read More: Bitcoin holds near US$75,000 after flash crash as ETF pressure persists
