Originally reported by The Block on November 9, 2026, at 21:03:19 UTC+8.
Bitcoin closed below its 50-week moving average on Sunday for the first time in eight weeks, ending seven consecutive weeks above the level. It then briefly traded below $74,000 on Monday morning as reported crypto long liquidations exceeded $1 billion over 24 hours.
The figures describe pressure on leveraged positions and investment-fund flows—not a measure of crypto user growth or sustained adoption.
Liquidations exceed $1.15 billion
According to CoinGlass data cited by The Block, total liquidations over the 24-hour period exceeded $1.15 billion, comprising $1.04 billion in long positions and $117 million in shorts. CoinGlass recorded 167,764 traders liquidated during that window.
Ether accounted for more than $500 million in liquidations, compared with approximately $309 million for bitcoin. The largest individual liquidation was a $48.2 million ETH-USDT long position on Binance.
Those totals carry a reporting limitation: The Block noted that exchanges including Binance and OKX still underreport liquidations through incomplete bursts of data, meaning actual amounts were likely higher.
Bitcoin ETF flows turn negative for 2026
U.S. spot bitcoin ETFs recorded $1.28 billion in net outflows during the preceding week—the largest weekly outflow since late June, according to The Block’s Saturday reporting.
Across the 12 funds, net flows were negative on four of the five trading days. That brought their combined 2026 balance to $914.1 million in net outflows. BlackRock’s IBIT alone recorded $403 million in outflows on Friday.
These are dollar-denominated fund-flow figures. They do not establish how many people entered or left bitcoin, or whether underlying network use changed.
Historical comparisons offer limited guidance
Galaxy’s head of firmwide research, Alex Thorn, said bitcoin’s weekly close was approximately 0.7% below its 50-week moving average of $75,488. Bitcoin had reclaimed that level on September 20 before holding above it for seven consecutive weeks.
Thorn compared the setback with the 2011–2012 and 2019–2020 bear-market recoveries:
- In the earlier recovery, bitcoin spent another 20 weeks below the average and fell as much as 35% beneath it.
- In 2019–2020, it fell back below the average five times, including an eight-week stretch during the Covid crash.
In both cases, the earlier bear-market low held on a weekly closing basis, Thorn said. He also cautioned that his sample covered only five reclaims and that a market bottom can be identified only in hindsight.
The reported low for the current cycle was $59,517 on June 28. Galaxy had argued in October that the bear market was over, citing its view that selling pressure had diminished and the currency-debasement investment case had strengthened. That was the firm’s assessment, not an established outcome.
On Monday, Thorn said his bullish technical case from October would remain valid if bitcoin regained the 50-week average within a month. The condition matters: the historical examples and small sample do not establish that a recovery will follow.
