Bitcoin sits out stock rebound as ETF outflows extend to fourth day

Bitcoin sits out stock rebound as ETF outflows extend to fourth day

Bitcoin held steady near $74,000 as Tuesday's hot inflation figure lifted the odds on a U.S. interest-rate increase to around 90%. ETF outflows extended to a fourth day and liquidations jumped.

Nasdaq-100 futures are up 1.7% after CoreWeave’s earnings beat, but bitcoin did not follow the bounce.

Puts dominate bitcoin options, with eight of the 10 most active Deribit contracts expiring Nov. 12-27 at strikes from $69,000 to $74,000.

Gram (GRAM) leads the CoinDesk 100, up around 5% since midnight UTC, after Telegram founder Pavel Durov said more than 700,000 wallets were created in the app in 48 hours.

Bitcoin BTC$73,512.58 is little changed since midnight UTC at around $74,000, stabilizing after dipping to $72,700 on Tuesday. Ether ETH$1,984.25 held steady near $2,050, while the CoinDesk Memecoin Index fell 1.2% and the CoinDesk 80 Index slipped 0.3%.

The performance contrasts with stock index futures, which rebounded early Wednesday. Nasdaq-100 contracts rose 1.7% after AI cloud-computing provider CoreWeave’s earnings beat estimates.

U.S. spot bitcoin ETFs lost $95 million on Tuesday, according to SoSoValue, extending outflows to a fourth straight day. BlackRock’s IBIT accounted for $78 million of that, its eighth straight session of redemptions.

The U.S. bond market is closed today for Veterans Day.

Derivatives positioning

Liquidations jump: Crypto futures liquidations surged 288% to $725 million in 24 hours, coinciding with Tuesday’s hotter-than-expected U.S. inflation data, according to CoinGlass. Trading volume rose 24% to $204.8 billion, while open interest slipped 1% to $127.2 billion, a sign that traders closed positions.

TradFi perps take volume: Four of the 10 most-traded perpetual futures contracts over 24 hours were TradFi-linked, according to Coinalyze: the Direxion 3x semiconductor ETF (SOXL, $8.4 billion), SanDisk ($4.4 billion), gold ($2.4 billion) and Nvidia ($2.0 billion). SOXL’s volume topped that of solana and XRP. Open interest in Nvidia perps rose 50% to $411 million after the stock fell 5.5% on Tuesday.

Puts lead: Among Deribit bitcoin options expiring from Nov. 12 to Nov. 27, put volume was 1.5 times call volume. Eight of the 10 most active contracts are puts at strikes from $69,000 to $74,000, led by the Nov. 27 $69,000 put. Friday’s expiry is dominated by far out-of-the-money calls, with the largest open interest at $81,000 (8,306 BTC) and $84,000 (5,231 BTC).

Token talk

Telegram’s wallet push is back in the spotlight as gram (GRAM), the renamed toncoin, leads the CoinDesk 100 with a gain of around 5% since midnight UTC, two days after founder Pavel Durov said more than 700,000 wallets were created in the app within 48 hours.

Zcash (ZEC) is getting hit hard, down around 14% over 24 hours as leveraged longs are wiped out and money exits Grayscale’s Zcash ETF. Monero (XMR) is moving the other way, up 2% since midnight UTC.

Altcoins are still stuck in bitcoin’s shadow. CoinMarketCap’s Altcoin Season index is at 40 out of 100, down from 49 last Thursday and well short of the 75 that is said to signal an “altcoin season.” Bitcoin’s share of the total crypto market rose to 60.5% from 59.9% on Friday. The Fear and Greed Index is at 26, in fear territory.

Grayscale opens in-kind crypto ETF investing to more investors

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Crypto Markets Today

Bitcoin$73,512.58 0.20%Ethereum$1,984.25 3.35%Midnight$0.042 1.04%

1. 1Jupiter adds Anchorage-backed USDGO to its $1 billion Solana lending platform46 minutes ago

2. 2The next Congress will write rules for AI and emerging tech. They should use the stuff first.1 hour ago

3. 3Nvidia shares plunge as much as 14% as Jensen Huang resigns1 hour ago

4. 4Bitcoin weakness erases September's bullish signal3 hours ago

5. 5UK bank Griffin raises $20 million to expand into stablecoin payments3 hours ago

7. 7Bitcoin dips with Nvidia as ETF outflows reach day five4 hours ago

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9. 9Nomura weighs Laser Digital sale as European losses hit four straight quarters4 hours ago

10. 10India’s financial crimes watchdog raids crypto exchanges CoinDCX and Delta over alleged illegal cross-border trades5 hours ago

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

Commissioned byRealFi

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

#### Nvidia shares plunge as much as 14% as Jensen Huang resigns #### Bitcoin dips with Nvidia as ETF outflows reach day five #### Canaan may sell more bitcoin for stock buybacks as mining-rig revenue falls 96%

#### Jupiter adds Anchorage-backed USDGO to its $1 billion Solana lending platform #### The next Congress will write rules for AI and emerging tech. They should use the stuff first. #### Nvidia shares plunge as much as 14% as Jensen Huang resigns

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