Bitcoin weak near $75k as ETF outflows mount
BTC sits near $75k after failing at $80k, with heavy ETF outflows and cautious sentiment. Strategy kept buying but spent more on preferred-stock buybacks.
What we know
An account on X says BTC is near $75k after a failed push above $80k, with the heaviest ETF outflows since early July and elevated demand for protection. A crypto news account reports Strategy sold $283.8M of MSTR and bought 1,036 BTC at about $79,012, while spending more on STRC buybacks. A cycle analyst sees a cycle top and weakness into January. Traders are scaling into ETH on the flash crash. Large ZEC longs are being squeezed, according to a trader account.
How the story developed
BTC sits near $75k after failing at $80k, with heavy ETF outflows and cautious sentiment. Strategy kept buying but spent more on preferred-stock buybacks.
Charles Schwab expanded Schwab Crypto beyond BTC and ETH, and Coinbase and PNC launched a USDC payments pilot for institutional clients. TradFi crypto integration continues despite weak prices.
MSCI rules on Strategy's index status Nov 11, which could force index selling but not Bitcoin sales; ETH retests its bull market support band.
Russia's central bank approved BTC, ETH and USDT for non-qualified retail investors with a 300,000 ruble annual cap per intermediary. Rules start Nov 17, with Moscow Exchange and Sberbank trading planned Dec 1.
Russia's central bank approved BTC, ETH and USDT for retail investors starting Nov 17, while most large US companies are rejecting tokenization on OKX/ICE's planned venue.
Major banks formed a Singapore-based organization for tokenized markets, and Amundi launched a tokenized STOXX Europe 600 fund share class on Ethereum. Binance Wallet's prediction market reports strong growth.
BTC rebounded from ~75.8k to ~78k+ as traders called a bottom, though the sector was already shaken by the Binance hack and a Coinbase downgrade.
Morgan Stanley downgraded Coinbase to Underweight with a $120 target, MSTR's 10-Q raised liquidity concerns, and Tether disclosed ~150K BTC.
Morgan Stanley cut Coinbase to Underweight and slashed its target 53%, while traders flag ETH weakness and risk-on assets failing to bounce; Strategy touts sharply reduced leverage.
Traders point to November's historical BTC strength, but bearish voices call for $60k, Morgan Stanley downgraded Coinbase, and Mizuho stayed bullish on Strategy.
Compiled with AI by the Global Eye 24 desk from public posts across 6 of our monitored source feeds, and updated each hour while the story develops. Spot an error? Write to corrections@globaleye24.com.